中级微观经济学——理论与应用（第10版）（经济学经典教材·双语教学用书）尼克尔森等著0324319681_67672上课用课件.ppt

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中级微观经济学——理论与应用（第10版）（经济学经典教材·双语教学用书）尼克尔森等著0324319681_67672上课用课件.ppt

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Part 5 Perfect Competition Chapter 10 Perfect Competition in a Single Market Pricing in the Very Short Run The market period (very short run) is a short period of time during which quantity supplied is fixed. In this period, price acts to ration demand as it adjusts to clear the market. This situation is illustrated in Figure 10-1 where supply is fixed at Q*. FIGURE 10-1: Pricing in the Very Short Run Pricing in the Very Short Run When demand is represented by the curve D, P1 is the equilibrium price. The equilibrium price is the price at which the quantity demanded by buyers of a good is equal to the quantity supplied by sellers of the good. Shifts in Demand: Price as a Rationing Device If demand were to increase, as illustrated by the new demand curve D’ in Figure 10-1, P1 is no longer the equilibrium price since the quantity demanded exceeds the quantity supplied. The new equilibrium price is now P2 where price has rationed the good to those who value it the most. FIGURE 10-1: Pricing in the Very Short Run Construction of a Short-Run Supply Curve The quantity that is supplied is the sum of the quantities supplied by each firm. The short-run market supply curve is the relationship between market price and quantity supplied of a good in the short run. In Figure 10-2 it is assumed that there are only two firms, A and B. FIGURE 10-2: Short-Run Market Supply Curve FIGURE 10-2: Short-Run Market Supply Curve FIGURE 10-2: Short-Run Market Supply Curve Construction of a Short-Run Supply Curve Both firm A’s and firm B’s short-run supply curves (their marginal cost curves) are shown in Figure 10-2(a) and Figure 10-2(b) respectively. The market supply curve is the horizontal sum of the two firms are every price. In Figure 10-2(c), Q1 equals the sum of q1A and q1B. Short-Run Price Determination Figure 10-3 (b) shows the market equilibrium where the market demand curve D and the short-run supply curve S intersect at a price of P1 and quantity Q1. This equilibrium would pers