Can a competitive firm earn profit
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A perfectly competitive firm can experience three situations when maximizing profits in the short run: 1. Super-normal profit situation, where marginal revenue exceeds average cost, resulting in profits. 2. Loss situation, where average costs exceed revenue and the firm is incurring losses. It should shut down production. 3. Normal profit situation, where total revenue equals total cost and the firm is breaking even.
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Lect 13
Under perfect competition, a firm is in equilibrium when:
1) Its marginal cost is equal to its marginal revenue, meaning it is producing at the lowest possible average cost.
2) It is earning only normal profits in both the short run and long run. Any super-normal or losses will cause entry or exit of firms until price returns to the normal profit level.
3) There is no incentive for the firm to change its output level, as this equilibrium point maximizes profits given market conditions outside of the firm's control.
Managerial Economics Session 7
1. The document discusses the characteristics and pricing behavior of perfectly competitive markets. It defines perfect competition and describes its key features.
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3. In the long run, firms will enter or exit the market until price equals minimum average cost and normal profits are achieved. Perfect competition leads to allocative and productive efficiency.
Chap5
This chapter discusses perfect competition and profit maximization in competitive markets. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where marginal revenue equals marginal cost.
2. In the short run, firms will shut down if price falls below average variable cost or operate at a loss if price is between average variable and average total cost. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium price and quantity in both the
Perfect Competition
Perfect Competition describes a market structure with many small firms producing identical products, with easy entry and exit from the market. Under Perfect Competition, firms aim to maximize profits by producing where their marginal cost equals marginal revenue. At this point of equilibrium, firms can earn normal profits but cannot earn abnormal profits in the long run due to competition. The key characteristics of Perfect Competition are that it is very efficient, always reaches equilibrium prices and quantities, and provides consumers with the best prices.
Profit Maximization by Ali Roshaan
The document discusses profit maximization for firms. It defines profit maximization as determining the price and output level that returns the greatest profit. The goal is for marginal revenue (MR) to equal marginal cost (MC), as this is the point of maximum profit. It explains the concepts of total revenue (TR), total cost (TC), fixed costs, variable costs, marginal revenue, and marginal cost. Firms should produce at the point where MR = MC to maximize profits. Exiting the market is a long-run decision with zero costs, while shutting down production is a short-run decision where fixed costs still must be paid.
Equilibrium of Firm Under Perfect Competition
The ppt incorporates lots of animations for clear explanation on graphs and curves, it's better to download it first and then surely you will be cherished with it
Perfect competition
1) The document discusses the concept of perfect competition and firm equilibrium under conditions of perfect competition.
2) A key aspect of perfect competition is that there are many small producers and consumers in the market buying and selling homogeneous products, and all participants have perfect information. The market price is determined by supply and demand forces outside the control of individual firms.
3) For a firm to be in equilibrium under perfect competition, its marginal cost must equal its marginal revenue (which is equal to the market price). At this equilibrium point, the firm maximizes its profits.
4) The document contrasts the short run and long run equilibriums for firms under perfect competition and how super normal profits, normal profits
Business economics
This document summarizes a presentation on perfect competition in business economics. It includes:
1) An introduction defining perfect competition and noting it is a theoretical market model with assumptions like many small firms, homogeneous products, and perfect information.
2) An overview of the key assumptions of perfect competition like numerous firms, price-taking behavior, product homogeneity, free entry and exit, and perfect knowledge.
3) Short explanations of demand curves, short-run and long-run equilibrium, marginal costs and revenues, and the relationships between costs, revenues, and profits in different time periods.
4) Mentions advantages of perfect competition include efficient allocation of resources and normal profits in the long-run.
Recommended
Lect 13
Under perfect competition, a firm is in equilibrium when:
1) Its marginal cost is equal to its marginal revenue, meaning it is producing at the lowest possible average cost.
2) It is earning only normal profits in both the short run and long run. Any super-normal or losses will cause entry or exit of firms until price returns to the normal profit level.
3) There is no incentive for the firm to change its output level, as this equilibrium point maximizes profits given market conditions outside of the firm's control.
Managerial Economics Session 7
1. The document discusses the characteristics and pricing behavior of perfectly competitive markets. It defines perfect competition and describes its key features.
2. Under perfect competition, firms are price takers and equilibrium occurs where price equals marginal cost. In the short run, firms will shut down if price falls below average variable cost.
3. In the long run, firms will enter or exit the market until price equals minimum average cost and normal profits are achieved. Perfect competition leads to allocative and productive efficiency.
Chap5
This chapter discusses perfect competition and profit maximization in competitive markets. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where marginal revenue equals marginal cost.
