平狄克微观经济学十课件MarketPowerMonopolyandMonopsony.pptxVIP

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平狄克微观经济学十课件MarketPowerMonopolyandMonopsony.pptx

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Chapter 10Market Power: Monopoly and MonopsonyChapter 11 Topics to be DiscussedChapter 12MonopolyMonopoly PowerSources of Monopoly PowerThe Social Costs of Monopoly Power Topics to be DiscussedChapter 13MonopsonyMonopsony PowerLimiting Market Power: The Antitrust Laws Perfect CompetitionChapter 14Review of Perfect CompetitionP = LMC = LRACNormal profits or zero economic profits in the long runLarge number of buyers and sellers Homogenous productPerfect informationFirm is a price taker Perfect CompetitionQQPPMarketIndividual FirmDSQ0P0P0D = MR = Pq0LRACLMCChapter 15 MonopolyChapter 16MonopolyOne seller - many buyersOne product (no good substitutes)Barriers to entry MonopolyChapter 17The monopolist is the supply-side of the market and has complete control over the amount offered for sale.Profits will be maximized at the level of output where marginal revenue equals marginal cost. MonopolyChapter 18Finding Marginal RevenueAs the sole producer, the monopolist works with the market demand to determineoutput and price.Assume a firm with demand:P = 6 - Q Total, Marginal, and Average Revenue--Total Marginal Price Quantity RevenueAverage RevenueRevenue$ P60 Q$R0-MR--AR-515$5$54283433913248-12155-31Chapter 19 Average and Marginal RevenueOutput0132$ per unit of output12345674657Average Revenue (Demand)Marginal RevenueChapter 110 MonopolyChapter 111ObservationsTo increase sales the price must fallMR PCompared to perfect competition◆No change in price to change salesMR = P MonopolyMonopolist’s Output Decision Profits maximized at the output level where MR = MCCost functions are the sameChapter 112 Maximizing Profit When Marginal Revenue Equals Marginal CostThe Monopolist’s Output DecisionAt output levels below MR = MC the decrease in revenue is greater than the decrease in cost (MR MC).At output levels above MR = MC the increase in cost is greater than the decrease in revenue (MR MC)Chapter 113 Lost profitQ1MCACQuantity$ per unit of outputD = ARMRP1P*Q*Maximizing Profit Wh