曼昆微观经济学第五版 第十六章 课文PPT英文版
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微观经济学-曼昆英文版本
A Firm’s Long-Run Decision to Exit
• Cost of exiting the market: revenue loss = TR
• Benefit of exiting the market: cost savings = TC (zero FC in the long run) • So, firm exits if TR < TC
Because of 1 & 2, each buyer and seller is a
“price taker” – takes the price as given.
The Revenue of a Competitive Firm
• Total revenue (TR)
• Average revenue (AR)
Qa Q 1 Qb
Q
MC and the Firm’s Supply Decision
If price rises to P2, then the profitmaximizing quantity rises to Q2.
Costs MC P2 MR2 MR
The MC curve determines the firm’s Q at any price. P1 Hence,
Introduction: A Scenario
• Three years after graduating, you run your own business. • You must decide how much to produce, what price to charge, how many workers to hire, etc. • What factors should affect these decisions?
微观经济学曼昆第五版课件市场效率
How Price Affects Producer
Surplus
Price
原来生产者额外的 生产者剩余
Supply
P2 D
E F
P1
B
原先的生
C
产者剩余
新生产者的生产者剩余
A
0
Q1
Q2
Quantity
经济福利和总剩余 Economic WellBeing and Total
Surplus
总剩余 = 消费者剩余 + 生产者剩余
用供给曲线衡量生产者剩余
Price of House
Painting
$900 800
600 500
Price = $800
总生产者剩余 ($500)
Supply
王五的生产者剩余 ($200) 赵六的生产者剩余来自($300)01
2
3
4
Quantity of
Houses Painted
价格如何影响生产者剩余
这种完全放开的政策就是自由放任 政府不必对市场结果加以干预
政府干预的评价
政府干预通常具有效率损失;如：
价格上限 价格下限
效率损失的大小用经济剩余来表示
市场失灵
市场失灵：市场结果无效率;即不能使总 剩余最大化 市场势力：不完全竞争 外部性
总消费者剩余 ($40)
Demand
0 1234
Quantity of Albums
用需求曲线衡量消费者剩余
•需求曲线以下和价格以上的面积衡 量市场的消费者剩余 The area below the demand curve and above the price measures the consumer surplus in the market
微观经济学英文课件
Edited by Yong, E.L.
Continuously,
Microeconomics is also used for evaluating broad question in regards to government policy (although this is more to macroeconomics).
Edited by Yong, E.L.
Continuously,
If the firm produces 6 units of apple and 12 units of apple pie wants to increase the production of apple pie by one unit to the 13th unit. It has to forgo 2 units of apple so that resources can be shifted to produce the additional apple pie; Opportunity Cost is thus 2.
Edited by Yong, E.L.
Continuously,
If the firm produces 10 units of apple and 6 units of apple pie wants to increase the production of apple pie by one unit to the 7th unit. It has to forgo 1 unit of apple so that resources can be shifted to produce the additional apple pie; Opportunity Cost is thus 1.
曼昆微观经济学英文版
PowerPoint® Lecture Presentation
to accompany
Principles of Economics, Third Edition
N. Gregory Mankiw
Prepared by Mark P. Karscig, Central Missouri State University.
Copyright © 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF ECONOMICS
• How people interact with each other.
• Trade can make everyone better off. • Markets are usually a good way to organize
Principle #1: People Face Tradeoffs.
To get one thing, we usually have to give up another thing.
• Guns v. butter • Food v. clothing • Leisure time v. work • Efficiency v. equity
produced? • What resources should be used in production? • At what price should the goods be sold?
Copyright © 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF ECONOMICS
TEN PRINCIPLES OF ECONOMICS
to accompany
Principles of Economics, Third Edition
N. Gregory Mankiw
Prepared by Mark P. Karscig, Central Missouri State University.
Copyright © 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF ECONOMICS
• How people interact with each other.
• Trade can make everyone better off. • Markets are usually a good way to organize
Principle #1: People Face Tradeoffs.
To get one thing, we usually have to give up another thing.
• Guns v. butter • Food v. clothing • Leisure time v. work • Efficiency v. equity
produced? • What resources should be used in production? • At what price should the goods be sold?
Copyright © 2004 South-Western/Thomson Learning
TEN PRINCIPLES OF ECONOMICS
TEN PRINCIPLES OF ECONOMICS
微观经济学英文版PPT课件
Or, the opportunity cost that use a certain resource is the highest price of abandoning other uses of this resource
10
2.2 the definition of microeconomics
The starting point of economics searching The definition of Microeconomics People how to make decision Why need to bargain Why need to build market economics
Economics is a study, learning selection of scarce resources with different uses; The goal is effective allocation of scarce resources to produce goods and services, and in the present or future, let them reasonable allocated to social members or group for consumption.
