《经济学(英文版)》教学课件—08Competitive Firms and Markets
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萨缪尔森《经济学》课件
How markets solve the three economic problems
What goods and services will be produced is determined by the dollar votes of consumers in their daily purchase decisions. Firms are motivated by the desire to maximize profits (net revenues, or the difference between total sales and total costs). How things are produced is determined by the competition among different producers. The best way for producers to meet price competition and maximize profits is to keep costs at a minimum by adopting the most efficient methods of production. For whom things are produced – who is consuming, and how much – depends, in large part, on the supply and demand in the markets for factors of production. Factor markets determine wage rates, land rents interest rate, and profits.
经济学专业英语_课件。
the sources of economic growth
• GDP(Y), amount of labor(L), amount of capital(K) • an increase in labor supply • increases in physical capital • increases in human capital • increases in productivity
increases in human capital
• Individuals • Firms • Government
increases in productivity
• Gorwth can’t be explained by increases in the quantity of inputs can be explained only by an incease in the productivity of those inputs.
increases in physical capital
• Enhance the productivity of labor • Provide valuable services directly
Capital equipment produces in one year can add to the value of a product over many years.
ecnomic growth
• ecnomic growth refers to an increase in total output. Some ecnomists define economic growth as an increase in real GDP per capita.
经济学原理英文课件 (2)
FIGURE 13.2 Shifts of the Short-Run Aggregate Supply Curve
5 of 30
The Equilibrium Price Level
equilibrium price level The price level at which the aggregate demand and aggregate supply curves intersect.
Aggregate Supply and the Equilibrium Price Level
CHAPTER OUTLINE The Aggregate Supply Curve
The Aggregate Supply Curve: A Warning Aggregate Supply in the Short Run Shifts of the Short-Run Aggregate Supply Curve
The Behavior of the Fed
Targeting the Interest Rate The Fed’s Response to the State of the Economy Fed Behavior Since 1970 Interest Rates Near Zero Inflation Targeting
Looking Ahead
1 of 30
The Aggregate Supply Curve
aggregate supply The total supply of all goods and services in an economy.
The Aggregate Supply Curve: A Warning
曼昆微观经济学英文版monopolyPPT课件
Copyright © 2004 South-Western
Natural Monopolies • An industry is a natural monopoly when a
single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.
right to produce some good. • Costs of production make a single producer more
efficient than a large number of producers.
Copyright © 2004 South-Western
Copyright © 2004 South-Western
Government-Created Monopolies • Patent and copyright laws are two important
examples of how government creates a monopoly to serve the public interest.
Copyright © 2004 South-Western
Government-Created Monopolies • Governments may restrict entry by giving a
single firm the exclusive right to sell a particular good in certain markets.
Copyright © 2004 South-Western
Natural Monopolies • An industry is a natural monopoly when a
single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.
right to produce some good. • Costs of production make a single producer more
efficient than a large number of producers.
Copyright © 2004 South-Western
Copyright © 2004 South-Western
Government-Created Monopolies • Patent and copyright laws are two important
examples of how government creates a monopoly to serve the public interest.
Copyright © 2004 South-Western
Government-Created Monopolies • Governments may restrict entry by giving a
single firm the exclusive right to sell a particular good in certain markets.
Copyright © 2004 South-Western
经济学专业英语教程(精编版)(第二版)课件：Oligopoly
Without formal agreement, firms can play a game of follow-the-leader that economists call price leadership. Price leadership is a pricing strategy in which a dominant firm sets the price for an industry and the other firms follow. Following this tactic, firms in an industry simply match the price of perhaps, but not necessarily, the biggest firm.
An oligopoly is characterized by: Few sellers; Either a homogeneous or a differentiated product; Difficult market entry. Oligopoly is found in real-world industries.
Another way to avoid price wars is for oligopolists to agree to a peace treaty. Instead of allowing mutual interdependence to lead to rivalry, firms openly or secretly conspire to form a monopoly called a cartel. A cartel is a group of firms that formally agree to control the price and the output of a product. The goal of a cartel is to reap monopoly profits by replacing competition with cooperation.
经济学原理(英文)ppt课件
service. Graphically, individual demand curves are summed horizontally to obtain the market
demand curve.
