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《ManagerialEconomics》Chapter12--ManagerialEconomics《管理经济学》讲稿专业班级:信息管理与信息系统大类任课教师:吴如雪教材:《ManagerialEconomics》7thEditionS.CharlesMauriceChristopherR.Tomas机械工业出版社CHAP12ManagerialDecisionsinCompetitiveMarketsInpart4,wearegoingtoanalyzehowmanagersmakepriceandoutputdecisionstomaximizetheprofitofthefirm,usingallthetoolswehavelearned.Weassumethatthegoalofthemanageristomaximizethefirm’seconomicprofit:.Themethodwewilluseiscalledmarginalanalysis.Theprofit-maximizationoccurswhen,andthus.ThemeaningofperfectcompetitionCharacteristicsofperfectcompetitionTherearemanybuyersandsellersinthemarket.Eachfirmintheindustryissosmallrelativetothetotalmarketthatitcannotaffectthemarketpriceofthegooditproducesbychangingitsoutput.Thuseachbuyerandsellerisapricetaker.TheproductofeachfirminaperfectlycompetitivemarketisidenticaltotheproductofeveryotherfirmFirmscanfreelyenterorexitthemarketEachfirmhasfullandcompleteknowledgeabouttheproductandthemarket.DecisionsfacingthemanagersofperfectlycompetitivefirmsShouldthefirmproduceorshutdown?Shutdown—theconditioninwhichafirmproduceszerooutputbutmuststillpayforfixedinputs.Ifthefirmproduces,whatistheoptimallevelofproduction?Whataretheoptimallevelsofinputstoemploy?Thereisnopricedecisionbecausethemanagerofaperfectlycompetitivefirmtakesproductpriceasgiven.12.2DemandfacingaperfectlycompetitivefirmThedemandcurvefacingthemanagerofeachindividualperfectlycompetitivefirmishorizontalatthepricedeterminedbytheintersectionofthemarketdemandandsupplycurves.Therevenueofacompetitivefirm:Thetotalrevenuecurveisastraightlinecrossingtheorigin.Sincemarginal(average)revenueequalspriceforaperfectlycompetitivefirm,thedemandcurveisalsosimultaneouslythemarginal(average)revenuecurveunderperfectcompetition.Thefirmcansellallitwantsatthemarketprice.Eachadditionalunitofsalesaddstothefirm’stotalrevenueanamountequaltoprice.12.3Profitmaximizationintheshort-runTheprofit-maximization(orloss-minimizing)levelofoutputoccurswhen.Thatis,aperfectlycompetitiv