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1、ChapterNineteenProfit-MaximizationStructureEconomicprofitShort-runprofitmaximizationComparativestaticsLong-runprofitmaximizationProfitmaximizationandreturnstoscaleRevealedprofitmaximizationEconomicProfitAfirmusesinputsj=1…,mtomakeproductsi=1,…n.Outputl
2、evelsarey1,…,yn.Inputlevelsarex1,…,xm.Productpricesarep1,…,pn.Inputpricesarew1,…,wm.TheCompetitiveFirmThecompetitivefirmtakesalloutputpricesp1,…,pnandallinputpricesw1,…,wmasgivenconstants.EconomicProfitTheeconomicprofitgeneratedbytheproductionplan(x1,…
3、,xm,y1,…,yn)isEconomicProfitOutputandinputlevelsaretypicallyflows.E.g.x1mightbethenumberoflaborunitsusedperhour.Andy3mightbethenumberofcarsproducedperhour.Consequently,profitistypicallyaflowalso;e.g.thenumberofdollarsofprofitearnedperhour.OpportunityCo
4、sts(机会成本)Allinputsmustbevaluedattheirmarketvalue.LaborCapitalEconomicProfitHowdowevalueafirm?Supposethefirm’sstreamofperiodiceconomicprofitsisP0,P1,P2,…andristherateofinterest.Thenthepresent-valueofthefirm’seconomicprofitstreamisProfitMaximizationAcomp
5、etitivefirmseekstomaximizeitspresent-value.How?Supposethefirmisinashort-runcircumstanceinwhichItsshort-runproductionfunctionisThefirm’sfixedcostis anditsprofitfunctionisShort-RunProfitMaximizationShort-RunIso-ProfitLinesA$Piso-profitline(等利润线)containsa
6、lltheproductionplansthatyieldaprofitlevelof$P.Theequationofa$Piso-profitlineisI.e.Short-RunIso-ProfitLineshasaslopeofandaverticalinterceptofShort-RunIso-ProfitLinesIncreasing profityx1Short-RunProfit-MaximizationThefirm’sproblemistolocatetheproductionp
7、lanthatattainsthehighestpossibleiso-profitline,giventhefirm’sconstraintonchoicesofproductionplans.Q:Whatisthisconstraint?A:Theproductionfunction.Short-RunProfit-Maximizationx1Technically inefficient plansyTheshort-runproductionfunctionand technologyset
8、forShort-RunProfit-Maximizationx1Increasing profityShort-RunProfit-Maximizationx1yShort-RunProfit-Maximizationx1yGivenp,w1andtheshort-run profit-maximizingplanisShort-RunProfit-Maximizationx1yGivenp,w1andtheshort-run profit-maximizingpl
