Chapter14利润最大化的高级技巧

1、Chapter 14,Advanced Pricing Techniques,14-2,Advanced Pricing Techniques,Price discrimination Multiple products Cost-plus pricing,14-3,Capturing Consumer Surplus,Uniform pricing Charging the same price for every unit of the product Price discrimination More profitable alternative to uniform pricing M

2、arket conditions must allow this practice to be profitably executed Technique of charging different prices for the same product Used to capture consumer surplus (turning consumer surplus into profit),14-4,The Trouble with Uniform Pricing (Figure 14.1),14-5,Price Discrimination,Exists when the price-

3、to-marginal cost ratio differs between two products:,14-6,Price Discrimination,Three conditions necessary to practice price discrimination profitably: Firm must possess some degree of market power A cost-effective means of preventing resale between lower- and higher-price buyers (consumer arbitrage)

4、 must be implemented Price elasticities must differ between individual buyers or groups of buyers,14-7,First-Degree (Perfect) Price Discrimination,Every unit is sold for the maximum price each consumer is willing to pay Allows the firm to capture entire consumer surplus Difficulties Requires precise

5、 knowledge about every buyers demand for the good Seller must negotiate a different price for every unit sold to every buyer,14-8,First-Degree (Perfect) Price Discrimination (Figure 14.2),14-9,Second-Degree Price Discrimination,Lower prices are offered for larger quantities and buyers can self-selec

6、t the price by choosing how much to buy When the same consumer buys more than one unit of a good or service at a time, the marginal value placed on additional units declines as more units are consumed,14-10,Second-Degree Price Discrimination,Two-part pricing Charges buyers a fixed access charge (A)

7、to purchase as many units as they wish for a constant fee (f) per unit Total expenditure (TE) for q units is:,14-11,Second-Degree Price Discrimination,When consumers have identical demands, entire consumer surplus can be captured by: Setting f = MC Setting A = consumer surplus (CS) Optimal usage fee

8、 when two groups of buyers have identical demands is the level for which MRf = MCf,14-12,Inverse Demand Curve for Each of 100 Identical Senior Golfers (Figure 14.3),14-13,Demand at Northvale Golf Club (Figure 14.4),14-14,Second-Degree Price Discrimination,Declining block pricing Offers quantity disc

9、ounts over successive discrete blocks of quantities purchased,14-15,Block Pricing with Five Blocks (Figure 14.5),14-16,Third-Degree Price Discrimination,If a firm sells in two markets, 1 & 2 Allocate output (sales) so MR1 = MR2 Optimal total output is that for which MRT = MC For profit-maximization,

10、 allocate sales of total output so that MRT = MC = MR1 = MR2,14-17,Third-Degree Price Discrimination,Equal-marginal-revenue principle Allocating output (sales) so MR1 = MR2 which will maximize total revenue for the firm (TR1 + TR2) More elastic market gets lower price Less elastic market gets higher

11、 price,14-18,Allocating Sales Between Markets (Figure 14.6),14-19,Constructing the Marginal Revenue Curve (Figure 14.7),14-20,Profit-Maximization Under Third-Degree Price Discrimination (Figure 14.8),14-21,Multiple Products,Related in consumption For two products, X & Y, produce & sell levels of out

12、put for which MRX = MCX and MRY = MCY MRX is a function not only of QX but also of QY (as is MRY) - conditions must be satisfied simultaneously,14-22,Multiple Products,Related in production as substitutes For two products, X & Y, allocate production facility so that MRPX = MRPY Optimal level of faci

13、lity usage in the long run is where MRPT = MC For profit-maximization: MRPT = MC = MRPX = MRPY,14-23,Multiple Products,Related in production as complements To maximize profit, set joint marginal revenue equal to marginal cost: MRJ = MC If profit-maximizing level of joint production exceeds output wh

14、ere MRJ kinks, units beyond zero MR are disposed of rather than sold Profit-maximizing prices are found using demand functions for the two goods,14-24,Profit-Maximizing Allocation of Production Facilities (Figure 14.9),14-25,Profit-Maximization with Joint Products (Figure 14.11),14-26,Cost-Plus Pricing,Common technique for pricing when firms do not wish to estimate demand & cost conditions to apply the MR = MC rule for profit-maximization Price charged represents a markup (margin) over average cost: P = (1 + m)ATC Where m is the markup on unit cost