《义利润最大化》PPT课件.ppt
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1、Chapter NineteenProfit-MaximizationStructureuEconomic profituShort-run profit maximizationComparative staticsuLong-run profit maximizationuProfit maximization and returns to scaleuRevealed profit maximizationEconomic ProfituA firm uses inputs j=1,m to make products i=1,n.uOutput levels are y1,yn.uIn
2、put levels are x1,xm.uProduct prices are p1,pn.uInput prices are w1,wm.The Competitive FirmuThe competitive firm takes all output prices p1,pn and all input prices w1,wm as given constants.Economic ProfituThe economic profit generated by the production plan(x1,xm,y1,yn)isEconomic ProfituOutput and i
3、nput levels are typically flows.uE.g.x1 might be the number of labor units used per hour.uAnd y3 might be the number of cars produced per hour.uConsequently,profit is typically a flow also;e.g.the number of dollars of profit earned per hour.Opportunity Costs(机会成本)uAll inputs must be valued at their
4、market value.uLaboruCapitalEconomic ProfituHow do we value a firm?uSuppose the firms stream of periodic economic profits is P P0 0,P,P1 1,P P2 2,and r is the rate of interest.uThen the present-value of the firms economic profit stream isProfit MaximizationuA competitive firm seeks to maximize its pr
5、esent-value.uHow?uSuppose the firm is in a short-run circumstance in which uIts short-run production function isuThe firms fixed cost isand its profit function isShort-Run Profit MaximizationShort-Run Iso-Profit LinesuA$P P iso-profit line(等利润线等利润线)contains all the production plans that yield a prof
6、it level of$P P.uThe equation of a$P P iso-profit line isuI.e.Short-Run Iso-Profit Lineshas a slope ofand a vertical intercept ofShort-Run Iso-Profit LinesIncreasing profityx1Short-Run Profit-MaximizationuThe firms problem is to locate the production plan that attains the highest possible iso-profit
7、 line,given the firms constraint on choices of production plans.uQ:What is this constraint?uA:The production function.Short-Run Profit-Maximizationx1TechnicallyinefficientplansyThe short-run production function andtechnology set for Short-Run Profit-Maximizationx1Increasing profityShort-Run Profit-M
8、aximizationx1yShort-Run Profit-Maximizationx1yGiven p,w1 and the short-runprofit-maximizing plan is Short-Run Profit-Maximizationx1yGiven p,w1 and the short-runprofit-maximizing plan is And the maximumpossible profitis Short-Run Profit-Maximizationx1yAt the short-run profit-maximizing plan,the slope
9、s of the short-run production function and the maximaliso-profit line areequal.Short-Run Profit-Maximizationx1yAt the short-run profit-maximizing plan,the slopes of the short-run production function and the maximaliso-profit line areequal.Short-Run Profit-Maximization is the marginal revenue product
10、(边际边际收益产量收益产量)of input 1,the rate at which revenue Increases with the amount used of input 1.If then profit increases with x1.If then profit decreases with x1.Short-Run Profit-Maximization;A Cobb-Douglas ExampleSuppose the short-run productionfunction isThe marginal product of the variableinput 1 is
11、The profit-maximizing condition isShort-Run Profit-Maximization;A Cobb-Douglas ExampleSolvingfor x1 givesShort-Run Profit-Maximization;A Cobb-Douglas ExampleSolvingfor x1 givesThat is,Short-Run Profit-Maximization;A Cobb-Douglas ExampleSolvingfor x1 givesThat is,soShort-Run Profit-Maximization;A Cob
12、b-Douglas Exampleis the firmsshort-run demandfor input 1 when the level of input 2 is fixed at units.Short-Run Profit-Maximization;A Cobb-Douglas Exampleis the firmsshort-run demandfor input 1 when the level of input 2 is fixed at units.The firms short-run output level is thusComparative Statics of
13、Short-Run Profit-MaximizationuWhat happens to the short-run profit-maximizing production plan as the output price p changes?Comparative Statics of Short-Run Profit-MaximizationThe equation of a short-run iso-profit lineisso an increase in p causes -a reduction in the slope,and -a reduction in the ve
14、rtical intercept.Comparative Statics of Short-Run Profit-Maximizationx1yComparative Statics of Short-Run Profit-Maximizationx1yComparative Statics of Short-Run Profit-Maximizationx1yComparative Statics of Short-Run Profit-MaximizationuAn increase in p,the price of the firms output,causesan increase
15、in the firms output level(the firms supply curve slopes upward),andan increase in the level of the firms variable input(the firms demand curve for its variable input shifts outward).Comparative Statics of Short-Run Profit-MaximizationThe Cobb-Douglas example:When then the firms short-rundemand for i
16、ts variable input 1 isand its short-runsupply isComparative Statics of Short-Run Profit-MaximizationThe Cobb-Douglas example:When then the firms short-rundemand for its variable input 1 isincreases as p increases.and its short-runsupply isComparative Statics of Short-Run Profit-MaximizationThe Cobb-
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