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Figure 18.12 Ramsey Pricing * Ramsey prices exceed marginal costs proportionately more in the inelastic market (b) than in the elastic market (a) Quantity 0 Price, Cost f (a) p1 a e b c d c1 100 80 c1+1 Quantity 0 Price, Cost f (b) p2 a e b c d c2 100 80 c2+1 * Allocation of common costs: cross-subsidization Problem: fairness of an uniform rate Allocating common costs among customers Common costs Shared among customers * Allocation of common costs: cross-subsidization Generalized stand-alone test Similar consumers – compare prices Buy from a firm Provide by themselves Rate structure Fair prices Subsidy-free Franchise monopoly Franchise License – granted by government Monopoly Demsetz auction Auction: Exclusive franchise By the government Criticisms Bidders – not equal after second auction Monopolist – protected by government * Figure 18.13 A Demsetz auction * A potential monopolist would be willing to bid up to the amount represented by the area pmdfc=πm, the monopoly profit, for the right to be a monopolist. Quantity 0 Price ATC D MR MC f a d e c pm * Appendix A Appendix B Chapter 18 Natural Monopoly and the Economics of Regulation * The Costs of Market Entry Total costs = Fixed + Variable costs Fixed costs – heavy Average fixed costs Decreasing Average total costs Declining, then increasing Figure 18.1 Cost curves for the water supply firm * Where the average total costs are falling (rising) - that is, for the output levels below (above) 120,000 gallons – the marginal cost is below (above) the average total cost. Quantity 0 Cost 80,000 120,000 6 20,000 50 40,000 25 60,000 15 10 140,000 A 100,000 240,000 65 e q B ATC AVC MC AFC Natural Monopoly Subadditive cost function Cost - produce x units of output, C(x) A + B = x C(x)≤ C(A)+C(B) Natural monopoly Cheapest way to produce One firm No guarantee – no competitors * Figure 18.2 Natural monopoly and market entry * A natural monopoly producing 140,000 gallons of water and charging $10 per gallon would be subje
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