管理者经济学7(视角独特,专门为管理者而写的经济学)

Chapter7MarketStructure:PerfectCompetition,PerfectCompetition,CharacterizedbyAlargenumberoffirmsinthemarketAnundifferentiatedproductEaseofentryintothemarketCompleteinformationavailabletoallmarketparticipants,PerfectCompetition,DistinguishedbetweenbehaviorofindividualfirmsandoutcomesforentiremarketNosinglefirmhasanyinfluenceonthepriceofaproductPrice-taker:afirmcannotinfluencethepriceofitsproduct,thusitcansellanyamountofoutputatthatprice,PerfectlyCompetitive,Figure7.1,Industry/Market,IndividualFirm,ProfitMaximization,TC=totalcost,where,TR=totalrevenue,Profit-maximizationrule:tomaximizeprofits,afirmshouldproducethelevelofoutputwheremarginalrevenueequalsmarginalcost,MarginalRevenue,PriceequalsmarginalrevenueforaperfectlycompetitivefirmbecausethefirmdoesnothavetolowerthepricetosellmoreunitsofoutputTheprofit-maximizinglevelofoutputoccurswheremarginalrevenueequalsmarginalcostbecauseanyotherlevelofoutputwillresultinsmallerprofit,DeterminingtheAmountofProfitEarned,Ifyouknowtotalrevenueandtotalcost,youcancalculateamountofprofitUsingTRandTCfunctiongraphs,youcancalculatelevelofprofit-maximizingbyfindingthegreatestdistancebetweenthetwocurvesandcalculatetheprofitatthatpoint,TheShutdownPoint,Theshutdownpointforperfectlycompetitivefirm:theprice,whichjustequalsAVC,belowwhichitismoreprofitablefortheperfectlycompetitivefirmtoshutdownthantocontinuetoproduceThesupplycurveisthatportionofitsmarginalcostcurveaboveminimumAVC,SupplyCurveforPerfectlyCompetitiveIndustry,ThesupplycurveshowstheoutputproducedbyallperfectlycompetitivefirmsintheindustryatdifferentpricesThecurvewillbeflatterthanthefirmssupplycurvebecauseitreflectsoutputproducedbyallfirmsintheindustryateachprice,Long-runAdjustment,Twofactors:EntryandexitbynewandexistingfirmsChangesinthescaleofoperationsbyallfirmsThesefactorscanoccursimultaneously,Long-runAdjustment,Equilibriumpointfortheperfectlycompetitivefirm:thepointwherepriceequalsATCsincethefirmearnszeroeconomicprofitatthispointEconomicprofitincorporatesallimplicitcostsofproductionincludingnormalrateofreturnoninvestment,Long-runAdjustment:EntryandExit,Figure7.3,Industry/Market,IndividualFirm,Long-runAdjustment,Firmisaprice-taker;therefore,itmustacceptnewequilibriumpriceanddetermineappropriatelevelofoutputAllfirmsknowthepositiveeconomicprofitsOtherfirmsareabletoenterthemarket,OptimumScaleofProduction,Figure7.5,OptimumScaleofProduction,InFigure7.5,LRACincorporatesbotheconomiesofscaleanddiseconomiesofscaleLarge-scaleproductionwillgivemanagerscompetitiveedgebydecreasingproductioncostsCannotinfluencepriceofproduct,ManagershavelittleornocontroloverproductpriceTheycompeteonbasisofloweringcostsofproductionPerfectlycompetitivefirmsearnzeroeconomicprofitbecauseentryofotherfirmscompeteawayexcessprofit,ManagerialRuleofThumb:CompetitionMeansLittleControlOverPrice,OtherCompetitiveMarkets,Industryconcentration:measureofhowmanyfirmsproducethetotaloutputofanindustryPrice-costmargin(PCM):relationshipbetweenpriceandcostsforanindustry,ManagersincompetitiveindustriescangainmarketpowerbyMergingwithothercompaniesDifferentiatingproductsFormingproducerassociationtochangeconsumerpreferencesandincreasedemandforoutputoftheentireindustry,ManagerialRuleofThumb:StrategiestoGainMarketPower,SummaryofKeyTerms,DiseconomiesofscaleEconomiesofscaleEquilibriumpointfortheperfectlycompetitivefirmIndustryconcentrationMarginalrevenuecurvefortheperfectlycompetitivefirmCompetitivefirmPerfectcompetition,SummaryofKeyTerms,Price-costmargin(PCM)