9
The Market Demand Curve
The market demand curve is the horizontal sum of the individual demand curves!
1
What Is Competition?
Competition: Perfect and Otherwise Perfect Competition Products are the same Numerous buyers and sellers so that each has no influence over price Buyers and Sellers are price takers Monopoly One seller, and seller controls price
Catherine’s PriDceemofand IceCream Cone
+ Nicholas’s Demand
Price of IceCream Cone
=
Price of IceCream Cone
Market Demand
2.00
2.00
2.00
1.00
1.00
1.00
4
8
35
Quantity of Ice-Cream Quantity of Ice-Cream
Consumer income Prices of related goods Tastes Expectations Number of buyers
demand curve.
9
The Market Demand Curve
The market demand curve is the horizontal sum of the individual demand curves!
1
What Is Competition?
Competition: Perfect and Otherwise Perfect Competition Products are the same Numerous buyers and sellers so that each has no influence over price Buyers and Sellers are price takers Monopoly One seller, and seller controls price
Catherine’s PriDceemofand IceCream Cone
+ Nicholas’s Demand
Price of IceCream Cone
=
Price of IceCream Cone
Market Demand
2.00
2.00
2.00
1.00
1.00
1.00
4
8
35
Quantity of Ice-Cream Quantity of Ice-Cream
Consumer income Prices of related goods Tastes Expectations Number of buyers
经济学原理英文版课件-国民经济核算
▪ includes spending on ▪ capital equipment (e.g., machines, tools) ▪ structures (factories, office buildings, houses) ▪ inventories (goods produced but not yet sold)
Markets for Goods & Services
Spending (=GDP)
G&S bought
Firms
Households
Factors of production
Wages, rent, profit (=GDP)
use.
Markets for Factors of Production
▪ For homeowners, consumption includes the imputed rental value of the house, but not the purchase price or mortgage payments.
14
use.
Investment (I)
▪ is total spending on goods that will be used in the future to produce more goods.
economy’s g&s. ▪ Imports are the portions of C, I, and G
that are spent on g&s produced abroad. ▪ Adding up all the components of GDP gives:
Y =C + I + G + NX
Markets for Goods & Services
Spending (=GDP)
G&S bought
Firms
Households
Factors of production
Wages, rent, profit (=GDP)
use.
Markets for Factors of Production
▪ For homeowners, consumption includes the imputed rental value of the house, but not the purchase price or mortgage payments.
14
use.
Investment (I)
▪ is total spending on goods that will be used in the future to produce more goods.
economy’s g&s. ▪ Imports are the portions of C, I, and G
that are spent on g&s produced abroad. ▪ Adding up all the components of GDP gives:
Y =C + I + G + NX
曼昆《经济学原理》(宏观经济学分册)英文原版课件
© 2007 Thomson South-Western
FYI: The Production Function• Y = A F(L, K, H, N)• Y = quantity of output• A = available production technology• L = quantity of labor• K = quantity of physical capital• H = quantity of human capital• N = quantity of natural resources• F( ) is a function that shows how the inputs are combined.
© 2007 Thomson South-Western
ECONOMIC GROWTH ANDPUBLIC POLICY• Government policies that raise productivity and living standards– Encourage saving and investment.– Encourage investment from abroad.– Encourage education and training.– Establish secure property rights and maintain political stability.– Promote free trade.– Promote research and development.
© 2007 Thomson South-Western
How Productivity Is Determined• Technological knowledge includes society’s understanding of the best ways to produce goods and services.• Human capital includes the resources expended transmitting this understanding to the labor force.
FYI: The Production Function• Y = A F(L, K, H, N)• Y = quantity of output• A = available production technology• L = quantity of labor• K = quantity of physical capital• H = quantity of human capital• N = quantity of natural resources• F( ) is a function that shows how the inputs are combined.
© 2007 Thomson South-Western
ECONOMIC GROWTH ANDPUBLIC POLICY• Government policies that raise productivity and living standards– Encourage saving and investment.– Encourage investment from abroad.– Encourage education and training.– Establish secure property rights and maintain political stability.– Promote free trade.– Promote research and development.
