Содержание
- 2. 2 Competitive Firm Monopoly
- 3. The Tradeoff The monopoly can either choose price or quantity, but not both. The monopolist faces
- 4. Revenue Profit = Revenue – Total Costs Revenue = TR = Unit price • Quantity =
- 5. Marginal Revenue Marginal Revenue = MR= the change in total revenue from increasing output by a
- 6. 109 8 7 6 5 4 3 2 1 0 0 2 4 6 8 10
- 7. Profit Maximization ? = TR(X)- TC(X) ?’ = MR(X) – MC(X)=0 Monopoly chooses X so that
- 8. Monopoly Pricing MC P(X) MR(X) XM PM 8
- 9. 9 10 20 In a competitive market: Example: Monopoly Pricing
- 10. Elasticity E=1: Changing price doesn’t change Revenue – PX unchanged. E>1: Decreasing price increases Revenue –
- 11. Elasticity and Monopoly Pricing
- 12. Example
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