范里安微观经济学(第九版)chapter 8

范里安微观经济学(第九版)chapter 8

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时间:2018-11-17

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1、Chapter8ProfitMaximizationandSupplyBehaviorProfitMaximizationAbasicassumptionforfirm’srationalbehaviorDofirmsreallymaximizeprofits?TheagencyproblemforCEOsThepresenceofnot-for-profitorganizations(hospitalsanduniversities)Alchian’ssurvivaltesttheory:astrongargume

2、ntforprofitmaximizationasanapproximationEconomicProfitAfirmusesinputsj=1…,mtomakeproductsi=1,…n.Outputlevelsarey1,…,yn.Inputlevelsarex1,…,xm.Productpricesarep1,…,pn.Inputpricesarew1,…,wm.PerfectlyCompetitiveMarketsPriceTakingTheindividualfirmsellsaverysmallshar

3、eofthetotalmarketoutputand,therefore,cannotinfluencemarketpriceEachfirmtakesmarketpriceasgiven–pricetakerTheindividualconsumerbuystoosmallashareofindustryoutputtohaveanyimpactonmarketpriceTheCompetitiveFirmThecompetitivefirmtakesalloutputpricesp1,…,pnandallinpu

4、tpricesw1,…,wmasgivenconstants.EconomicProfitTheeconomicprofitgeneratedbytheproductionplan(x1,…,xm,y1,…,yn)isEconomicProfitHowdowevalueafirm?Supposethefirm’sstreamofperiodiceconomicprofitsisP0,P1,P2,…andristherateofinterest.Thenthepresent-valueofthefirm’seconom

5、icprofitstreamisMarginalRevenue,MarginalCost,andProfitMaximizationWecanstudyprofitmaximizingoutputforanyfirm,whetherperfectlycompetitiveornotProfit()=TotalRevenue-TotalCostIfqisoutputofthefirm,thentotalrevenueispriceofthegoodtimesquantityTotalRevenue(R)=PqMarg

6、inalRevenue,MarginalCost,andProfitMaximizationCostsofproductiondependsonoutputTotalCost(C)=C(q)Profitforthefirm,,isdifferencebetweenrevenueandcostsMarginalRevenue,MarginalCost,andProfitMaximizationFirmselectsoutputtomaximizethedifferencebetweenrevenueandcostWe

7、cangraphthetotalrevenueandtotalcostcurvestoshowmaximizingprofitsforthefirmDistancebetweenrevenuesandcostsshowprofitsProfitMaximization–ShortRun0Cost,Revenue,Profit($speryear)OutputC(q)R(q)(q)q0q*ProfitsaremaximizedwhereMR(slopeatA)andMC(slopeatB)areequalProfit

8、saremaximizedwhereR(q)–C(q)ismaximizedMarginalRevenue,MarginalCost,andProfitMaximizationProfitismaximizedatthepointatwhichanadditionalincrementtooutputleavesprofitunchangedC

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