© 2007 Thomson South-Western
How Productivity Is Determined• Technological knowledge includes society’s understanding of the best ways to produce goods and services.• Human capital includes the resources expended transmitting this understanding to the labor force.
经济学原理英文课件 (8)
2 of 27
Households: Consumption and Labor Supply Decisions
The Life-Cycle Theory of Consumption
FIGURE 16.1 Life-Cycle Theory of Consumption
In their early working years, people consume more than they earn. This is also true in the retirement years. In between, people save (consume less than they earn) to pay off debts from borrosavings for retirement.
Transfer Payments
Increase
Decrease Increase Decrease
Effect on consumption
Negative
Positive
Effect on labor supply
Negative* Positive*
*If the substitution effect dominates. Note: The effects are larger if they are expected to be permanent instead of temporary.
If we assume that leisure is a normal good, people with higher income will spend some of it on leisure by working less. This is the income effect of a wage rate increase.
Households: Consumption and Labor Supply Decisions
The Life-Cycle Theory of Consumption
FIGURE 16.1 Life-Cycle Theory of Consumption
In their early working years, people consume more than they earn. This is also true in the retirement years. In between, people save (consume less than they earn) to pay off debts from borrosavings for retirement.
Transfer Payments
Increase
Decrease Increase Decrease
Effect on consumption
Negative
Positive
Effect on labor supply
Negative* Positive*
*If the substitution effect dominates. Note: The effects are larger if they are expected to be permanent instead of temporary.
If we assume that leisure is a normal good, people with higher income will spend some of it on leisure by working less. This is the income effect of a wage rate increase.
《经济学(英文版)》教学课件—01 Introduction
1.1 Managerial Decision Making Describe the maj face
1.2 Economic Models Explain how economic models are useful in managerial decision making
Profit = Revenue − Costs
• The job of the chief executive officer (CEO) is to focus on the bottom line: maximizing profit. – The CEO is also concerned with how a firm is positioned in a market relative to its rivals. ▪ However, it is critical the CEO focuses on maximizing the firm’s profit rather than beating a rival.
1.1 Managerial Decision Making (3 of 5)
Trade-Offs • In an environment of scarcity, managers must focus on the trade-offs that directly or
indirectly affect profits. – Evaluating trade-offs often involves marginal reasoning: considering the effect of a small change.
• The firm’s top manager must coordinate and direct all these activities. – Could you think on this manager’s constraints?
1.2 Economic Models Explain how economic models are useful in managerial decision making
Profit = Revenue − Costs
• The job of the chief executive officer (CEO) is to focus on the bottom line: maximizing profit. – The CEO is also concerned with how a firm is positioned in a market relative to its rivals. ▪ However, it is critical the CEO focuses on maximizing the firm’s profit rather than beating a rival.
1.1 Managerial Decision Making (3 of 5)
Trade-Offs • In an environment of scarcity, managers must focus on the trade-offs that directly or
indirectly affect profits. – Evaluating trade-offs often involves marginal reasoning: considering the effect of a small change.
• The firm’s top manager must coordinate and direct all these activities. – Could you think on this manager’s constraints?
经济学原理英文版课件-金融体系
Y=C+I+G Solve for I:
national saving
I = Y – C – G = (Y – T – C) + (T – G)
Saving = investment in a closed economy
8
m use.
Budget Deficits and Surpluses
Budget surplus = an excess of tax revenue over govt spending = T–G = public saving
▪ Decline in confidence in financial institutions ▪ 2008–2009: Customers with uninsured deposits began pulling their funds out of financial institutions.
6
m use.
National Saving
National saving
= private saving + public saving
= (Y – T – C) + (T – G)
=
Y–C–G
= the portion of national income that is not used for consumption or government purchases
5
m use.
Different Kinds of Saving
Private saving = The portion of households’ income that is not used for consumption or paying taxes =Y–T–C
经济学原理英文课件 (4)
3 of 26
ECONOMICS IN PRACTICE
Prices and Total Expenditure: A Lesson from the Lobster Industry in 2008-2009
It is very important to distinguish between the price of a product and total expenditure from that product. Total revenue or expenditure in a market is simply the number of units sold multiplied by the price.
price rationing The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.
