MicroIIILecture经典的企业理论LD解说.ppt

* * * * * * * * * * Cost and conditional input demands * 一个综合 应用成本函数，我们可以把企业的利润最大化的产出水平决策问题重新表述为 q*是利润最大化解的必要的一阶条件是 ? 当q*＞0时，等号成立。 在内点最优解(即若q*＞0)上价格等于边际成本。如果c(w,q)是q的凸函数，那么一阶条件(5. C. 6)作为q*是企业最优的产量水平的条件也是充分的。 5.C.5 5.C.6 * 一个综合 * 一个综合 q * 一个综合 A necessary condition for a maximum of 5.C.5 is that its second derivative with respect to q should be negative or zero in the neighborhood of q*. Working this out we find that this implies: So the optimum must be on a constant or rising portion of the marginal cost curve. However we must also take into account the obvious restriction that no firm will stay in business if it makes a loss. Clearly this requires Which we may rewrite as Which in plain language says that average cost must not exceed product price at the optimum. * 一个综合 p * 小结 The Firm’s Problem The firm maximizes its profit or expected profit. profit = total revenue — total cost. The cost is economic cost or opportunity cost. The revenue is the money received from sales. * 小结 Assume competitive firms (price takers) and a single output. Profit function is * 小结 Cost function: * 小结 An equivalent problem of (1) is Then, * Example: Cobb-Douglas If a+b1, then the cost function is convex in y and the FOC is sufficient. The FOC is, The output supply function is, * Exercise Consider a firm with the cost function, a) Sketch the firm’s marginal and average total cost curves and its output supply function. The output supply function is given by the firm’s profit-maximizing first order condition, * Exercise * Exercise Recovering the technology from the cost function This is similar to the integrability problem in consumer theory. By setting, And solving with respect to y we obtain, The above is the value function of following problem, * Exercise That is, the firm maximizes the level of production subject to a budget constraint. This is the same as the utility maximization problem. Although, we are not terribly interested in this