曼昆微观经济学英文版15monopolyPPT文档格式.ppt
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曼昆微观经济学英文版15monopolyPPT文档格式.ppt
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Copyright2004South-Western15MonopolyCopyright2004South-WesternWhileacompetitivefirmisapricetaker,amonopolyfirmisapricemaker.Copyright2004South-WesternAfirmisconsideredamonopolyif.itisthesolesellerofitsproduct.itsproductdoesnothaveclosesubstitutes.Copyright2004South-WesternWHYMONOPOLIESARISEThefundamentalcauseofmonopolyisbarrierstoentry.Copyright2004South-WesternWHYMONOPOLIESARISEBarrierstoentryhavethreesources:
@#@Ownershipofakeyresource.Thegovernmentgivesasinglefirmtheexclusiverighttoproducesomegood.Costsofproductionmakeasingleproducermoreefficientthanalargenumberofproducers.Copyright2004South-WesternMonopolyResourcesAlthoughexclusiveownershipofakeyresourceisapotentialsourceofmonopoly,inpracticemonopoliesrarelyariseforthisreason.Copyright2004South-WesternGovernment-CreatedMonopoliesGovernmentsmayrestrictentrybygivingasinglefirmtheexclusiverighttosellaparticulargoodincertainmarkets.Copyright2004South-WesternGovernment-CreatedMonopoliesPatentandcopyrightlawsaretwoimportantexamplesofhowgovernmentcreatesamonopolytoservethepublicinterest.Copyright2004South-WesternNaturalMonopoliesAnindustryisanaturalmonopolywhenasinglefirmcansupplyagoodorservicetoanentiremarketatasmallercostthancouldtwoormorefirms.Copyright2004South-WesternNaturalMonopoliesAnaturalmonopolyariseswhenthereareeconomiesofscaleovertherelevantrangeofoutput.Figure1EconomiesofScaleasaCauseofMonopolyCopyright2004South-WesternQuantityofOutputAveragetotalcost0CostCopyright2004South-WesternHOWMONOPOLIESMAKEPRODUCTIONANDPRICINGDECISIONSMonopolyversusCompetitionMonopolyIsthesoleproducerFacesadownward-slopingdemandcurveIsapricemakerReducespricetoincreasesalesCompetitiveFirmIsoneofmanyproducersFacesahorizontaldemandcurveIsapricetakerSellsasmuchoraslittleatsamepriceFigure2DemandCurvesforCompetitiveandMonopolyFirmsCopyright2004South-WesternQuantityofOutputDemand(a)ACompetitiveFirmsDemandCurve(b)AMonopolistsDemandCurve0PriceQuantityofOutput0PriceDemandCopyright2004South-WesternAMonopolysRevenueTotalRevenuePQ=TRAverageRevenueTR/Q=AR=PMarginalRevenueDTR/DQ=MRTable1AMonopolysTotal,Average,andMarginalRevenueCopyright2004South-WesternCopyright2004South-WesternAMonopolysRevenueAMonopolysMarginalRevenueAmonopolistsmarginalrevenueisalwayslessthanthepriceofitsgood.Thedemandcurveisdownwardsloping.Whenamonopolydropsthepricetosellonemoreunit,therevenuereceivedfrompreviouslysoldunitsalsodecreases.Copyright2004South-WesternAMonopolysRevenueAMonopolysMarginalRevenueWhenamonopolyincreasestheamountitsells,ithastwoeffectsontotalrevenue(PQ).Theoutputeffectmoreoutputissold,soQishigher.Thepriceeffectpricefalls,soPislower.Figure3DemandandMarginal-RevenueCurvesforaMonopolyCopyright2004South-WesternQuantityofWaterPrice$111098765432101234Demand(averagerevenue)Marginalrevenue12345678Copyright2004South-WesternProfitMaximizationAmonopolymaximizesprofitbyproducingthequantityatwhichmarginalrevenueequalsmarginalcost.Itthenusesthedemandcurvetofindthepricethatwillinduceconsumerstobuythatquantity.Figure4ProfitMaximizationforaMonopolyCopyright2004South-WesternQuantityQQ0CostsandRevenueDemandAveragetotalcostMarginalrevenueMarginalcostMonopolypriceQMAXB1.Theintersectionofthemarginal-revenuecurveandthemarginal-costcurvedeterminestheprofit-maximizingquantity.A2.andthenthedemandcurveshowsthepriceconsistentwiththisquantity.Copyright2004South-WesternProfitMaximizationComparingMonopolyandCompetitionForacompetitivefirm,priceequalsmarginalcost.P=MR=MCForamonopolyfirm,priceexceedsmarginalcost.PMR=MCCopyright2004South-WesternAMonopolysProfitProfitequalstotalrevenueminustotalcosts.Profit=TR-TCProfit=(TR/Q-TC/Q)QProfit=(P-ATC)QFigure5TheMonopolistsProfitCopyright2004South-WesternMonopolyprofitAveragetotalcostQuantityMonopolypriceQMAX0CostsandRevenueDemandMarginalcostMarginalrevenueAveragetotalcostBCEDCopyright2004South-WesternAMonopolistsProfitThemonopolistwillreceiveeconomicprofitsaslongaspriceisgreaterthanaveragetotalcost.Figure6TheMarketforDrugsCopyright2004South-WesternQuantity0CostsandRevenueDemandMarginalrevenuePriceduringpatentlifeMonopolyquantityPriceafterpatentexpiresMarginalcostCompetitivequantityCopyright2004South-WesternTHEWELFARECOSTOFMONOPOLYIncontrasttoacompetitivefirm,themonopolychargesapriceabovethemarginalcost.Fromthestandpointofconsumers,thishighpricemakesmonopolyundesirable.However,fromthestandpointoftheownersofthefirm,thehighpricemakesmonopolyverydesirable.Figure7TheEfficientLevelofOutputCopyright2004South-WesternQuantity0PriceDemand(v
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