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【考研笔记及资料】

【考研笔记及资料】

1Part3RevisitingSupplyandDemandChapter6:ProfitMaximizationandSupplyChapter7:ConsumptionChoiceandDemandPart3RevisitingSupplya2Chapter6ProfitMaximizationandSupplyCostofProduction:Whichkindsofcostwouldbeincludedinproduction;theshapeofcostshape.ProfitMaximization:whatisprofit?MarginalprincipleleadstoprofitmaximizingbehaviorHowtochooseoutputandhowtosetpriceforafirmtomaximizeitsprofit?Chapter6ProfitMaximizatio3FixedCostsandVariableCostsTotalCost(TC)Totaleconomiccostofproduction,consistingoffixedandvariablecost.FixedCost(FC)Costthatdoesnotvarywiththelevelofoutput.VariableCost(VC)Costthatvariesasoutputvaries.FixedversusSunkCostWhetherthiskindofcostcanberecovered.FixedCostsandVariableCosts4CostofProductionMarginalCost(MC)Increaseincostresultingfromtheproductionofoneextraunitofoutput.AverageTotalCost(ATC)Firm’stotalcostdividedbyitslevelofoutput.AverageFixedCost(AFC)Fixedcostdividedbythelevelofoutput.AverageVariableCost(AVC)Variablecostdividedbythelevelofoutput.CostofProductionMarginalCos5CostofProductionTheexpressionofmarginalcostTheexpressionofaveragetotalcostTheexpressionofAFCandAVCCostofProductionTheexpressi6CostOutputCostCurvesofaFirmTCVCFCCostOutputCostCurvesofaFir7CostOutputCostCurvesofaFirmATCAVCAFCMCCostOutputCostCurvesofaFir8ProfitMaximizationProfitDifferencebetweentotalrevenueandtotalcostMaximizationofprofitleadstothemarginalprincipleProfitMaximizationProfitDif9CostOutputProfitMaximizationC(q)R(q)ABq*q0CostOutputProfitMaximizationC10DemandandMarginalRevenueRevenueisthequantityafirmsoldmultipliesthemarketpriceofthegood.MarginalrevenuecanbeexpressedbyDemandandMarginalRevenueRev11PriceQuantityDemandCurveandMarginalRevenueDemandCurveMarginalRevenueq0PriceQuantityDemandCurveand12CompetitiveFirmEachfirminacompetitiveindustrysellsonlyasmallfractionoftheentireindustrysalesThecompetitivefirmisapricetakerandknowsthatitsproductiondecisionwillhavenoeffectonthepriceoftheproduct.Thedemandcurvefacinganindividualcompetitivefirmisgivenbyahorizontalline.CompetitiveFirmEachfirmina13PriceQuantityDemandCurvefacedbyaCompetitiveFirmDPriceQuantityDemandCurveface14ProfitMaximizationbyaCompetitiveFirmBecausethedemandcurvefacingacompetitivefirmishorizontal,sothatAperfectlycompetitivefirmshouldchooseitsoutputaccordingtothegeneralruleforprofitmaximizationsothatmarginalcostequalspriceProfitMaximizationbyaCompe15CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitACostOutputCostCurvesofaFir16CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitCostOutputCostCurvesofaFir17CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitCostOutputCostCurvesofaFir18CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitCostOutputCostCurvesofaFir19OutputRuleIfafirmisproducinganyoutputatall,itshouldproduceatthelevelatwhichmarginalrevenueequalsmarginalcost.OutputRuleIfafirmisprodu20CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir21CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir22CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir23CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir24Shut-DownRuleThefirmshouldshutdownifthepriceoftheproductislessthantheaverageeconomiccostofproductionattheprofit-maximizingoutput.Shut-DownRuleThefirmshould25ProducerSurplusversusProfitSurplus:Sumoverallunitsproducedbyafirmofdifferencesbetweenmarketpriceofagoodandmarginalcostsofproduction.Profit:Differencebetweentotalrevenueandtotalcost.ProducerSurplusversusProfit26CostOutputCostCurvesofaFirmProfitAVCPMCVariableProfitforaFirmABCDCostOutputCostCurvesofaFir27CostOutputCostCurvesofaFirmSurplusAVCPMCProducerSurplusforaFirmABCDCostOutputCostCurvesofaFir28CostOutputATCAVCP=AVCMCTheShort-RunSupplyCurveforaCompetitiveFirmP1P2CostOutputATCAVCP=AVCMCTheSho29PriceQuantityP=AVCTheShort-RunSupplyCurveforaCompetitiveFirmP1P2PriceQuantityP=AVCTheShort-Ru30TheCompetitiveFirm’sSupplyCurveAsupplycurveofafirmtellsushowmuchoutputitwillproduceateverypossibleprice.Thesupplycurvecanbeobtainedfromboththemarginalprincipleandtheshut-downrule.Thefirm’ssupplycurveistheportionofthemarginalcostcurvethatliesabovetheaverageeconomiccostcurve.TheCompetitiveFirm’sSupply31【考研笔记及资料】

