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1、ChapterNineteenProfit-MaximizationEconomicProfitAfirmusesinputsj=1…,mtomakeproductsi=1,…n.Outputlevelsarey1,…,yn.Inputlevelsarex1,…,xm.Productpricesarep1,…,pn.Inputpricesarew1,…,wm.TheCompetitiveFirmThecompetitivefirmtakesalloutputpricesp1,…,pnandallinputpricesw1,…,wmasgiv
2、enconstants.EconomicProfitTheeconomicprofitgeneratedbytheproductionplan(x1,…,xm,y1,…,yn)isEconomicProfitOutputandinputlevelsaretypicallyflows.(流量)E.g.x1mightbethenumberoflaborunitsusedperhour.(每小时劳动投入量)Andy3mightbethenumberofcarsproducedperhour.(每小时产出量)Consequently,profiti
3、stypicallyaflowalso;e.g.thenumberofdollarsofprofitearnedperhour.EconomicProfitHowdowevalueafirm?如何为一个公司订价?Supposethefirm’sstreamofperiodiceconomicprofitsisP0,P1,P2,…andristherateofinterest.Thenthepresent-valueofthefirm’seconomicprofitstreamisEconomicProfitAcompetitivefirms
4、eekstomaximizeitspresent-value.一个竞争性企业为最大化利润流现值。How?EconomicProfitSupposethefirmisinashort-runcircumstanceinwhich(假定公司处于短期的生产环境)Itsshort-runproductionfunctionisEconomicProfitSupposethefirmisinashort-runcircumstanceinwhichItsshort-runproductionfunctionisThefirm’sfixedcostis
5、anditsprofitfunctionisShort-RunIso-ProfitLines短期等利润线A$Piso-profitline(等利润线)containsalltheproductionplansthatprovideaprofitlevel$P.A$Piso-profitline’sequationisShort-RunIso-ProfitLinesA$Piso-profitlinecontainsalltheproductionplansthatyieldaprofitlevelof$P.Theequationofa$Pi
6、so-profitlineisI.e.Short-RunIso-ProfitLines短期等利润线hasaslopeofandaverticalinterceptofShort-RunIso-ProfitLinesIncreasingprofityx1Short-RunProfit-Maximization短期公司利润最大化Thefirm’sproblemistolocatetheproductionplanthatattainsthehighestpossibleiso-profitline,giventhefirm’sconstrai
7、ntonchoicesofproductionplans.(给定公司的生产计划约束,使生产计划尽可能地达到最高的等利润线上。)Q:Whatisthisconstraint?(生产计划约束?)Short-RunProfit-MaximizationThefirm’sproblemistolocatetheproductionplanthatattainsthehighestpossibleiso-profitline,giventhefirm’sconstraintonchoicesofproductionplans.(生产计划的选择约束)Q
8、:Whatisthisconstraint?(技术约束)A:Theproductionfunction.(生产函数)Short-RunProfit-Maximizationx1T