پاورپوینت کامل Market Power: Monopoly and Monopsony 121 اسلاید در PowerPoint

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پاورپوینت کامل Market Power: Monopoly and Monopsony 121 اسلاید در PowerPoint

اسلاید ۴: Chapter 10Slide 4Perfect CompetitionReview of Perfect CompetitionP = LMC = LRACNormal profits or zero economic profits in the long runLarge number of buyers and sellersHomogenous productPerfect informationFirm is a price taker

اسلاید ۵: Perfect CompetitionQQPPMarketIndividual FirmDSQ0P0P0D = MR = Pq0LRACLMC

اسلاید ۶: Chapter 10Slide 6MonopolyMonopoly1) One seller – many buyers2)One product (no good substitutes)3)Barriers to entry

اسلاید ۷: Chapter 10Slide 7MonopolyThe monopolist is the supply-side of the market and has complete control over the amount offered for sale.Profits will be maximized at the level of output where marginal revenue equals marginal cost.

اسلاید ۸: Chapter 10Slide 8MonopolyFinding Marginal RevenueAs the sole producer, the monopolist works with the market demand to determine output and price.Assume a firm with demand:P = 6 – Q

اسلاید ۹: Chapter 10Slide 9Total, Marginal, and Average Revenue$60$0——515$5$54283433913248-12155-31TotalMarginalAveragePriceQuantityRevenueRevenueRevenuePQRMRAR

اسلاید ۱۰: Chapter 10Slide 10Average and Marginal RevenueOutput0123$ perunit ofoutput12345674567Average Revenue (Demand)MarginalRevenue

اسلاید ۱۱: Chapter 10Slide 11MonopolyObservations1)To increase sales the price must fall2)MR < P3)Compared to perfect competitionNo change in price to change salesMR = P

اسلاید ۱۲: Chapter 10Slide 12MonopolyMonopolist’s Output Decision1)Profits maximized at the output level where MR = MC2)Cost functions are the same

اسلاید ۱۳: Chapter 10Slide 13Maximizing Profit When Marginal Revenue Equals Marginal CostAt output levels below MR = MC the decrease in revenue is greater than the decrease in cost (MR > MC).At output levels above MR = MC the increase in cost is greater than the decrease in revenue (MR < MC)The Monopolist’s Output Decision

اسلاید ۱۴: Chapter 10Slide 14LostprofitP1Q1LostprofitMCACQuantity$ perunit ofoutputD = ARMRP*Q*Maximizing Profit When Marginal Revenue Equals Marginal CostP2Q2

اسلاید ۱۵: Chapter 10Slide 15MonopolyAn ExampleThe Monopolist’s Output Decision

اسلاید ۱۶: Chapter 10Slide 16MonopolyAn ExampleThe Monopolist’s Output Decision

اسلاید ۱۷: Chapter 10Slide 17MonopolyAn ExampleThe Monopolist’s Output Decision

اسلاید ۱۸: Chapter 10Slide 18MonopolyAn ExampleBy setting marginal revenue equal to marginal cost, it can be verified that profit is maximized at P = $30 and Q = 10.This can be seen graphically:The Monopolist’s Output Decision

اسلاید ۱۹: Chapter 10Slide 19Quantity$0510152010015020030040050RProfitsttcc’Example of Profit MaximizationC

اسلاید ۲۰: Chapter 10Slide 20Example of Profit MaximizationObservationsSlope of rr’ = slope cc’ and they are parallel at 10 unitsProfits are maximized at 10 unitsP = $30, Q = 10, TR = P x Q = $300AC = $15, Q = 10, TC = AC x Q = 150Profit = TR – TC$150 = $300 – $150Quantity$0510152010015020030040050RCProfitsttcc

اسلاید ۲۱: Chapter 10Slide 21ProfitARMRMCACExample of Profit MaximizationQuantity$/Q051015201020304015

اسلاید ۲۲: Chapter 10Slide 22Example of Profit MaximizationObservationsAC = $15, Q = 10, TC = AC x Q = 150Profit = TR = TC = $300 – $150 = $150 orProfit = (P – AC) x Q = ($30 – $15)(10) = $150Quantity$/Q051015201020304015MCARMRACProfit

