生产者理论2.ppt

Q Q P C/Q CQ P cuts average cost at its minimum marginal cost P Q PQ Revenue P Q C/Q Revenue and Costs C/Q profits vary with Q ... Q Q Q Q Q Q Q P CQ P Maximum Profits price = marginal cost What condition holds at exactly this point?? P C/Q CQ price marginal cost P Q Q* = 0 What happens if price is low... First-order conditions if Q* 0: Price equals marginal cost Price covers average cost P = CQ (w, Q*) P 3 C(w, Q*) Q* ______ covers both the cases: Q*0 and Q*=0 ... and in general: PQ* 3 C(w, Q*) ￡ Profit maximisation can be viewed in two stages Stage 1: choose inputs to