考研-北师大微观经济学笔记Chapter06.ppt

【考研笔记及资料】,Part3RevisitingSupplyandDemand,Chapter6:ProfitMaximizationandSupplyChapter7:ConsumptionChoiceandDemand,Chapter6ProfitMaximizationandSupply,CostofProduction:Whichkindsofcostwouldbeincludedinproduction;theshapeofcostshape.ProfitMaximization:whatisprofit?MarginalprincipleleadstoprofitmaximizingbehaviorHowtochooseoutputandhowtosetpriceforafirmtomaximizeitsprofit?,FixedCostsandVariableCosts,TotalCost(TC)Totaleconomiccostofproduction,consistingoffixedandvariablecost.FixedCost(FC)Costthatdoesnotvarywiththelevelofoutput.VariableCost(VC)Costthatvariesasoutputvaries.FixedversusSunkCostWhetherthiskindofcostcanberecovered.,CostofProduction,MarginalCost(MC)Increaseincostresultingfromtheproductionofoneextraunitofoutput.AverageTotalCost(ATC)Firmstotalcostdividedbyitslevelofoutput.AverageFixedCost(AFC)Fixedcostdividedbythelevelofoutput.AverageVariableCost(AVC)Variablecostdividedbythelevelofoutput.,CostofProduction,TheexpressionofmarginalcostTheexpressionofaveragetotalcostTheexpressionofAFCandAVC,Cost,Output,CostCurvesofaFirm,TC,VC,FC,Cost,Output,CostCurvesofaFirm,ATC,AVC,AFC,MC,ProfitMaximization,ProfitDifferencebetweentotalrevenueandtotalcostMaximizationofprofitleadstothemarginalprinciple,Cost,Output,ProfitMaximization,C(q),R(q),A,B,q*,q0,DemandandMarginalRevenue,Revenueisthequantityafirmsoldmultipliesthemarketpriceofthegood.Marginalrevenuecanbeexpressedby,Price,Quantity,DemandCurveandMarginalRevenue,DemandCurve,MarginalRevenue,q0,CompetitiveFirm,EachfirminacompetitiveindustrysellsonlyasmallfractionoftheentireindustrysalesThecompetitivefirmisapricetakerandknowsthatitsproductiondecisionwillhavenoeffectonthepriceoftheproduct.Thedemandcurvefacinganindividualcompetitivefirmisgivenbyahorizontalline.,Price,Quantity,DemandCurvefacedbyaCompetitiveFirm,D,ProfitMaximizationbyaCompetitiveFirm,Becausethedemandcurvefacingacompetitivefirmishorizontal,sothatAperfectlycompetitivefirmshouldchooseitsoutputaccordingtothegeneralruleforprofitmaximizationsothatmarginalcostequalsprice,Cost,Output,CostCurvesofaFirm,ATC,AVC,AR=MR=P,MC,ACompetitiveFirmMakingaPositiveProfit,A,Cost,Output,CostCurvesofaFirm,ATC,AVC,AR=MR=P,MC,ACompetitiveFirmMakingaPositiveProfit,Cost,Output,CostCurvesofaFirm,ATC,AVC,AR=MR=P,MC,ACompetitiveFirmMakingaPositiveProfit,Cost,Output,CostCurvesofaFirm,ATC,AVC,AR=MR=P,MC,ACompetitiveFirmMakingaPositiveProfit,OutputRule,Ifafirmisproducinganyoutputatall,itshouldproduceatthelevelatwhichmarginalrevenueequalsmarginalcost.,Cost,Output,CostCurvesofaFirm,ATC,AVC,MR=P,MC,ACompetitiveFirmMakingaNegativeProfit,Cost,Output,CostCurvesofaFirm,ATC,AVC,MR=P,MC,ACompetitiveFirmMakingaNegativeProfit,Cost,Output,CostCurvesofaFirm,ATC,AVC,MR=P,MC,ACompetitiveFirmMakingaNegativeProfit,Cost,Output,CostCurvesofaFirm,ATC,AVC,MR=P,MC,ACompetitiveFirmMakingaNegativeProfit,Shut-DownRule,Thefirmshouldshutdownifthepriceoftheproductislessthantheaverageeconomiccostofproductionattheprofit-maximizingoutput.,ProducerSurplusversusProfit,Surplus:Sumoverallunitsproducedbyafirmofdifferencesbetweenmarketpriceofagoodandmarginalcostsofproduction.Profit:Differencebetweentotalrevenueandtotalcost.,Cost,Output,CostCurvesofaFirm,Profit,AVC,P,MC,VariableProfitforaFirm,A,B,C,D,Cost,Output,CostCurvesofaFirm,Surplus,AVC,P,MC,ProducerSurplusforaFirm,A,B,C,D,Cost,Output,ATC,AVC,P=AVC,MC,TheShort-RunSupplyCurveforaCompetitiveFirm,P1,P2,Price,Quantity,P=AVC,TheShort-RunSupplyCurveforaCompetitiveFirm,P1,P2,TheCompetitiveFirmsSupplyCurve,Asupplycurveofafirmtellsushowmuchoutputitwillproduceatevery