Pricing & Output Decision.ppt
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1. The document discusses market structure and perfect competition. It defines perfect competition as a market with many small producers and consumers, homogeneous products, free entry and exit, and perfect information. 2. Under perfect competition, firms are price takers and maximize profits by producing where price equals marginal cost (P=MC). The market equilibrium occurs where the industry supply curve intersects with the demand curve. 3. The document also discusses the conditions under which firms will earn profits, normal profits, losses, or should shut down based on the relationship between price, average total cost and average variable cost.
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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.
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- By producing a lower quantity than would be socially optimal, monopolies create deadweight loss and reduce total welfare for society.
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- Under perfect competition there are many small firms, homogeneous products, free entry and exit, and no single firm can influence price. Equilibrium occurs where marginal cost equals price.
- Monopoly is characterized by a single firm, no close substitutes, and high barriers to entry. The monopolist's equilibrium occurs where marginal revenue equals marginal cost and price is above marginal cost.
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1) A competitive firm is a price taker and aims to maximize profits by producing where marginal revenue equals marginal cost. The portion of the marginal cost curve above average variable cost represents the firm's short-run supply curve.
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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.
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- By producing a lower quantity than would be socially optimal, monopolies create deadweight loss and reduce total welfare for society.
Market structure
- A market is defined as the interaction between buyers and sellers of a product where the price tends to be uniform. Market structure depends on the number of firms, nature of products, barriers to entry, and degree of price control.
- Under perfect competition there are many small firms, homogeneous products, free entry and exit, and no single firm can influence price. Equilibrium occurs where marginal cost equals price.
- Monopoly is characterized by a single firm, no close substitutes, and high barriers to entry. The monopolist's equilibrium occurs where marginal revenue equals marginal cost and price is above marginal cost.
Perfect Competition
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
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The document discusses different market structures including perfect competition, monopoly, and oligopoly. It provides details on the characteristics of a perfectly competitive market including numerous small firms, homogeneous products, perfect information, and free entry and exit. The profit-maximizing firm in perfect competition will produce where price equals marginal cost. In the long-run, normal profits are earned as entry and exit of firms occurs in response to above- or below-normal profits. Monopoly is defined by a single seller with no close substitutes and downward sloping demand.
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Perfect competition is an ideal market structure where many small firms produce identical goods, there are no barriers to entry or exit, and both buyers and sellers have perfect information. Under perfect competition in the long run, firms earn zero economic profit and both allocative and productive efficiency are achieved as price equals marginal cost and firms produce at minimum average total cost.
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This document provides an overview of key concepts related to perfect competition. It discusses the criteria for perfect competition, including many firms producing identical goods, free entry and exit into the market, and all parties having full information. Firms under perfect competition are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the long run, perfectly competitive markets achieve both productive and allocative efficiency.
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The document defines and discusses different types of markets. A market brings buyers and sellers into contact and enables an exchange to take place. Markets can be classified by area, nature of transactions, volume of business, time period, and status of sellers. Competition in a market depends on substitutability, interdependence, and ease of entry. Equilibrium price is where quantity demanded equals quantity supplied. Under perfect competition, firms are price takers and quantity supplied equals marginal cost. Monopolies have a single seller and influence price. Monopolistic competition involves differentiated products, while oligopolies have few dominant sellers.
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Perfect competition is a market structure with many small firms, homogeneous products, perfect information and free entry and exit. In the short run, firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Abnormal profits attract new firms, lowering prices to normal profits when MC equals average cost (AC). Allocative efficiency occurs where MC equals average revenue (AR). In the long run, productive, allocative and profit maximizing efficiencies are achieved at the same output level.
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Pricing & Output Decision.ppt
- 1. PRICING & OUTPUT DECISION - Market Structure
- 2. Chapter Organization • Introduction to Market Structure • Perfect Competition • Monopoly • Monopolistic Competition • Oligopoly
- 3. Market Structure Determinants of market structure • Freedom of entry and exit • Nature of the product- homogeneous, differentiated • Control over supply/output • Control over price • Barriers to entry
- 4. Classification of market based on nature of competition MARKET Perfect competition Imperfect Competition Pure Perfect Monopoly Oligopoly Monopolistic
- 5. Perfect Competition Assumptions • Large number of Buyers & Sellers. • Homogeneous product. • Free entry & exist to industry. • No govt. regulation. • Price takers • Perfect Knowledge of market conditions. • Perfect mobility of factors of production.
- 6. • A perfectly competitive market is where agents in the market (buyer&seller) are price taker. • Price taking behaviors: agents believe that the market price is given and their actions do not influence the market price. • Examples of Perfect Competition - Financial markets - (stock exchange, currency market), agriculture
- 8. Equilibrium of firm in short run (A) TR and TC approach TC TR C R XA X XB
- 9. (B) MR and MC approach MC P=AR=MR X P P0 0 e Xe
- 10. Profit Maximization for a Perfectly Competitive Firm • All firms maximization for a Perfectly Competitive Firm MR = MC •Since the perfectly competitive firm is a price taker, marginal revenue equals price. MR = P •Therefore, profits will be maximized where MR (= P) = MC or P = MC
- 11. Profit Maximization All firms can maximize profits (or minimize losses) by comparing marginal revenue (MR) with marginal cost (MC) • If MR > MC, profits are increasing • If MR < MC, profits are decreasing • Therefore, profits must be maximized where MR=MC
- 12. • Since the perfectly competitive firm is price taker, marginal revenue equals price. MR= P • Therefore, profits will be maximized where MR (=P) = MC or P = MC
- 13. Is the firm making a profit? For a price taker, price is also equal to the average revenue and we need to compare average total cost with price in order to tell whether the firm is making a profit. • If P > ATC , the firm is making a profit that is , it is selling its output at mere than its cost.
- 14. •If P < ATC, the firm is losing money MC ATC Loss D C P=AR = MR 0 Quantity E F
- 15. •If P > ATC, the firm is having super normal profits MC ATC Super Normal Profit E P=AR = MR 0 Quantity P0 A B Xe
- 16. •If P = ATC, the firm is having normal profits. MC ATC C P=AR = MR 0 Quantity B
- 17. Shut down point
- 18. What if the Firm is Losing Money? • If a firm is losing money, it has to decide whether to operate at a loss or shut down. • If a firm shuts down, its loss will be equal to the amount of its total fixed costs. • But, if a firm can cover its variable costs, it should continue to operate even though it’s losing money.
- 19. The Shut-Down Condition •If P < AVCmin , the firm should shut down. Why? Because it’s not covering its variable costs. •If P > AVCmin , the firm should continue to operate at a loss. Why? Because it will cover its variable costs •The minimum of average variable cost is called the shutdown price.
- 20. Short run equilibrium of industry
- 21. Long Run Equilibrium - Firm
- 22. Long Run Equilibrium- Industry