2. In the short run, firms will shut down if price falls below average variable cost or operate at a loss if price is between average variable and average total cost. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium price and quantity in both the
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Perfect Competition describes a market structure with many small firms producing identical products, with easy entry and exit from the market. Under Perfect Competition, firms aim to maximize profits by producing where their marginal cost equals marginal revenue. At this point of equilibrium, firms can earn normal profits but cannot earn abnormal profits in the long run due to competition. The key characteristics of Perfect Competition are that it is very efficient, always reaches equilibrium prices and quantities, and provides consumers with the best prices.
Profit Maximization by Ali Roshaan
The document discusses profit maximization for firms. It defines profit maximization as determining the price and output level that returns the greatest profit. The goal is for marginal revenue (MR) to equal marginal cost (MC), as this is the point of maximum profit. It explains the concepts of total revenue (TR), total cost (TC), fixed costs, variable costs, marginal revenue, and marginal cost. Firms should produce at the point where MR = MC to maximize profits. Exiting the market is a long-run decision with zero costs, while shutting down production is a short-run decision where fixed costs still must be paid.
Equilibrium of Firm Under Perfect Competition
The ppt incorporates lots of animations for clear explanation on graphs and curves, it's better to download it first and then surely you will be cherished with it
Perfect competition
1) The document discusses the concept of perfect competition and firm equilibrium under conditions of perfect competition.
2) A key aspect of perfect competition is that there are many small producers and consumers in the market buying and selling homogeneous products, and all participants have perfect information. The market price is determined by supply and demand forces outside the control of individual firms.
3) For a firm to be in equilibrium under perfect competition, its marginal cost must equal its marginal revenue (which is equal to the market price). At this equilibrium point, the firm maximizes its profits.
4) The document contrasts the short run and long run equilibriums for firms under perfect competition and how super normal profits, normal profits
Business economics
This document summarizes a presentation on perfect competition in business economics. It includes:
1) An introduction defining perfect competition and noting it is a theoretical market model with assumptions like many small firms, homogeneous products, and perfect information.
2) An overview of the key assumptions of perfect competition like numerous firms, price-taking behavior, product homogeneity, free entry and exit, and perfect knowledge.
3) Short explanations of demand curves, short-run and long-run equilibrium, marginal costs and revenues, and the relationships between costs, revenues, and profits in different time periods.
4) Mentions advantages of perfect competition include efficient allocation of resources and normal profits in the long-run.
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This document discusses profit maximization by firms. It explains that a firm's profit is its revenue minus its costs. Revenue is determined by price and quantity sold, while costs depend on quantity produced. To maximize profit, a firm balances the marginal benefit of additional sales (marginal revenue) against the marginal cost of production. The profit-maximizing quantity occurs where marginal revenue equals marginal cost. The document provides an example and discusses the differences between price-setting firms with downward-sloping demand curves and price-taking firms that face a horizontal demand curve.
Lrac curve gp
The document discusses the concept of long-run average costs (LRAC) curves. It explains that in the long-run, all costs are variable as firms can adjust all inputs. The LRAC curve shows the minimum average cost for different output levels when all inputs are adjustable. It relates the LRAC curve to a firm's set of short-run average cost curves, which correspond to different plant sizes. Economies of scale exist when average costs decrease with increasing output, while diseconomies of scale occur when average costs increase with larger output. Naturally monopolies have LRAC curves with economies of scale over the entire market demand range. The shape of the LRAC curve depends on production technology.
Break even analysis 2
The break-even point is the level of output or sales where total revenue equals total costs. It indicates the minimum quantity of goods that must be sold to cover total fixed and variable costs without a profit or loss. The formula for calculating the break-even point is: Break-even point = Fixed costs / Contribution margin per unit. Contribution margin is the selling price per unit minus the variable costs per unit. An example is provided to demonstrate calculating the break-even point in units and comparing sales to the break-even point in a monthly profit and loss statement.
Chapter 8 perfect competitio-micro
Perfect competition is characterized by many small firms, homogeneous products, perfect information and free entry and exit. Under perfect competition in the short-run, firms are price takers and maximize profits by producing where marginal revenue equals marginal cost. In long-run equilibrium, firms earn zero economic profit as entry and exit cause supply to equal minimum average total cost. Perfect competition leads to productive and allocative efficiency.
Perfect competition iimm
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3. break even
The break-even point is the level of output or sales at which total revenue equals total costs. It represents the point at which a company neither makes a profit nor a loss. The document discusses break-even analysis, including its assumptions, limitations, and applications. It also provides an example problem calculating break-even points, contribution margins, and profits for a shoe company considering opening a new store.
Profit Maximization
The document discusses the concept of profit maximization for firms. It states that firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost. Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit. The profit-maximizing level of output occurs when marginal revenue and marginal cost are equal, as this is where profits are highest.