【考研笔记及资料】

32Part3RevisitingSupplyandDemandChapter6:ProfitMaximizationandSupplyChapter7:ConsumptionChoiceandDemandPart3RevisitingSupplya33Chapter6ProfitMaximizationandSupplyCostofProduction:Whichkindsofcostwouldbeincludedinproduction;theshapeofcostshape.ProfitMaximization:whatisprofit?MarginalprincipleleadstoprofitmaximizingbehaviorHowtochooseoutputandhowtosetpriceforafirmtomaximizeitsprofit?Chapter6ProfitMaximizatio34FixedCostsandVariableCostsTotalCost(TC)Totaleconomiccostofproduction,consistingoffixedandvariablecost.FixedCost(FC)Costthatdoesnotvarywiththelevelofoutput.VariableCost(VC)Costthatvariesasoutputvaries.FixedversusSunkCostWhetherthiskindofcostcanberecovered.FixedCostsandVariableCosts35CostofProductionMarginalCost(MC)Increaseincostresultingfromtheproductionofoneextraunitofoutput.AverageTotalCost(ATC)Firm’stotalcostdividedbyitslevelofoutput.AverageFixedCost(AFC)Fixedcostdividedbythelevelofoutput.AverageVariableCost(AVC)Variablecostdividedbythelevelofoutput.CostofProductionMarginalCos36CostofProductionTheexpressionofmarginalcostTheexpressionofaveragetotalcostTheexpressionofAFCandAVCCostofProductionTheexpressi37CostOutputCostCurvesofaFirmTCVCFCCostOutputCostCurvesofaFir38CostOutputCostCurvesofaFirmATCAVCAFCMCCostOutputCostCurvesofaFir39ProfitMaximizationProfitDifferencebetweentotalrevenueandtotalcostMaximizationofprofitleadstothemarginalprincipleProfitMaximizationProfitDif40CostOutputProfitMaximizationC(q)R(q)ABq*q0CostOutputProfitMaximizationC41DemandandMarginalRevenueRevenueisthequantityafirmsoldmultipliesthemarketpriceofthegood.MarginalrevenuecanbeexpressedbyDemandandMarginalRevenueRev42PriceQuantityDemandCurveandMarginalRevenueDemandCurveMarginalRevenueq0PriceQuantityDemandCurveand43CompetitiveFirmEachfirminacompetitiveindustrysellsonlyasmallfractionoftheentireindustrysalesThecompetitivefirmisapricetakerandknowsthatitsproductiondecisionwillhavenoeffectonthepriceoftheproduct.Thedemandcurvefacinganindividualcompetitivefirmisgivenbyahorizontalline.CompetitiveFirmEachfirmina44PriceQuantityDemandCurvefacedbyaCompetitiveFirmDPriceQuantityDemandCurveface45ProfitMaximizationbyaCompetitiveFirmBecausethedemandcurvefacingacompetitivefirmishorizontal,sothatAperfectlycompetitivefirmshouldchooseitsoutputaccordingtothegeneralruleforprofitmaximizationsothatmarginalcostequalspriceProfitMaximizationbyaCompe46CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitACostOutputCostCurvesofaFir47CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitCostOutputCostCurvesofaFir48CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitCostOutputCostCurvesofaFir49CostOutputCostCurvesofaFirmATCAVCAR=MR=PMCACompetitiveFirmMakingaPositiveProfitCostOutputCostCurvesofaFir50OutputRuleIfafirmisproducinganyoutputatall,itshouldproduceatthelevelatwhichmarginalrevenueequalsmarginalcost.OutputRuleIfafirmisprodu51CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir52CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir53CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir54CostOutputCostCurvesofaFirmATCAVCMR=PMCACompetitiveFirmMakingaNegativeProfitCostOutputCostCurvesofaFir55Shut-DownRuleThefirmshouldshutdownifthepriceoftheproductislessthantheaverageeconomiccostofproductionattheprofit-maximizingoutput.Shut-DownRuleThefirmshould56ProducerS

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