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1、Chapter8ProfitMaximizationandSupplyBehaviorProfitMaximizationAbasicassumptionforfirm’srationalbehaviorDofirmsreallymaximizeprofits?TheagencyproblemforCEOsThepresenceofnot-for-profitorganizations(hospitalsanduniversities)Alchian’ssurvivaltesttheory:astrongargume
2、ntforprofitmaximizationasanapproximationEconomicProfitAfirmusesinputsj=1…,mtomakeproductsi=1,…n.Outputlevelsarey1,…,yn.Inputlevelsarex1,…,xm.Productpricesarep1,…,pn.Inputpricesarew1,…,wm.PerfectlyCompetitiveMarketsPriceTakingTheindividualfirmsellsaverysmallshar
3、eofthetotalmarketoutputand,therefore,cannotinfluencemarketpriceEachfirmtakesmarketpriceasgiven–pricetakerTheindividualconsumerbuystoosmallashareofindustryoutputtohaveanyimpactonmarketpriceTheCompetitiveFirmThecompetitivefirmtakesalloutputpricesp1,…,pnandallinpu
4、tpricesw1,…,wmasgivenconstants.EconomicProfitTheeconomicprofitgeneratedbytheproductionplan(x1,…,xm,y1,…,yn)isEconomicProfitHowdowevalueafirm?Supposethefirm’sstreamofperiodiceconomicprofitsisP0,P1,P2,…andristherateofinterest.Thenthepresent-valueofthefirm’seconom
5、icprofitstreamisMarginalRevenue,MarginalCost,andProfitMaximizationWecanstudyprofitmaximizingoutputforanyfirm,whetherperfectlycompetitiveornotProfit()=TotalRevenue-TotalCostIfqisoutputofthefirm,thentotalrevenueispriceofthegoodtimesquantityTotalRevenue(R)=PqMarg
6、inalRevenue,MarginalCost,andProfitMaximizationCostsofproductiondependsonoutputTotalCost(C)=C(q)Profitforthefirm,,isdifferencebetweenrevenueandcostsMarginalRevenue,MarginalCost,andProfitMaximizationFirmselectsoutputtomaximizethedifferencebetweenrevenueandcostWe
7、cangraphthetotalrevenueandtotalcostcurvestoshowmaximizingprofitsforthefirmDistancebetweenrevenuesandcostsshowprofitsProfitMaximization–ShortRun0Cost,Revenue,Profit($speryear)OutputC(q)R(q)(q)q0q*ProfitsaremaximizedwhereMR(slopeatA)andMC(slopeatB)areequalProfit
8、saremaximizedwhereR(q)–C(q)ismaximizedMarginalRevenue,MarginalCost,andProfitMaximizationProfitismaximizedatthepointatwhichanadditionalincrementtooutputleavesprofitunchangedC