Perfect competition
1. The document discusses the concept of perfect competition, which is an ideal market structure with no barriers to entry, homogeneous products, perfect information, and price-taking firms and consumers.
2. Under perfect competition, firms seek to maximize profits by producing at the level where marginal revenue equals marginal cost, and marginal cost is rising. In the long run, no firms earn abnormal profits as free entry and exit drives prices down to minimum average cost.
3. The perfect competition model serves as a benchmark for analyzing market imperfections, as it achieves an efficient allocation of resources where price equals minimum average cost and marginal cost equals marginal benefit to consumers.
Breakeven
The document discusses various costs and budgeting concepts. It defines costs, cost centers, full costing, absorption costing, marginal costing, and standard costing. It then explains total revenue, break even analysis including calculating the break even point, and importance of price elasticity. Finally, it discusses budgets, types of budgets including flexible, operating, and capital budgets, and the concept of variances.
MR=MC
1. The document discusses the theory that firms aim to maximize profit.
2. It explains that profit is maximized when marginal revenue equals marginal cost (MR=MC).
3. The document provides examples and diagrams to illustrate how a firm can use the MR=MC condition to determine the optimal level of production to maximize profit.
Profit maximization
A firm maximizes profit by producing at the quantity where marginal revenue equals marginal cost. This occurs because:
1) Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit.
2) When marginal revenue exceeds marginal cost, the firm can increase profits by producing more units. But when marginal cost exceeds marginal revenue, profits decrease with additional production.
3) Therefore, profit is maximized at the quantity where the two margins are equal, as additional production beyond this point leads to losses rather than gains.
23102013 perfect competition 12
Perfect competition arises when there are many small firms producing identical goods, free entry and exit into the industry, and buyers and sellers have perfect information. In the short run, individual firms act as price takers and seek to maximize profits by producing where marginal revenue equals marginal cost. In the long run, only firms earning normal profits will remain in the industry as firms enter with economic profits and exit with economic losses until equilibrium is reached. This equilibrium maximizes total surplus and ensures productive efficiency.
Market Perfect Competition_MBA_Parakramesh Jaroli
This document provides an overview of different market structures, with a focus on perfect competition. It defines key concepts related to revenue, costs, and profit maximization for firms in competitive markets. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. Equilibrium occurs where marginal cost equals marginal revenue. The document also discusses long-run equilibrium and how perfect competition leads to allocative efficiency.
Long run average total costs Chapter 22
This document discusses long-run average costs. It explains that in the long-run, all costs are variable. It describes diminishing returns to increasing quantities of capital and labor. The long-run average total cost curve shows the lowest attainable average cost for different output levels when plant size and labor are varied. Economies of scale occur when a percentage increase in output exceeds a percentage increase in inputs, leading to falling long-run average costs. Diseconomies of scale arise from management complexity at large scales, causing long-run average costs to rise. Constant returns to scale yield a horizontal long-run average cost curve. Minimum efficient scale is the smallest output where long-run average cost is lowest.
Perfect competition
The document discusses the concept of perfect competition. It defines perfect competition as a market with many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition in the short run, firms are price takers and will produce at the price that maximizes their profits where marginal revenue equals marginal cost. In the long run, perfectly competitive firms will earn only normal profits as entry and exit will cause prices to adjust until average costs are equal to prices.
7 breakeven analysis
Breakeven analysis examines the relationship between costs, revenue, output levels, and profit. It is used for short-term planning and decision making. The breakeven point is where a company makes neither a profit nor loss. It can be calculated using the contribution per unit and fixed costs. Margin of safety measures the difference between budgeted sales and breakeven sales. Breakeven analysis can determine the level of sales needed to break even or make a target profit.
break even
The break even point for a product is when total revenue equals total costs, where no profit or loss exists. Break even analysis examines the relationship between quantity, total costs, total revenue, and profits. It determines the volume needed to cover fixed costs and the sensitivity of profits to changes in volume. The break even point is important because above this level, revenues exceed costs and the product becomes profitable.
Profit maximization
This document discusses profit maximization, which refers to determining the price and output level that generates the highest profit for a business. It defines profit as total revenue minus total costs. The document outlines two main methods for profit maximization: the marginal cost-marginal revenue method and the total cost-total revenue method. It explains that to maximize economic profits, a firm should produce the quantity where marginal revenue equals marginal costs. The document also notes that while profit maximization is good for businesses, it can be bad for consumers if companies cut costs or raise prices excessively.