8
Production possibilities curve
PPC is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
10
2.2 the definition of microeconomics
The starting point of economics searching The definition of Microeconomics People how to make decision Why need to bargain Why need to build market economics
Economics is a study, learning selection of scarce resources with different uses; The goal is effective allocation of scarce resources to produce goods and services, and in the present or future, let them reasonable allocated to social members or group for consumption.
8
Production possibilities curve
PPC is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
16oligopoly 曼昆 微观经济学课件
Copyright © 2004 South-Western
The Equilibrium for an Oligopoly
• When firms in an oligopoly individually choose production to maximize profit, they produce quantity of output greater than the level produced by monopoly and less than the level produced by competition.
Copyright © 2004 South-Western
BETWEEN MONOPOLY AND PERFECT COMPETITION
• Imperfect competition includes industries in which firms have competitors but do not face so much competition that they are price takers.
Number of Firms?
Many firms Type of Products?
One firm
Few firms
Differentiated products
Identical products
Monopoly (Chapter 15)
Oligopoly (Chapter 16)
Monopolistic Competition (Chapter 17) • Novels • Movies
Copyright © 2004 South-Western
A Duopoly Example
经济学原理第5版16-presentation
The inefficiencies of monopolistic competition are
subtle and hard to measure. No easy way for policymakers to improve the market outcome.
MONOPOLISTIC COMPETITION
downward-sloping part of its ATC curve, produces less than the cost-minimizing output.
Under perfect competition, firms produce the
quantity that minimizes ATC.
MONOPOLISTIC COMPETITION
8
A Monopolistic Competitor in the Long Run
Entry and exit occurs until P = ATC and profit = zero.
Price
MC ATC
Notice that the P = ATC firm charges a markup of price markup over marginal cost and does not MC produce at minimum ATC.
MONOPOLISTIC COMPETITION
D MR Q Quantity
9
Why Monopolistic Competition Is Less Efficient than Perfect Competition
1. Excess capacity
The monopolistic competitor operates on the
5elasticity 曼昆 微观经济学课件
0
50
100
Quantity
2. . . . leads to a 67% decrease in quantity demanded.
Figure 1 The Price Elasticity of Demand
(e) Perfectly Elastic Demand: Elasticity Equals Infinity
Copyright © 2004 South-Western/Thomson Learning
Computing the Price Elasticity of Demand
(100 - 50)
Price $5
ED
(100 50)/2 (4.00 - 5.00) (4.00 5.00)/2
• Example: If the price of an ice cream cone increases from $2.00 to $2.20 and the amount you buy falls from 10 to 8 cones, then your elasticity of demand would be calculated as:
P e rc e n ta g e c h a n g e in q u a n tity d e m a n d e d P e rc e n ta g e c h a n g e in p ric e
P ric e e la s tic ity o f d e m a n d =
Copyright © 2004 South-Western/Thomson Learning
The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities • Example: If the price of an ice cream cone increases from $2.00 to $2.20 and the amount you buy falls from 10 to 8 cones, then your elasticity of demand, using the midpoint formula, would be calculated as:
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Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Duopoly Example: Demand Schedule for Water
Quantity
Price
0
$120
10
110
20
100
30
90
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Characteristics of an Oligopoly Market
Few sellers offering similar or identical products Interdependent firms Best off cooperating and acting like a monopolist by producing a small quantity of output and charging a price above marginal cost
Competition, Monopolies, and Cartels
Although oligopolists would like to form cartels and earn monopoly profits, often that is not possible. Antitrust laws prohibit explicit agreements among oligopolists as a matter of public policy.
Oligopoly
Chapter 16
Copyright © 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the
work should be mailed to: Permissions Department, Harcourt College Publishers, Harcourt, Inc. items and derived items copyright © 2001 by Harc6o2u7rt7, ISnce.a Harbor Drive, Orlando, Florida 32887-6777.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
ቤተ መጻሕፍቲ ባይዱ
Competition, Monopolies, and Cartels
The duopolists may agree on a monopoly outcome.
40
80
50
70
60
60
70
50
80
40
90
30
100
20
110
10
120
0
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
• Wheat • Milk
Markets With Only a Few Sellers
Because of the few sellers, the key feature of oligopoly is the tension between cooperation and self-interest.
