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№1 слайд
Firms in Competitive Markets
Содержание слайда: 14 Firms in Competitive Markets
№2 слайд
WHAT IS A COMPETITIVE MARKET?
Содержание слайда: WHAT IS A COMPETITIVE MARKET? A perfectly competitive market has the following characteristics: There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market.
№3 слайд
WHAT IS A COMPETITIVE MARKET?
Содержание слайда: WHAT IS A COMPETITIVE MARKET? As a result of its characteristics, the perfectly competitive market has the following outcomes: The actions of any single buyer or seller in the market have a negligible impact on the market price. Each buyer and seller takes the market price as given.
№4 слайд
WHAT IS A COMPETITIVE MARKET?
Содержание слайда: WHAT IS A COMPETITIVE MARKET? A competitive market has many buyers and sellers trading identical products so that each buyer and seller is a price taker. Buyers and sellers must accept the price determined by the market.
№5 слайд
The Revenue of a Competitive
Содержание слайда: The Revenue of a Competitive Firm Total revenue for a firm is the selling price times the quantity sold. TR = (P  Q)
№6 слайд
The Revenue of a Competitive
Содержание слайда: The Revenue of a Competitive Firm Total revenue is proportional to the amount of output.
№7 слайд
The Revenue of a Competitive
Содержание слайда: The Revenue of a Competitive Firm Average revenue tells us how much revenue a firm receives for the typical unit sold. Average revenue is total revenue divided by the quantity sold.
№8 слайд
The Revenue of a Competitive
Содержание слайда: The Revenue of a Competitive Firm In perfect competition, average revenue equals the price of the good.
№9 слайд
The Revenue of a Competitive
Содержание слайда: The Revenue of a Competitive Firm Marginal revenue is the change in total revenue from an additional unit sold. MR =TR/ Q
№10 слайд
The Revenue of a Competitive
Содержание слайда: The Revenue of a Competitive Firm For competitive firms, marginal revenue equals the price of the good.
№11 слайд
Table Total, Average, and
Содержание слайда: Table 1 Total, Average, and Marginal Revenue for a Competitive Firm
№12 слайд
PROFIT MAXIMIZATION AND THE
Содержание слайда: PROFIT MAXIMIZATION AND THE COMPETITIVE FIRM’S SUPPLY CURVE The goal of a competitive firm is to maximize profit. This means that the firm will want to produce the quantity that maximizes the difference between total revenue and total cost.
№13 слайд
Table Profit Maximization A
Содержание слайда: Table 2 Profit Maximization: A Numerical Example
№14 слайд
Figure Profit Maximization
Содержание слайда: Figure 1 Profit Maximization for a Competitive Firm
№15 слайд
PROFIT MAXIMIZATION AND THE
Содержание слайда: PROFIT MAXIMIZATION AND THE COMPETITIVE FIRM’S SUPPLY CURVE Profit maximization occurs at the quantity where marginal revenue equals marginal cost.
№16 слайд
PROFIT MAXIMIZATION AND THE
Содержание слайда: PROFIT MAXIMIZATION AND THE COMPETITIVE FIRM’S SUPPLY CURVE When MR > MC - increase Q When MR < MC - decrease Q When MR = MC - Profit is maximized.
№17 слайд
Figure Marginal Cost as the
Содержание слайда: Figure 2 Marginal Cost as the Competitive Firm’s Supply Curve
№18 слайд
The Firm s Short-Run Decision
Содержание слайда: The Firm’s Short-Run Decision to Shut Down A shutdown refers to a short-run decision not to produce anything during a specific period of time because of current market conditions. Exit refers to a long-run decision to leave the market.
№19 слайд
The Firm s Short-Run Decision
Содержание слайда: The Firm’s Short-Run Decision to Shut Down The firm considers its sunk costs when deciding to exit, but ignores them when deciding whether to shut down. Sunk costs are costs that have already been committed and cannot be recovered.
№20 слайд
The Firm s Short-Run Decision
Содержание слайда: The Firm’s Short-Run Decision to Shut Down The firm shuts down if the revenue it gets from producing is less than the variable cost of production. Shut down if TR < VC Shut down if TR/Q < VC/Q Shut down if P < AVC
№21 слайд
Figure The Competitive Firm s
Содержание слайда: Figure 3 The Competitive Firm’s Short Run Supply Curve
№22 слайд
The Firm s Short-Run Decision
Содержание слайда: The Firm’s Short-Run Decision to Shut Down The portion of the marginal-cost curve that lies above average variable cost is the competitive firm’s short-run supply curve.
