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1、ChapterNineteenProfit-Maximization2021/7/51ProfitMaximizationEconomicProfitAfirmusesinputsj=1…,mtomakeproductsi=1,…n.Outputlevelsarey1,…,yn.Inputlevelsarex1,…,xm.Productpricesarep1,…,pn.Inputpricesarew1,…,wm.2021/7/52ProfitMaximizationTheCompetitiveFi
2、rmThecompetitivefirmtakesalloutputpricesp1,…,pnandallinputpricesw1,…,wmasgivenconstants.2021/7/53ProfitMaximizationEconomicProfitTheeconomicprofitgeneratedbytheproductionplan(x1,…,xm,y1,…,yn)is2021/7/54ProfitMaximizationEconomicProfitOutputandinputlev
3、elsaretypicallyflows.E.g.x1mightbethenumberoflaborunitsusedperhour.Andy3mightbethenumberofcarsproducedperhour.Consequently,profitistypicallyaflowalso;e.g.thenumberofdollarsofprofitearnedperhour.2021/7/55ProfitMaximizationEconomicProfitHowdowevalueafir
4、m?Supposethefirm’sstreamofperiodiceconomicprofitsisP0,P1,P2,…andristherateofinterest.Thenthepresent-valueofthefirm’seconomicprofitstreamis2021/7/56ProfitMaximizationEconomicProfitAcompetitivefirmseekstomaximizeitspresent-value.How?2021/7/57ProfitMaxim
5、izationEconomicProfitSupposethefirmisinashort-runcircumstanceinwhichItsshort-runproductionfunctionis2021/7/58ProfitMaximizationEconomicProfitSupposethefirmisinashort-runcircumstanceinwhichItsshort-runproductionfunctionisThefirm’sfixedcostis anditsprof
6、itfunctionis2021/7/59ProfitMaximizationShort-RunIso-ProfitLinesA$Piso-profitlinecontainsalltheproductionplansthatprovideaprofitlevel$P.A$Piso-profitline’sequationis2021/7/510ProfitMaximizationShort-RunIso-ProfitLinesA$Piso-profitlinecontainsalltheprod
7、uctionplansthatyieldaprofitlevelof$P.Theequationofa$Piso-profitlineisI.e.2021/7/511ProfitMaximizationShort-RunIso-ProfitLineshasaslopeofandaverticalinterceptof2021/7/512ProfitMaximizationShort-RunIso-ProfitLinesIncreasing profityx12021/7/513ProfitMaxi
8、mizationShort-RunProfit-MaximizationThefirm’sproblemistolocatetheproductionplanthatattainsthehighestpossibleiso-profitline,giventhefirm’sconstraintonchoicesofproductionplans.Q:Whatisthisconstraint?2021/7/514ProfitMaximizationShort-RunProfit-Ma
