管理经济学 课件.ppt

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1、ManagerialEconomics&BusinessStrategyChapter8ManaginginCompetitive,Monopolistic,andMonopolisticallyCompetitiveMarketsMcGraw-Hill/IrwinMichaelR.Baye,ManagerialEconomicsandBusinessStrategyCopyright©2008bytheMcGraw-HillCompanies,Inc.Allrightsreserved.OverviewI.PerfectCompetitionCharacteristicsandp

2、rofitoutlook.Effectofnewentrants.II.MonopoliesSourcesofmonopolypower.Maximizingmonopolyprofits.Prosandcons.III.MonopolisticCompetitionProfitmaximization.Longrunequilibrium.8-2PerfectCompetitionEnvironmentManybuyersandsellers.Homogeneous(identical)product.Perfectinformationonbothsidesofmarket.N

3、otransactioncosts.Freeentryandexit.8-3KeyImplicationsFirmsare“pricetakers”(P=MR).Intheshort-run,firmsmayearnprofitsorlosses.Entryandexitforceslong-runprofitstozero.8-4Unrealistic?WhyLearn?Manysmallbusinessesare“price-takers,”anddecisionrulesforsuchfirmsaresimilartothoseofperfectlycompetitivefi

4、rms.Itisausefulbenchmark.Explainswhygovernmentsopposemonopolies.Illuminatesthe“danger”tomanagersofcompetitiveenvironments.Importanceofproductdifferentiation.Sustainableadvantage.8-5ManagingaPerfectlyCompetitiveFirm(orPrice-TakingBusiness)8-6SettingPriceFirmQf$DfMarketQM$DSPe8-7FirmQf$DfMarket

5、QM$DSPeProfit-MaximizingOutputDecisionMR=MC.Since,MR=P,SetP=MCtomaximizeprofits.8-9Graphically:RepresentativeFirm’sOutputDecision$QfATCAVCMCPe=Df=MRQf*ATCPeProfit=(Pe-ATC)Qf*8-10ANumericalExampleGivenP=$10C(Q)=5+Q2OptimalPrice?P=$10OptimalOutput?MR=P=$10andMC=2Q10=2QQ=5unitsMaximumProfits?PQ-

6、C(Q)=(10)(5)-(5+25)=$208-11$QfATCAVCMCPe=Df=MRQf*ATCPeProfit=(Pe-ATC)Qf*<0ShouldthisFirmSustainShortRunLossesorShutDown?Loss8-12ShutdownDecisionRuleAprofit-maximizingfirmshouldcontinuetooperate(sustainshort-runlosses)ifitsoperatinglossislessthanitsfixedcosts.Operatingresultsinasmallerlossthan

7、ceasingoperations.Decisionrule:AfirmshouldshutdownwhenP