№23 слайд
The Firm s Long-Run Decision
Содержание слайда: The Firm’s Long-Run Decision to Exit or Enter a Market In the long run, the firm exits if the revenue it would get from producing is less than its total cost. Exit if TR < TC Exit if TR/Q < TC/Q Exit if P < ATC
№24 слайд
The Firm s Long-Run Decision
Содержание слайда: The Firm’s Long-Run Decision to Exit or Enter a Market A firm will enter the industry if such an action would be profitable. Enter if TR > TC Enter if TR/Q > TC/Q Enter if P > ATC
№25 слайд
Figure The Competitive Firm s
Содержание слайда: Figure 4 The Competitive Firm’s Long-Run Supply Curve
№26 слайд
THE SUPPLY CURVE IN A
Содержание слайда: THE SUPPLY CURVE IN A COMPETITIVE MARKET The competitive firm’s long-run supply curve is the portion of its marginal-cost curve that lies above average total cost.
№27 слайд
Figure The Competitive Firm s
Содержание слайда: Figure 4 The Competitive Firm’s Long-Run Supply Curve
№28 слайд
THE SUPPLY CURVE IN A
Содержание слайда: THE SUPPLY CURVE IN A COMPETITIVE MARKET Short-Run Supply Curve The portion of its marginal cost curve that lies above average variable cost. Long-Run Supply Curve The marginal cost curve above the minimum point of its average total cost curve.
№29 слайд
Figure Profit as the Area
Содержание слайда: Figure 5 Profit as the Area between Price and Average Total Cost
№30 слайд
Figure Profit as the Area
Содержание слайда: Figure 5 Profit as the Area between Price and Average Total Cost
№31 слайд
THE SUPPLY CURVE IN A
Содержание слайда: THE SUPPLY CURVE IN A COMPETITIVE MARKET Market supply equals the sum of the quantities supplied by the individual firms in the market.
№32 слайд
The Short Run Market Supply
Содержание слайда: The Short Run: Market Supply with a Fixed Number of Firms For any given price, each firm supplies a quantity of output so that its marginal cost equals price. The market supply curve reflects the individual firms’ marginal cost curves.
№33 слайд
Figure Market Supply with a
Содержание слайда: Figure 6 Market Supply with a Fixed Number of Firms
№34 слайд
The Long Run Market Supply
Содержание слайда: The Long Run: Market Supply with Entry and Exit Firms will enter or exit the market until profit is driven to zero. In the long run, price equals the minimum of average total cost. The long-run market supply curve is horizontal at this price.
№35 слайд
Figure Market Supply with
Содержание слайда: Figure 7 Market Supply with Entry and Exit
№36 слайд
The Long Run Market Supply
Содержание слайда: The Long Run: Market Supply with Entry and Exit At the end of the process of entry and exit, firms that remain must be making zero economic profit. The process of entry and exit ends only when price and average total cost are driven to equality. Long-run equilibrium must have firms operating at their efficient scale.
№37 слайд
Why Do Competitive Firms Stay
Содержание слайда: Why Do Competitive Firms Stay in Business If They Make Zero Profit? Profit equals total revenue minus total cost. Total cost includes all the opportunity costs of the firm. In the zero-profit equilibrium, the firm’s revenue compensates the owners for the time and money they expend to keep the business going.
№38 слайд
A Shift in Demand in the
Содержание слайда: A Shift in Demand in the Short Run and Long Run An increase in demand raises price and quantity in the short run. Firms earn profits because price now exceeds average total cost.
№39 слайд
Figure An Increase in Demand
Содержание слайда: Figure 8 An Increase in Demand in the Short Run and Long Run
№40 слайд
Figure An Increase in Demand
Содержание слайда: Figure 8 An Increase in Demand in the Short Run and Long Run
№41 слайд
Figure An Increase in Demand
Содержание слайда: Figure 8 An Increase in Demand in the Short Run and Long Run
№42 слайд
Why the Long-Run Supply Curve
Содержание слайда: Why the Long-Run Supply Curve Might Slope Upward Some resources used in production may be available only in limited quantities. Firms may have different costs.
№43 слайд
Why the Long-Run Supply Curve
Содержание слайда: Why the Long-Run Supply Curve Might Slope Upward Marginal Firm The marginal firm is the firm that would exit the market if the price were any lower.
№44 слайд
Summary Because a competitive
Содержание слайда: Summary Because a competitive firm is a price taker, its revenue is proportional to the amount of output it produces. The price of the good equals both the firm’s average revenue and its marginal revenue.
№45 слайд
Summary To maximize profit, a
Содержание слайда: Summary To maximize profit, a firm chooses the quantity of output such that marginal revenue equals marginal cost. This is also the quantity at which price equals marginal cost. Therefore, the firm’s marginal cost curve is its supply curve.
№46 слайд
Summary In the short run,
Содержание слайда: Summary In the short run, when a firm cannot recover its fixed costs, the firm will choose to shut down temporarily if the price of the good is less than average variable cost. In the long run, when the firm can recover both fixed and variable costs, it will choose to exit if the price is less than average total cost.
№47 слайд
Summary In a market with free
Содержание слайда: Summary In a market with free entry and exit, profits are driven to zero in the long run and all firms produce at the efficient scale. Changes in demand have different effects over different time horizons. In the long run, the number of firms adjusts to drive the market back to the zero-profit equilibrium.
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