Monopolistic Competition
Many firms selling products that are similar but not identical.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Duopoly Example: Price and Quantity Supplied
The socially efficient quantity of water is 120 gallons, but a monopolist would produce only 60 gallons of water. So what outcome then could be expected from duopolists?
100 110 120
Price $120 110 100
90 80 70 60 50 40 30 20 10 0
Total Revenue $0 1,100 2,000 2,700 3,200 3,500 3,600 3,500 3,200 2,700 2,000 1,100 0
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Four Types of Market Structure
Number of Firms?
One firm
Few firms
Many firms
Type of Products?
Differentiated products
Identical products
Monopoly
Oligopoly
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Types of Imperfectly Competitive Markets
Oligopoly
Only a few sellers, each offering a similar or identical product to the others.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Equilibrium for an Oligopoly
When firms in an oligopoly individually choose production to maximize profit, they produce quantity of output greater than the level produced by monopoly and less than the level produced by competition.
Joint output is greater than the monopoly quantity but less than the competitive industry quantity. Market prices are lower than monopoly price but greater than competitive price. Total profits are less than the monopoly profit.
Imperfect Competition
Imperfect competition includes industries in which firms have competitors but do not face so much competition that they are price takers.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Duopoly Example: Demand
Schedule for Water
Quantity 0 10 20 30 40 50 60 70 80 90
Collusion
The two firms may agree on the quantity to produce and the price to
charge.
Cartel
The two firms may join together and act in unison.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Summary of Equilibrium for an Oligopoly
Possible outcome if oligopoly firms pursue their own self-interests:
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Equilibrium for an Oligopoly
A Nash equilibrium is a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the others have chosen.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Duopoly Example
A Duopoly Example: Demand Schedule for Water
Quantity
Price
0
$120
10
110
20
100
30
90
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Characteristics of an Oligopoly Market
Few sellers offering similar or identical products Interdependent firms Best off cooperating and acting like a monopolist by producing a small quantity of output and charging a price above marginal cost
Competition, Monopolies, and Cartels
Although oligopolists would like to form cartels and earn monopoly profits, often that is not possible. Antitrust laws prohibit explicit agreements among oligopolists as a matter of public policy.
Oligopoly
Chapter 16
Copyright © 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the
work should be mailed to: Permissions Department, Harcourt College Publishers, Harcourt, Inc. items and derived items copyright © 2001 by Harc6o2u7rt7, ISnce.a Harbor Drive, Orlando, Florida 32887-6777.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
ቤተ መጻሕፍቲ ባይዱ
Competition, Monopolies, and Cartels
The duopolists may agree on a monopoly outcome.
40
80
50
70
60
60
70
50
80
40
90
30
100
20
110
10
120
0
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
• Wheat • Milk
Markets With Only a Few Sellers
Because of the few sellers, the key feature of oligopoly is the tension between cooperation and self-interest.
Monopolistic Competition
Many firms selling products that are similar but not identical.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Duopoly Example: Price and Quantity Supplied
The socially efficient quantity of water is 120 gallons, but a monopolist would produce only 60 gallons of water. So what outcome then could be expected from duopolists?
100 110 120
Price $120 110 100
90 80 70 60 50 40 30 20 10 0
Total Revenue $0 1,100 2,000 2,700 3,200 3,500 3,600 3,500 3,200 2,700 2,000 1,100 0
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Four Types of Market Structure
Number of Firms?
One firm
Few firms
Many firms
Type of Products?
Differentiated products
Identical products
Monopoly
Oligopoly
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Types of Imperfectly Competitive Markets
Oligopoly
Only a few sellers, each offering a similar or identical product to the others.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Equilibrium for an Oligopoly
When firms in an oligopoly individually choose production to maximize profit, they produce quantity of output greater than the level produced by monopoly and less than the level produced by competition.
Joint output is greater than the monopoly quantity but less than the competitive industry quantity. Market prices are lower than monopoly price but greater than competitive price. Total profits are less than the monopoly profit.
Imperfect Competition
Imperfect competition includes industries in which firms have competitors but do not face so much competition that they are price takers.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Duopoly Example: Demand
Schedule for Water
Quantity 0 10 20 30 40 50 60 70 80 90
Collusion
The two firms may agree on the quantity to produce and the price to
charge.
Cartel
The two firms may join together and act in unison.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Summary of Equilibrium for an Oligopoly
Possible outcome if oligopoly firms pursue their own self-interests:
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Equilibrium for an Oligopoly
A Nash equilibrium is a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the others have chosen.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Duopoly Example