Chapter 14 fa1_2010
This document discusses different pricing techniques used by firms, including uniform pricing and various forms of price discrimination. It provides details on three types of price discrimination: first-degree, second-degree, and third-degree price discrimination. First-degree discrimination involves setting an individual price for every unit sold. Second-degree discrimination uses quantity discounts or two-part pricing. Third-degree discrimination charges different prices to different groups of customers based on differences in demand elasticities between markets. The goal of price discrimination is for firms to capture more consumer surplus and be more profitable.
Perfect Competition Notes - A-level & IB Economics
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Perfect Competition in A-Level Economics and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas).
Evaluation question 1
The document provides an evaluation of the forms and conventions used in the student's media magazine product. It discusses several key conventions used in the front cover, contents page, and article page. The front cover uses conventions like the masthead, cover lines, selling line, and cover image. The contents page includes page numbers, columns, editor's letter, and context. The article page features a large cover image, columns for text, drop caps, pull quotes, and adheres to the color scheme. The student also drew inspiration from existing magazines and discussed how some magazines challenge conventions by not including cover lines or positioning the masthead differently.
1ST C.V. Deepak kumar Gupta
This resume is for Deepak Kumar Gupta, who is currently pursuing a Bachelor of Pharmacy degree with good grades. He has relevant work experience through internships and workshops in areas such as clinical practices and pharmaceutical technologies. Deepak has won several prizes for his work in areas like poster presentations, model making, and photography. He also participates actively in extracurricular activities related to his field of study. His skills include analytical abilities, teamwork, and leadership.
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Profit maximization by firms
This document discusses profit maximization by firms. It explains that a firm's profit is its revenue minus its costs. Revenue is determined by price and quantity sold, while costs depend on quantity produced. To maximize profit, a firm balances the marginal benefit of additional sales (marginal revenue) against the marginal cost of production. The profit-maximizing quantity occurs where marginal revenue equals marginal cost. The document provides an example and discusses the differences between price-setting firms with downward-sloping demand curves and price-taking firms that face a horizontal demand curve.
Lrac curve gp
The document discusses the concept of long-run average costs (LRAC) curves. It explains that in the long-run, all costs are variable as firms can adjust all inputs. The LRAC curve shows the minimum average cost for different output levels when all inputs are adjustable. It relates the LRAC curve to a firm's set of short-run average cost curves, which correspond to different plant sizes. Economies of scale exist when average costs decrease with increasing output, while diseconomies of scale occur when average costs increase with larger output. Naturally monopolies have LRAC curves with economies of scale over the entire market demand range. The shape of the LRAC curve depends on production technology.
Break even analysis 2
The break-even point is the level of output or sales where total revenue equals total costs. It indicates the minimum quantity of goods that must be sold to cover total fixed and variable costs without a profit or loss. The formula for calculating the break-even point is: Break-even point = Fixed costs / Contribution margin per unit. Contribution margin is the selling price per unit minus the variable costs per unit. An example is provided to demonstrate calculating the break-even point in units and comparing sales to the break-even point in a monthly profit and loss statement.
Chapter 8 perfect competitio-micro
Perfect competition is characterized by many small firms, homogeneous products, perfect information and free entry and exit. Under perfect competition in the short-run, firms are price takers and maximize profits by producing where marginal revenue equals marginal cost. In long-run equilibrium, firms earn zero economic profit as entry and exit cause supply to equal minimum average total cost. Perfect competition leads to productive and allocative efficiency.
Perfect competition iimm
This document discusses market structures, specifically perfect competition. It defines key features of perfect competition including a large number of buyers and sellers, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the long run, no firms earn supernormal profits and all firms earn only normal profits as entry and exit leads to equilibrium.
3. break even
The break-even point is the level of output or sales at which total revenue equals total costs. It represents the point at which a company neither makes a profit nor a loss. The document discusses break-even analysis, including its assumptions, limitations, and applications. It also provides an example problem calculating break-even points, contribution margins, and profits for a shoe company considering opening a new store.
Profit Maximization
The document discusses the concept of profit maximization for firms. It states that firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost. Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit. The profit-maximizing level of output occurs when marginal revenue and marginal cost are equal, as this is where profits are highest.
Perfect competition
1. The document discusses the concept of perfect competition, which is an ideal market structure with no barriers to entry, homogeneous products, perfect information, and price-taking firms and consumers.
2. Under perfect competition, firms seek to maximize profits by producing at the level where marginal revenue equals marginal cost, and marginal cost is rising. In the long run, no firms earn abnormal profits as free entry and exit drives prices down to minimum average cost.
3. The perfect competition model serves as a benchmark for analyzing market imperfections, as it achieves an efficient allocation of resources where price equals minimum average cost and marginal cost equals marginal benefit to consumers.
