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chapter_15Investment, Time, and Capital Markets幻灯片课件.ppt

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chapter_15Investment, Time, and Capital Markets幻灯片课件.ppt

Chapter 1 50 51 52 53 54 55 56 57 58 59 60 61 61 62 63 64 65 65 66 67 11 3 12 3 13 3 15 3 16 19 3 20 21 22 22 23 24 26 27 28 30 31 32 33 37 38 39 40 41 42 43 44 45 46 48 49 49 Scenario Pt = price of oil this year Pt+1 = price of oil next year C = extraction costs R = interest rate Intertemporal ProductionDecisions---Depletable Resources Do not produce if you expect its price less its extraction cost to rise faster than the rate of interest. Extract and sell all of it if you expect price less cost to rise at less than the rate of interest. What will happen to the price of oil? Intertemporal ProductionDecisions---Depletable Resources Price of an Exhaustible Resource Time Price Quantity Price c c Marginal Extraction Cost T PT P0 P - c P0 Demand In a competitive market, Price - MC must rise at exactly the rate of interest. Why? How would producers react if: P - C increases faster than R? P - C increases slower than R? Price of an Exhaustible Resource Notice P MC Is this a contradiction to the competitive rule that P = MC? Hint: What happens to the opportunity cost of producing an exhaustible resource? Price of an Exhaustible Resource P = MC MC = extraction cost + user cost User cost = P - marginal extraction cost Price of an Exhaustible Resource How would a monopolist choose their rate of production? They will produce so that marginal revenue revenue less marginal cost rises at exactly the rate of interest, or (MRt+1 - c) = (1 + R)(MRt - c) Price of an Exhaustible Resource The monopolist is more conservationist than a competitive industry. They start out charging a higher price and deplete the resources more slowly. Price of an Exhaustible Resource Resource Production by a Monopolist How Depletable AreDepletable Resources? Crude oil .4 to .5 Natural gas .4 to .5 Uranium .1 to .2 Copper .2 to .3 Bauxite .05 to .2 Nickel .1 to .2 Iron Ore .1 to .2 Gold .05 to .1 Resource User Cost/Competitive Price The market structure and changes in market demand have had a ve