2 of 26
Demand and Supply Applications
CHAPTER OUTLINE The Price System: Rationing and Allocating Resources
Price Rationing Constraints on the Market and
Alternative Rationing Mechanisms Prices and the Allocation of Resources Price Floors
The Price System: Rationing and Allocating Resources
ECONOMICS IN PRACTICE
Prices and Total Expenditure: A Lesson from the Lobster Industry in 2008-2009
It is very important to distinguish between the price of a product and total expenditure from that product. Total revenue or expenditure in a market is simply the number of units sold multiplied by the price.
price rationing The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.
2 of 26
Demand and Supply Applications
CHAPTER OUTLINE The Price System: Rationing and Allocating Resources
Price Rationing Constraints on the Market and
Alternative Rationing Mechanisms Prices and the Allocation of Resources Price Floors
The Price System: Rationing and Allocating Resources
范里安中级微观经济学英文课件Lecture8.ProductionP
y’ = f(x’) is the maximal output level obtainable from x’ input units.
x’
x Input Level
5
Production Set
◊ A production plan is an input bundle and an output level; (x1, … , xn, y).
xi
y xi
2 y xi2
0
◊ The law of diminishing marginal product:
for most kinds of production processes,
the MP of a factor diminishes, given all
other inputs are being held fixed.
x2
All isoquants are hyperbolic（双 曲线）, asymptoting(渐进)to,
but never touching any axis.
y x1a x2b
y x1a x2b y x1a x2b
x1
y y
11
Fixed-Proportions Technologies
y” is an output level that is feasible from x’ input ProductionunSietst .
Technically
x’
inefficient plans
x Input Level
7
Technologies with Two Inputs
◊ Consider that there two inputs, and inputs levels are x1 and x2. Output level is y.
x’
x Input Level
5
Production Set
◊ A production plan is an input bundle and an output level; (x1, … , xn, y).
xi
y xi
2 y xi2
0
◊ The law of diminishing marginal product:
for most kinds of production processes,
the MP of a factor diminishes, given all
other inputs are being held fixed.
x2
All isoquants are hyperbolic（双 曲线）, asymptoting(渐进)to,
but never touching any axis.
y x1a x2b
y x1a x2b y x1a x2b
x1
y y
11
Fixed-Proportions Technologies
y” is an output level that is feasible from x’ input ProductionunSietst .
Technically
x’
inefficient plans
x Input Level
7
Technologies with Two Inputs
◊ Consider that there two inputs, and inputs levels are x1 and x2. Output level is y.
经济学原理英文课件 (7)
The Stock Market Since 1948
FIGURE 15.1 The S&P 500 Stock Price Index, 1948 I–2010 I
5 of 24
The Stock Market, the Housing Market, and Financial Crises
2 of 24
The Stock Market, the Housing Market, and Financial Crises
Determining the Price of a Stock
Stock prices are affected by people’s expectations of future dividends. The larger the expected future dividends, the larger the current stock price, other things being equal.
9 of 24
The Stock Market, the Housing Market, and Financial Crises
Asset Markets and Policy Makers Policy makers’ ability to stabilize the economy is considerably restricted by the fact that changes in asset prices affect the economy and are not predictable. Perhaps the U.S. government (including the Fed) should have seen in the 2002–2005 period the excessive risk that was being taken and instituted added government regulation.
FIGURE 15.1 The S&P 500 Stock Price Index, 1948 I–2010 I
5 of 24
The Stock Market, the Housing Market, and Financial Crises
2 of 24
The Stock Market, the Housing Market, and Financial Crises
Determining the Price of a Stock
Stock prices are affected by people’s expectations of future dividends. The larger the expected future dividends, the larger the current stock price, other things being equal.
9 of 24
The Stock Market, the Housing Market, and Financial Crises
Asset Markets and Policy Makers Policy makers’ ability to stabilize the economy is considerably restricted by the fact that changes in asset prices affect the economy and are not predictable. Perhaps the U.S. government (including the Fed) should have seen in the 2002–2005 period the excessive risk that was being taken and instituted added government regulation.
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Full Information
• Buyers know the prices charged by all firms and that products are identical. No single firm can unilaterally raise its price above the market equilibrium price.
marginal cost determines its output. • Firms have zero economic profit in the long run. • Perfect competition maximizes economic well-being of the society.