Breakeven
The document discusses various costs and budgeting concepts. It defines costs, cost centers, full costing, absorption costing, marginal costing, and standard costing. It then explains total revenue, break even analysis including calculating the break even point, and importance of price elasticity. Finally, it discusses budgets, types of budgets including flexible, operating, and capital budgets, and the concept of variances.
MR=MC
1. The document discusses the theory that firms aim to maximize profit.
2. It explains that profit is maximized when marginal revenue equals marginal cost (MR=MC).
3. The document provides examples and diagrams to illustrate how a firm can use the MR=MC condition to determine the optimal level of production to maximize profit.
Profit maximization
A firm maximizes profit by producing at the quantity where marginal revenue equals marginal cost. This occurs because:
1) Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit.
2) When marginal revenue exceeds marginal cost, the firm can increase profits by producing more units. But when marginal cost exceeds marginal revenue, profits decrease with additional production.
3) Therefore, profit is maximized at the quantity where the two margins are equal, as additional production beyond this point leads to losses rather than gains.
23102013 perfect competition 12
Perfect competition arises when there are many small firms producing identical goods, free entry and exit into the industry, and buyers and sellers have perfect information. In the short run, individual firms act as price takers and seek to maximize profits by producing where marginal revenue equals marginal cost. In the long run, only firms earning normal profits will remain in the industry as firms enter with economic profits and exit with economic losses until equilibrium is reached. This equilibrium maximizes total surplus and ensures productive efficiency.
Market Perfect Competition_MBA_Parakramesh Jaroli
This document provides an overview of different market structures, with a focus on perfect competition. It defines key concepts related to revenue, costs, and profit maximization for firms in competitive markets. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. Equilibrium occurs where marginal cost equals marginal revenue. The document also discusses long-run equilibrium and how perfect competition leads to allocative efficiency.
Long run average total costs Chapter 22
This document discusses long-run average costs. It explains that in the long-run, all costs are variable. It describes diminishing returns to increasing quantities of capital and labor. The long-run average total cost curve shows the lowest attainable average cost for different output levels when plant size and labor are varied. Economies of scale occur when a percentage increase in output exceeds a percentage increase in inputs, leading to falling long-run average costs. Diseconomies of scale arise from management complexity at large scales, causing long-run average costs to rise. Constant returns to scale yield a horizontal long-run average cost curve. Minimum efficient scale is the smallest output where long-run average cost is lowest.
Perfect competition
The document discusses the concept of perfect competition. It defines perfect competition as a market with many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition in the short run, firms are price takers and will produce at the price that maximizes their profits where marginal revenue equals marginal cost. In the long run, perfectly competitive firms will earn only normal profits as entry and exit will cause prices to adjust until average costs are equal to prices.
7 breakeven analysis
Breakeven analysis examines the relationship between costs, revenue, output levels, and profit. It is used for short-term planning and decision making. The breakeven point is where a company makes neither a profit nor loss. It can be calculated using the contribution per unit and fixed costs. Margin of safety measures the difference between budgeted sales and breakeven sales. Breakeven analysis can determine the level of sales needed to break even or make a target profit.
break even
The break even point for a product is when total revenue equals total costs, where no profit or loss exists. Break even analysis examines the relationship between quantity, total costs, total revenue, and profits. It determines the volume needed to cover fixed costs and the sensitivity of profits to changes in volume. The break even point is important because above this level, revenues exceed costs and the product becomes profitable.
Profit maximization
This document discusses profit maximization, which refers to determining the price and output level that generates the highest profit for a business. It defines profit as total revenue minus total costs. The document outlines two main methods for profit maximization: the marginal cost-marginal revenue method and the total cost-total revenue method. It explains that to maximize economic profits, a firm should produce the quantity where marginal revenue equals marginal costs. The document also notes that while profit maximization is good for businesses, it can be bad for consumers if companies cut costs or raise prices excessively.
Chapter 14 fa1_2010
This document discusses different pricing techniques used by firms, including uniform pricing and various forms of price discrimination. It provides details on three types of price discrimination: first-degree, second-degree, and third-degree price discrimination. First-degree discrimination involves setting an individual price for every unit sold. Second-degree discrimination uses quantity discounts or two-part pricing. Third-degree discrimination charges different prices to different groups of customers based on differences in demand elasticities between markets. The goal of price discrimination is for firms to capture more consumer surplus and be more profitable.
Perfect Competition Notes - A-level & IB Economics
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Perfect Competition in A-Level Economics and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas).
