利润管理及经营管理知识分析.ppt

Chapter Nineteen Profit-Maximization Economic Profit A firm uses inputs j = 1…,m to make products i = 1,…n. Output levels are y1,…,yn. Input levels are x1,…,xm. Product prices are p1,…,pn. Input prices are w1,…,wm. The Competitive Firm The competitive firm takes all output prices p1,…,pn and all input prices w1,…,wm as given constants. Economic Profit The economic profit generated by the production plan (x1,…,xm,y1,…,yn) is Economic Profit Output and input levels are typically flows.(流量） E.g. x1 might be the number of labor units used per hour.（每小时劳动投入量） And y3 might be the number of cars produced per hour.（每小时产出量） Consequently, profit is typically a flow also; e.g. the number of dollars of profit earned per hour. Economic Profit How do we value a firm?如何为一个公司订价？ Suppose the firm’s stream of periodic economic profits is P0, P1, P2, … and r is the rate of interest. Then the present-value of the firm’s economic profit stream is Economic Profit A competitive firm seeks to maximize its present-value.一个竞争性企业为最大化利润流现值。 How? Economic Profit Suppose the firm is in a short-run circumstance in which（假定公司处于短期的生产环境） Its short-run production function is Economic Profit Suppose the firm is in a short-run circumstance in which Its short-run production function is The firm’s fixed cost isand its profit function is Short-Run Iso-Profit Lines短期等利润线 A $P iso-profit line （等利润线）contains all the production plans that provide a profit level $P . A $P iso-profit line’s equation is Short-Run Iso-Profit Lines A $P iso-profit line contains all the production plans that yield a profit level of $P . The equation of a $P iso-profit line is I.e. Short-Run Iso-Profit Lines短期等利润线 Short-Run Iso-Profit Lines Short-Run Profit-Maximization短期公司利润最大化 The firm’s problem is to locate the production plan that attains the highest possible iso-profit line, given the firm’s constraint on choices of production plans.（给定公司的生产计划约束，使生产计划尽可能地达到最高的等利润线上。） Q: What is this constraint?（生产计划约束？） Short-Run Pr