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编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第页共NUMPAGES18页第PAGE\*MERGEFORMAT17页共NUMPAGES\*MERGEFORMAT18页CHAPTER8PROFITMAXIMIZATIONANDCOMPETITIVESUPPLYTEACHINGNOTESThischapteridentifiesthebehavioralincentivesoftheprofit-maximizingfirmandthenexplorestheinteractionofthesefirmsinacompetitivemarket.Eachsectionofthechapterisimportantandbuildsasolidunderstandingofthesupplysideofthecompetitivemarket.ItisnecessarytobuildthisfoundationbeforemovingontothechaptersinpartIIIofthetext.Whilethematerialinthechapteriswritteninaveryclear,easytounderstandmanner,studentsstillstrugglewithmanyoftheconceptsrelatedtohowthefirmshouldchoosetheoptimalquantitytoproduce,andhowtoapplythecostcurvediagramlearnedinthepreviouschapter.Oneoptionforlectureistospendtimeworkingwithatablesimilartotheoneusedintheexercisesattheendofthechapter.Workingthroughmanyexampleswiththistypeofatablecanhelpthestudentsunderstandthedifferenttypesofcost,aswellasthefirm’soptimallevelofproduction.Section8.1identifiesthethreebasicassumptionsofperfectcompetitionandsection8.2discussestheassumptionofprofitmaximizationasthegoalofthefirm.Bothsectionsareimportantinbuildingthefoundationforderivingthefirm’ssupplycurve,whichisdoneinsections8.3to8.5.Section8.3derivesthegeneralresultthatthefirmshouldproducewheremarginalrevenueisequaltomarginalcost.Thesectionthengoesontoidentifyperfectcompetitionasaspecialcasewherepriceisequaltomarginalrevenue,whichfollowsdirectlyfromtheassumptionofpricetakerbehaviorinsection8.1.Ifyourstudentshavehadcalculus,itishelpfultoderivethemarginalrevenueequalsmarginalcostrulebydifferentiatingtheprofitfunctionwithrespecttoq.Ifyourstudentshavenothadcalculusthenitishelpfultodosomemoreworkwiththedatatablessotheyunderstandthatprofitismaximizedwhenmarginalrevenueequalsmarginalcost.Emphasizethattheperfectlycompetitivefirmchoosesquantityandnotpriceinordertomaximizeprofit.Toputperfectcompetitioninperspective,itcanalsobehelpfultogiveabriefoverviewofmonopoly,oligopoly,andmonopolisticcompetitionbeforepresentingthe
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