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14
1.
14 Firms in
Competitive Markets
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Table 1 Total,
Average, and Marginal Revenue for a Competitive Firm Copyright©2004 South-Western
12.
13.
Table 2 Profit
Maximization: A Numerical Example Copyright©2004 South-Western
14.
Figure 1 Profit
Maximization for a Competitive Firm Copyright © 2004 South-Western Quantity 0 Costs and Revenue MC ATC AVC MC 1 Q 1 MC 2 Q 2 The firm maximizes profit by producing the quantity at which marginal cost equals marginal revenue. Q MAX P = MR 1 = MR 2 P = AR = MR
15.
16.
17.
Figure 2 Marginal
Cost as the Competitive Firmâs Supply Curve Copyright © 2004 South-Western Quantity 0 Price MC ATC AVC P 1 Q 1 P 2 Q 2 This section of the firmâs MC curve is also the firmâs supply curve.
18.
19.
20.
21.
Figure 3 The
Competitive Firmâs Short Run Supply Curve Copyright © 2004 South-Western Quantity 0 Costs MC ATC AVC Firm shuts down if P < AVC Firm â s short-run supply curve If P > AVC, firm will continue to produce in the short run. If P > ATC , the firm will continue to produce at a profit.
22.
23.
24.
25.
Figure 4 The
Competitive Firmâs Long-Run Supply Curve Copyright © 2004 South-Western Quantity 0 Costs MC = long-run S Firm exits if P < ATC ATC Firm â s long-run supply curve Firm enters if P > ATC
26.
27.
Figure 4 The
Competitive Firmâs Long-Run Supply Curve Copyright © 2004 South-Western Quantity 0 Costs MC ATC Firm â s long-run supply curve
28.
29.
Figure 5 Profit
as the Area between Price and Average Total Cost Copyright © 2004 South-Western (a) A Firm with Profits Quantity 0 Price (profit-maximizing quantity) P = AR = MR ATC MC P ATC Q Profit
30.
Figure 5 Profit
as the Area between Price and Average Total Cost Copyright © 2004 South-Western (b) A Firm with Losses Quantity 0 Price (loss-minimizing quantity) ATC MC P = AR = MR P ATC Q Loss
31.
32.
33.
Figure 6 Market
Supply with a Fixed Number of Firms Copyright © 2004 South-Western (a) Individual Firm Supply Quantity (firm) 0 Price (b) Market Supply Quantity (market) 0 Price MC 1.00 100 $2.00 200 Supply 1.00 100,000 $2.00 200,000
34.
35.
Figure 7 Market
Supply with Entry and Exit Copyright © 2004 South-Western (a) Firm â s Zero-Profit Condition Quantity (firm) 0 Price (b) Market Supply Quantity (market) Price 0 P = minimum ATC Supply MC ATC
36.
37.
38.
39.
Figure 8 An
Increase in Demand in the Short Run and Long Run Firm (a) Initial Condition Quantity (firm) 0 Price Market Quantity (market) Price 0 D Demand, 1 S Short-run supply, 1 P 1 ATC Long-run supply P 1 1 Q A MC
40.
Figure 8 An
Increase in Demand in the Short Run and Long Run Copyright © 2004 South-Western Market Firm (b) Short-Run Response Quantity (firm) 0 Price Quantity (market) Long-run supply Price 0 P 1 MC ATC Profit P 1 D 1 D 2 S 1 P 2 Q 1 A Q 2 P 2 B
41.
Figure 8 An
Increase in Demand in the Short Run and Long Run Copyright © 2004 South-Western P 1 Firm (c) Long-Run Response Quantity (firm) 0 Price MC ATC Market Quantity (market) Price 0 P 1 P 2 Q 1 Q 2 Long-run supply B D 1 S 1 A D 2 S 2 Q 3 C
42.
43.
44.
45.
46.
47.
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