Varian_Chapter24_Monopoly.pptVIP

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Varian_Chapter24_Monopoly.ppt

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Varian_Chapter24_Monopoly

Quantity Tax Levied on a Monopolist The tax increases marginal cost to $(k+t)/output unit, changing the profit-maximizing price to The amount of the tax paid by buyers is Quantity Tax Levied on a Monopolist is the amount of the tax passed on tobuyers. E.g. if e = -2, the amount ofthe tax passed on is 2t.Because e -1, e /(1+e) 1 and so themonopolist passes on to consumers morethan the tax! The Inefficiency of Monopoly A market is Pareto efficient if it achieves the maximum possible total gains-to-trade. Otherwise a market is Pareto inefficient. The Inefficiency of Monopoly $/output unit y MC(y) p(y) ye p(ye) The efficient output levelye satisfies p(y) = MC(y). The Inefficiency of Monopoly $/output unit y MC(y) p(y) ye p(ye) The efficient output levelye satisfies p(y) = MC(y). CS The Inefficiency of Monopoly $/output unit y MC(y) p(y) ye p(ye) The efficient output levelye satisfies p(y) = MC(y). CS PS The Inefficiency of Monopoly $/output unit y MC(y) p(y) ye p(ye) The efficient output levelye satisfies p(y) = MC(y).Total gains-to-trade ismaximized. CS PS The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) CS The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) CS PS The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) CS PS The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) CS PS The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) CS PS MC(y*+1) p(y*+1) so bothseller and buyer could gainif the (y*+1)th unit of outputwas produced. Hence the market is Pareto inefficient. The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) DWL Deadweight loss measures the gains-to-trade not achieved by the market. The Inefficiency of Monopoly $/output unit y MC(y) p(y) MR(y) y* p(y*) ye p(ye) DWL The monopolist produces less than the eff