AP微观经济学 第三单元 生产成本和完全竞争市场 知识点总结课件 AP Microeconomics Unit 3 Summary.pptVIP

P Q P Q D Industry Firm $15 $15 * MR=D MC 8 D1 Back to Long-Run Equilibrium The only thing that changed from long-run to long-run is quantity in the industry ATC 7000 S1 Efficiency * PURE COMPETITION AND EFFICIENCY Perfect Competition forces producers to use limited resources to their fullest. Inefficient firms have higher costs and are the first to leave the industry. Perfectly competitive industries are extremely efficient In general, efficiency is the optimal use of societies scarce resources 1. Productive Efficiency 2. Allocative Efficiency There are two kinds of efficiency: * Efficiency Revisited Bikes Computers 14 12 10 8 6 4 2 0 0 2 4 6 8 10 A B C D F E Which points are productively efficient? Which are allocatively efficient? G * Productive Efficient combinations are A through D (they are produced at the lowest cost) Allocative Efficient combinations depend on the wants of society Productive Efficiency Price = Minimum ATC The production of a good in a least costly way. (Minimum amount of resources are being used) Graphically it is where… * P Q MC ATC Quantity Price Notice that the product is NOT being made at the lowest possible cost (ATC not at lowest point). Short-Run Profit * D=MR P Q MC ATC Quantity Price Notice that the product is NOT being made at the lowest possible cost (ATC not at lowest point). Short-Run Loss * D=MR P D=MR Q MC ATC Quantity Price Notice that the product is being made at the lowest possible cost (Minimum ATC) Long-Run Equilibrium * Allocative Efficiency Price = MC Producers are allocating resources to make the products most wanted by society. Graphically it is where… * Why? Price represents the benefit people get from a product. P MR Q MC Quantity Price The marginal benefit to society (as measured by the price) equals the marginal cost. Long-Run Equilibrium Optimal amount being produced * $5 MR 15 MC Quantity Price The marginal benefit to society is greater the marginal cost. Not