讲义 利润最大化.pptxVIP

讲义 利润最大化Economic Profit第1页/共72页A firm uses inputs j = 1…,m to make products i = 1,…n.Output levels are y1,…,yn.Input levels are x1,…,xm.Product prices are p1,…,pn.Input prices are w1,…,wm. The Competitive Firm第2页/共72页The competitive firm takes all output prices p1,…,pn and all input prices w1,…,wm as given constants.Economic Profit第3页/共72页The economic profit generated by the production plan (x1,…,xm,y1,…,yn) isEconomic Profit第4页/共72页Output and input levels are typically flows.E.g. x1 might be the number of labor units used per hour.And y3 might be the number of cars produced per hour.Consequently, profit is typically a flow also; e.g. the number of dollars of profit earned per hour.Opportunity Costs (机会成本)第5页/共72页All inputs must be valued at their market value.LaborCapitalEconomic Profit第6页/共72页How do we value a firm?Suppose the firm’s stream of periodic economic profits is P0, P1, P2, … and r is the rate of interest.Then the present-value of the firm’s economic profit stream isProfit Maximization第7页/共72页A competitive firm seeks to maximize its present-value.How?Short-Run Profit Maximization第8页/共72页Suppose the firm is in a short-run circumstance in which Its short-run production function isThe firm’s fixed cost isand its profit function isShort-Run Iso-Profit Lines第9页/共72页A $P iso-profit line (等利润线) contains all the production plans that yield a profit level of $P .The equation of a $P iso-profit line isI.e.Short-Run Iso-Profit Lines第10页/共72页has a slope ofand a vertical intercept ofShort-Run Iso-Profit Lines第11页/共72页yIncreasing profitx1Short-Run Profit-Maximization第12页/共72页The firm’s problem is to locate the production plan that attains the highest possible iso-profit line, given the firm’s constraint on choices of production plans.Q: What is this constraint?A: The production function.Short-Run Profit-Maximization第13页/共72页The short-run production function andtechnology set for yTechnicallyinefficientplansx1Short-Run Profit-Maximization第14页/共72页yIncreasing profitx1