اسلاید ۲۳: Chapter 10Slide 23MonopolyA Rule of Thumb for PricingWe want to translate the condition that marginal revenue should equal marginal cost into a rule of thumb that can be more easily applied in practice.This can be demonstrated using the following steps:

اسلاید ۲۴: Chapter 10Slide 24A Rule of Thumb for Pricing

اسلاید ۲۵: Chapter 10Slide 25A Rule of Thumb for Pricing

اسلاید ۲۶: Chapter 10Slide 26A Rule of Thumb for Pricing

اسلاید ۲۷: Chapter 10Slide 27= the markup over MC as a percentage of price (P-MC)/PA Rule of Thumb for Pricing8. The markup should equal the inverse of the elasticity of demand.

اسلاید ۲۸: Chapter 10Slide 28A Rule of Thumb for Pricing

اسلاید ۲۹: Chapter 10Slide 29MonopolyMonopoly pricing compared to perfect competition pricing:MonopolyP > MCPerfect CompetitionP = MC

اسلاید ۳۰: Chapter 10Slide 30MonopolyMonopoly pricing compared to perfect competition pricing:The more elastic the demand the closer price is to marginal cost.If Ed is a large negative number, price is close to marginal cost and vice versa.

اسلاید ۳۱: Chapter 10Slide 31Astra-Merck Prices Prilosec1995Price of Prilosec = $3.50/daily dosePrice of Tagamet and Zantac = $1.50 – $2.25/daily doseMC of Prolosec = 30 – 40 cents/daily doseThe Monopolist’s Output Decision

اسلاید ۳۲: Chapter 10Slide 32Astra-Merck Prices PrilosecThe Monopolist’s Output DecisionPrice of $3.50 is consistent with “the rule of thumb pricing”

اسلاید ۳۳: Chapter 10Slide 33MonopolyShifts in DemandIn perfect competition, the market supply curve is determined by marginal cost.For a monopoly, output is determined by marginal cost and the shape of the demand curve.

اسلاید ۳۴: Chapter 10Slide 34D2MR2D1MR1Shift in Demand Leads to Change in Price but Same OutputQuantityMC$/QP2P1Q1= Q2

اسلاید ۳۵: Chapter 10Slide 35D1MR1Shift in Demand Leads to Change in Output but Same PriceMC$/QMR2D2P1 = P2Q1Q2Quantity

اسلاید ۳۶: Chapter 10Slide 36MonopolyObservationsShifts in demand usually cause a change in both price and quantity.A monopolistic market has no supply curve.

اسلاید ۳۷: Chapter 10Slide 37MonopolyObservationsMonopolist may supply many different quantities at the same price.Monopolist may supply the same quantity at different prices.

اسلاید ۳۸: Chapter 10Slide 38MonopolyThe Effect of a TaxUnder monopoly price can sometimes rise by more than the amount of the tax.To determine the impact of a tax:t = specific taxMC = MC + tMR = MC + t : optimal production decision

اسلاید ۳۹: Chapter 10Slide 39Effect of Excise Tax on MonopolistQuantity$/QMCD = ARMRQ0P0MC + taxtQ1P1Increase in P: P0P1 > increase in tax

اسلاید ۴۰: Chapter 10Slide 40QuestionSuppose: Ed = -2How much would the price changeEffect of Excise Tax on Monopolist

اسلاید ۴۱: Chapter 10Slide 41AnswerWhat would happen to profitsEffect of Excise Tax on Monopolist

اسلاید ۴۲: Chapter 10Slide 42MonopolyThe Multiplant FirmFor many firms, production takes place in two or more different plants whose operating cost can differ.

اسلاید ۴۳: Chapter 10Slide 43MonopolyThe Multiplant FirmChoosing total output and the output for each plant:The marginal cost in each plant should be equal.The marginal cost should equal the marginal revenue for each plant.

اسلاید ۴۴: Chapter 10Slide 44MonopolyAlgebraically:The Multiplant Firm

اسلاید ۴۵: Chapter 10Slide 45MonopolyAlgebraically:The Multiplant Firm

اسلاید ۴۶: Chapter 10Slide 46MonopolyAlgebraically:The Multiplant Firm

اسلاید ۴۷: Chapter 10Slide 47MonopolyAlgebra