微观经济学Profit Maximization and Competitive SupplyPPT.ppt

Chapter 8;Topics to be Discussed;Topics to be Discussed;Perfectly Competitive Markets;Perfectly Competitive Markets;When are Markets Competitive?;Profit Maximization;Profit Maximization;Marginal Revenue, Marginal Cost, and Profit Maximization;Marginal Revenue, Marginal Cost, and Profit Maximization;Marginal Revenue, Marginal Cost, and Profit Maximization;Marginal Revenue, Marginal Cost, and Profit Maximization;Marginal Revenue, Marginal Cost, and Profit Maximization;Profit Maximization – Short Run;Marginal Revenue, Marginal Cost, and Profit Maximization;Marginal Revenue, Marginal Cost, and Profit Maximization;The Competitive Firm;The Competitive Firm;The Competitive Firm;Choosing Output: Short Run;Choosing Output: Short Run;q2;A Competitive Firm – Positive Profits;The Competitive Firm;A Competitive Firm – Losses;Choosing Output in the Short Run;Short Run Production;Short Run Production;A Competitive Firm – Losses;Some Cost Considerations for Managers;Competitive Firm – Short Run Supply;A Competitive Firm’sShort-Run Supply Curve;A Competitive Firm’sShort-Run Supply Curve;A Competitive Firm’sShort-Run Supply Curve;MC2;Short-Run Market Supply Curve;MC3;The Short-Run Market Supply Curve;Elasticity of Market Supply;Elasticity of Market Supply;Producer Surplus in the Short Run;Producer Surplus;The Short-Run Market Supply Curve;Producer surplus is also ABCD = Revenue minus variable costs;Producer Surplus Versus Profit;Producer Surplus Versus Profit;D;Choosing Output in the Long Run;Choosing Output in the Long Run;q1;Output Choice in the Long Run;Long-Run Competitive Equilibrium;Long-Run Competitive Equilibrium;Long-Run Competitive Equilibrium;Long-Run Competitive Equilibrium;Long-Run Competitive Equilibrium;Long-Run Competitive Equilibrium;Long-Run Competitive Equilibrium – Profits;Long-Run Competitive Equilibrium – Losses;Long-Run Competitive Equilibrium;Choosing Output in the Long Run;Choosing Output in the Long Run;Firms Earn Zero Profit inLong-Run Equilibrium;1.3