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Perfect Competition Notes - A-level & IB Economics
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Greetings,
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MS & BS Mechanical Engineering (HON), USA
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Similar to Can a competitive firm earn profit
MBA 681 Economics for Strategic DecisionsPrepared by Yun Wan.docx
MBA 681 Economics for Strategic Decisions
Prepared by Yun Wang
1. How does firm maximize profit.
2. Poduction decision in the perfect competitive market.
3. Production decision in monopolistic competitive market.
4. Production decision in oligopoly.
5. Production decision in monoply.
6. Two special models in oligopoly market.
1. How a Firm Maximizes Profit:
All firms try to maximize profits based on the following equation:
Profit = Total Revenue − Total Cost
The rules we have just developed for profit maximization are:
1. The profit-maximizing level of output is where the difference between total revenue and total
cost is greatest, and
2. The profit-maximizing level of output is also where MR = MC.
Notice: All of these rules do not require the assumption of market type; they are true for all
firms with different market structures (perfect competition, monopolistic competition,
oligopoly, monopoly)!
The Four Market Structures:Structures
Market Structure
Characteristic Perfect Competition
Monopolistic
Competition Oligopoly Monopoly
Type of product Identical Differentiated Identical or differentiated Unique
Ease of entry High High Low Entry blocked
Examples of
industries
Growing wheat
Poultry farming
Clothing stores
Restaurants
Manufacturing computers
Manufacturing automobiles
First-class mail delivery
Providing tap water
2. Profit Determination in Perfect Competitive Market:
A firm maximizes profit at
the level of output at which
marginal revenue equals
marginal cost.
The difference between
price and average total cost
equals profit per unit of
output.
Total profit equals profit per
unit of output, times the
amount of output: the area
of the green rectangle on the
graph.
In the graph on the left, price
never exceeds average cost,
so the firm could not possibly
make a profit.
The best this firm can do is to
break even, obtaining no
profit but incurring no loss.
The MC = MR rule leads us to
this optimal level of
production.
The situation is even worse
for this firm; not only can it
not make a profit, price is
always lower than average
total cost, so it must make
a loss.
It makes the smallest loss
possible by again following
the MC = MR rule.
No other level of output
allows the firm’s loss to be
so small.
Identifying Whether a Firm Can Make a Profit
Once we have determined the quantity where MC = MR, we can immediately know
whether the firm is making a profit, breaking even, or making a loss. At that quantity,
• If P > ATC, the firm is making a profit
• If P = ATC, the firm is breaking even
• If P < ATC, the firm is making a loss
Even better: these statements hold true at every level of output.
However, if the price is too low, i.e. below the minimum point of
AVC, the firm will produce nothing at all.
The quantity supplied is zero below this point.
3. Profit Determination in Monopolistic Competitive Market:
(1 of 3)
In the short run, a monopol.
Behaviour of profit maximising firms TR TC Schedule.pptx
1. A firm will maximize its profits where the difference between total revenue (TR) and total cost (TC) is greatest. This occurs at the output level (OM) where the vertical distance between the TR and TC curves is maximum.
2. Alternatively, a firm will maximize profits where marginal revenue (MR) equals marginal cost (MC). The firm will expand output when MR > MC but will stop expanding when MR = MC.
3. In both perfect and imperfect competition, maximum profits are achieved by producing the output where MR = MC. This satisfies both the necessary condition of MC = MR and the condition that the MC curve cuts the MR curve from below.
Four Market Structures
The document discusses four market structures: pure competition, pure monopoly, monopolistic competition, and oligopoly. It provides details on the characteristics, pricing, and profit maximization analysis of perfect competition and pure monopoly. An example is given to illustrate the cost structure and profit calculation of a perfectly competitive firm. Market equilibrium is determined by comparing individual firm supply and market demand. [/SUMMARY]
Profit maximization and perfect competition
1) A firm produces at the quantity where marginal revenue equals marginal cost to maximize profits. This is the point where additional revenue from producing another unit equals the additional costs.
2) A firm's profit is maximized by producing at the output level where marginal revenue equals marginal cost. Producing more would mean marginal costs exceed marginal revenues, reducing profits.
3) In the short run, a competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits. The firm's profit is represented by the rectangle between average total cost and marginal cost at the profit-maximizing quantity.
Chap5
This chapter discusses perfect competition and profit maximization in perfect competition. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where MR=MC.
2. In the short run, firms will shut down if P<AVC or operate to minimize losses if ATC>P>AVC. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium prices and quantities in the short and long run through adjustments to
Profitmaximisation iem lab
There are two main approaches to profit maximization: 1) using total revenue and total cost curves to find the output level where profit is highest, and 2) equating marginal revenue and marginal cost. While profit maximization is the goal of firms, in practice it can be difficult to measure profit and pursue strictly due to factors like social responsibility. Nonetheless, profit remains important for a firm's survival and ability to achieve other objectives.
market structure in economics
The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market.Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control over supply and prices. (4) Monopsony: single buyer with considerable control over demand and prices.
