《微观经济学》第15章 长期中的竞争市场-英文教学课件（非AI生成）.ppt

Chapter15CompetitiveMarketsintheLongRun

Long-RunEquilibriumforIdenticalFirmsLong-runequilibriumPrice-quantitycombinationPrevail-perfectlycompetitivemarketLongrun2

Long-RunEquilibriumforIdenticalFirmsLong-runequilibrium(1)Firms-Quantitysupplied-nochange(2)ConsumersQuantitydemanded-nochange(3)ExistingfirmsInputs-nochangeNoexit(4)Newfirms–don’tenter(5)Aggregatesupply=Aggregatedemand3

q1K1’q1K1Figure15.1Theadjustmenttoalong-runequilibriumPositiveprofitsattracttheentryofadditionalfirmsandshiftthesupplycurvetotheright(b)untileachfirmhasacapacityofK*andthemarketsupplycurveisS*.Inalong-runequilibrium,eachfirmproducesq*unitsandearnszeroprofitsbecausethepriceofp*equalsthelong-runmarginalcost.Quantity0Price,CostdQuantity0Price,CostLRACSRACK2SRMCK2SRACK*SRMCK*SRACK1’SRMCK1’SRACK1SRMCK1LRMCp*q*p1’bfp1(a)(b)DS*S2S14

TheLong-RunEquilibriumfor

HeterogeneousFirmsDifferenceinlong-runcostsLocation/assetsEconomicrentReturntoaninputOverandaboveNeedtosecureitRent-inclusiveaveragecostAveragecostEconomicrent-includedasacost5

Figure15.2Rentandlong-runcompetitiveequilibriaAlong-runequilibriumequatesthepricetothefirm’srent-inclusivelong-runaveragecostcurveLRAC’,whichincludestheopportunitycostofthefirm’slocationQuantity0Price,CostQuantity0Price(a)(b)DSp*p*LRAC’LRACMCabc6

Figure15.3Theshort-runresponsetoachangeindemandPriceWhenthedemandcurveshiftsfromD1toD2,theshort-runresponseisanincreaseinthepricefrompatopbandanincreaseinthequantityfromqatoqb.Quantity0D1S1qbpbbaqapaD27

DynamicChangesinMarketEquilibriaInitiallong-runequilibriumAllfirmsinindustryIdenticalcostcurvesIncreaseindemandExtra-normalprofitsOtherfirmsenterIncreaseinsupplyPrice-decreases8

DynamicChangesinMarketEquilibriaConstant-costindustriesFlatlong-runsupplycurveAsnewfirmsenterNochangei