Solution Approach • We need to combine our understanding of demand curves with knowledge about firm
and market supply curves to predict industry price, quantity, and profits.
Identical Products
• Buyers perceive firms sell identical or homogeneous products. Granny Smith apples are identical, all farmers charge the same price.
ห้องสมุดไป่ตู้
Learning Objectives (1 of 2)
8.1 Perfect Competition Describe the characteristics of perfect competition 8.2 Competition in the Short Run Graphically identify the competitive equilibrium and derive the short-run supply curve
had to adhere to many new regulations. • What effect do these new fixed costs have on the trucking industry’s market price and
quantity? Are individual firms providing more or fewer trucking services? Does the number of firms in the market rise or fall?
Empirical Methods • The relevant market structure is perfect competition where buyers and sellers are
price takers and firms have a horizontal demand. • To maximize profit in the short run, the firm takes the price from the market and with
Managerial Economics and Strategy
Chapter 8
Competitive Firms and Markets
Managerial Problem
The Rising Cost of Keeping on Truckin’ • In recent years, federal and state fees have increased substantially and truckers have
Characteristics of a Perfect Competitive Market Large Number of Buyers and Sellers
• If the sellers in a market are small and numerous, no single firm can raise or lower the market price.
Learning Objectives (2 of 2)
8.3 Competition in the Long Run
Contrast the short-run and long-run competitive equilibria and supply curves
8.4 Competition Maximizes Economic Well-Being
8.1 Perfect Competition (2 of 3)
Negligible Transaction Costs • Buyers and sellers do not have to spend much time and money finding each
other or hiring lawyers to write contracts to make a trade. • Perfectly competitive markets have very low transaction costs.
Use the concept of surplus to show the main advantage of perfect competition
8.1 Perfect Competition (1 of 3)
• Perfect competition is a market structure in which buyers and sellers are price takers. – A price-taking firm cannot affect the market price for a product, it faces a horizontal demand and it sells at the market price.
• Buyers know the prices charged by all firms and that products are identical. No single firm can unilaterally raise its price above the market equilibrium price.
marginal cost determines its output. • Firms have zero economic profit in the long run. • Perfect competition maximizes economic well-being of the society.
Solution Approach • We need to combine our understanding of demand curves with knowledge about firm
and market supply curves to predict industry price, quantity, and profits.
Identical Products
• Buyers perceive firms sell identical or homogeneous products. Granny Smith apples are identical, all farmers charge the same price.
ห้องสมุดไป่ตู้
Learning Objectives (1 of 2)
8.1 Perfect Competition Describe the characteristics of perfect competition 8.2 Competition in the Short Run Graphically identify the competitive equilibrium and derive the short-run supply curve
had to adhere to many new regulations. • What effect do these new fixed costs have on the trucking industry’s market price and
quantity? Are individual firms providing more or fewer trucking services? Does the number of firms in the market rise or fall?
Empirical Methods • The relevant market structure is perfect competition where buyers and sellers are
price takers and firms have a horizontal demand. • To maximize profit in the short run, the firm takes the price from the market and with
Managerial Economics and Strategy
Chapter 8
Competitive Firms and Markets
Managerial Problem
The Rising Cost of Keeping on Truckin’ • In recent years, federal and state fees have increased substantially and truckers have
Characteristics of a Perfect Competitive Market Large Number of Buyers and Sellers
• If the sellers in a market are small and numerous, no single firm can raise or lower the market price.
Learning Objectives (2 of 2)
8.3 Competition in the Long Run
Contrast the short-run and long-run competitive equilibria and supply curves
8.4 Competition Maximizes Economic Well-Being
8.1 Perfect Competition (2 of 3)
Negligible Transaction Costs • Buyers and sellers do not have to spend much time and money finding each
other or hiring lawyers to write contracts to make a trade. • Perfectly competitive markets have very low transaction costs.
Use the concept of surplus to show the main advantage of perfect competition
8.1 Perfect Competition (1 of 3)
• Perfect competition is a market structure in which buyers and sellers are price takers. – A price-taking firm cannot affect the market price for a product, it faces a horizontal demand and it sells at the market price.