Perfect Competition
The document discusses the concept of perfect competition in economics. It provides the key characteristics that define a perfectly competitive market including that there are many small firms, no barriers to entry or exit, identical products, and complete information. Firms are price takers and seek to maximize profits by producing where marginal cost equals marginal revenue. In the long run, perfect competition leads to zero economic profits as new firms enter if profits are positive and firms exit if losses occur.
DPB 10013 MICROECONOMICS (PERFECT COMPETITION)
The document defines and explains the characteristics of perfect competition. It states that a perfectly competitive market has many small firms, identical products, free entry and exit, and perfect information. Firms are price takers and the industry supply and demand curve determines price. The individual firm's demand curve is perfectly elastic and it will produce where price equals marginal cost. In the short run, firms can experience super-normal profits, normal profits, losses or exit the market if average costs exceed average revenue. In long run equilibrium, firms earn only normal profits.
Revenue
The document discusses concepts related to revenue, costs, and profit maximization for a firm. It defines total revenue, average revenue, and marginal revenue, and how they relate. It also discusses total costs, fixed costs, variable costs, marginal costs, and how profit is calculated as total revenue minus total costs. Graphs are used to illustrate the relationships between these concepts and how a firm can determine its profit-maximizing level of output by producing where marginal revenue equals marginal cost, or finding the maximum difference between total revenue and total cost curves.
Perfect Competition
A market is perfectly competitive if
There are large number of sellers and buyers of the commodity – therefore no individuals can influence price
Homogeneous products across all firms in the industry.
Perfect mobility of resources.
All the economic agents (consumers, producers, factor owners) in the market have perfect knowledge of present and future prices and costs
Perfect+competetion+1.pptx
This document discusses the key features and assumptions of perfect competition. It defines perfect competition as a market structure with a large number of small firms, homogeneous products, free entry and exit, and perfect information. Under these conditions, each firm is a price taker and demands its output at the market price. The document then examines the conditions for a firm and industry to be in both short-run and long-run equilibrium under perfect competition. In short-run equilibrium, a firm produces where marginal cost equals marginal revenue. In long-run equilibrium, all firms earn only normal profits.
PRODUCRE’S EQUILIBRIUM.pptx
A producer achieves equilibrium when profits are maximized according to two approaches:
1. The total revenue-total cost approach where equilibrium occurs when the difference between total revenue and total cost is positively maximized and profits fall with additional output.
2. The marginal revenue-marginal cost approach where equilibrium occurs when marginal cost equals marginal revenue and marginal cost is greater than marginal revenue for additional output, indicating declining profits. At the equilibrium point, the producer has no incentive to increase or decrease output.
Chapter (14) Firms in Competitive Markets In this ch.docx
Chapter (14)
Firms in Competitive Markets
In this chapter, we will discuss the general characteristics of a perfectly competitive
market, and the operations of a perfectly competitive firm.
In any economy, there exists a number of market structures, these are:
1. Perfectly competitive market.
2. Monopoly
3. Oligopoly
4. Monopolistic competitive market.
In the chapter, we will discuss the perfectly competitive market, whereas the following 3
chapters will introduce to us the other market structures.
One major difference between perfectly competitive market and all other markets is that
all these markets (other than the perfectly competitive market) are considered imperfectly
competitive markets.
What do perfectly and imperfectly competitive markets mean?
We will start first by listing the major characteristics of a perfectly competitive market.
Characteristics of a perfectly competitive market:
1. Many small sellers that no producer can affect the market price of the product.
2. Many small consumers that no consumer can affect the market price of the product.
3. Homogeneous or standard product supplied by all producers.
4. Any firm operating in this market is a price taker, where firms in this market produce
and sell at the given market price.
5. Barriers to entry to this market are very low and even nonexistent. Hence firms can
enter and leave the industry freely.
From the above characteristics, we can conclude the following definition of a perfectly
competitive market:
A perfectly competitive market is a market where any firm has no control on
determining the price of its product. In other words, it is the market forces (that is
forces of DD and SS) that determines the price of perfectly competitive firms’ products,
and the firms operating in this market accept these market ‘prices; hence we call perfectly
competitive firms as price-takers that is taking the price of their products from the market
and having no control on setting or determining the price of their products.
When a firm has no control on setting the price of its product, its DD curve is a
completely horizontal curve.
On the other side, imperfectly competitive market is a market where the operating firms
have some degree of control on setting the price of their products. The degree of control
determines the degree of imperfection existing in this market. Sine an imperfectly
competitive firm controls the price of its product, then its DD curve is a downward-
sloping curve.
In economics, we identify 3 major imperfectly competitive markets:
1. Monopoly
2. Oligopoly
3. Monopolistic Competitive Market
Objectives, Important Decisions: and Operations of a Perfectly Competitive Firm
To understand the operations of a perfectly competitive firm, we need to recall some
algebraic theorems to understand the below analysis.
1. When we have a horizontal function, its first derivative should be ...
Session 10 firms in competitive markets
A perfectly competitive market has many small firms, identical products, and free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. In the short run, firms will shut down if price is below average variable cost, while in the long run firms will exit if price is below average total cost. Market supply results from the aggregation of individual firm supplies. In the long run, entry and exit of firms drives the market to equilibrium with zero profits.
Marketstructures
There are 4 main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. In both the short run and long run, firms will produce where marginal cost equals marginal revenue to maximize profits. The perfectly competitive market leads to productive and allocative efficiency.
14
The document discusses the characteristics and behavior of firms in a perfectly competitive market. It explains that in the short run, a competitive firm will shut down if price is below average variable cost, while in the long run it will exit the market if price is below average total cost. The firm's marginal cost curve represents its supply curve. The market supply curve is determined by the summation of individual firms' supply. In the long run, free entry and exit will drive profits to zero.
PROFIT MAXIMISATION using MR, MC and profit maximisation.pptx
The document discusses profit maximization and competitive supply in perfectly competitive markets. It can be summarized as follows:
1. Perfectly competitive markets are characterized by price-taking firms, homogeneous products, and free entry and exit. Firms seek to maximize profits by producing where marginal revenue equals marginal cost.
2. The competitive firm's short-run supply curve slopes upward as higher prices induce firms to increase production. In the long-run, firms adjust all inputs including plant size to minimize average costs and maximize profits.
3. Market supply is the sum of individual firm supplies. It has a kinked shape and is upward sloping in the short-run. In the long-run, firms enter
Producer Equilibrium
A producer seeks to maximize profits by producing at the level of output where marginal revenue equals marginal cost. This occurs at the producer's equilibrium. There are three main approaches to determining the producer's equilibrium: (1) where the isoquant is tangent to the isocost line, (2) where marginal revenue equals marginal cost, and (3) where the difference between total revenue and total cost is maximized. The equilibrium level of output is where profits are maximized and will fall if output increases beyond this level. Producer equilibrium can occur when price is constant, as in perfect competition, or when price decreases with increased output, as in imperfect competition.
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Can a competitive firm earn profit
- 1. Can a competitive firm earn profit? Short Run. A firm will attain equilibrium position and at the same time therefore, • Noentry or exit ofany firm. • Firm will bein equilibrium where MR=MC. • Firm canhave 3situations when it is in equilibrium- a) SuperProfit Situation b) Loss Situation c) Normal Profit Situation Short run profit Maximisation inperfect competition: A perfectly competitive firm will choose to produce an output where 1. MC = MR = P 2. MC curve cuts MR from below. Mc Curve below MR means at such points Marginal Cost <> MR, then it means we are incurring more costs then the revenue earned or profit is negative as ∆Π /∆q = ∆R/∆q – ∆C /∆q i.e. change in profit = MR- MC ) Short run profit Maximisation 1. Super Normal Profit In short run, we have fixed as well as variable factors of production. In short run, a firm maximizes its profit by choosing an output at which MC=MR=price . the profit is measured by the difference in AC and AR and competing the rectangle. The Profit earned is super normal profit in this case. E is the equilibrium situation in perfect competition. At E, MC= MR.A firm will produce its output till point E only because it maximizes its profit. AR=MR=P. (AR-AC) tells the average profit( profit for a unit) and to know total profit we have to multiply average profit with the number of units sold(q). So, EACD is the profit that a firm will earn in short run. 2. Loss in Short Run
- 2. Not all firms make supernormal profits in the short run. Their profits depend on the position of their short run cost curves. Some firms may be experiencing Losses because their average costs exceedthe current market price. Other firms may be making normal profits where total revenue equals total cost (i.e. they are at the break- even output). In the diagram below, the firm shown has high costs such that the market price is below the average cost curve. At the profit maximising level of output, the firm is making an economic loss . E is the equilibrium point. At this point MR= MC. Drawing a straight line from E to AC curve gives us the cost of the product. Here, AC > AR(or price). So, the firm is incurring losses. A firm should shut down its production if it is incurring losses. Here AQ1 is the cost to the firm and EQ1 is the price of the product. 3. Normal Profit in short run. In short run, some firms may be making normal profits where total revenue equals total cost (i.e. they are at the break-even output). In the diagram below, At equilibrium ,the firm has same costs such that the market price is equal to the average cost curve. At the profit maximising level of output, the firm is making an normal profits . E is the equilibrium point. At this point MR= MC. Drawing a straight line from E to AC curve gives us the cost of the product. Here, AC =AR(or price). So, the firm is incurring normal profit