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1、ChapterNineteenProfit-Maximization1EconomicProfitAfirmusesinputsj=1…,mtomakeproductsi=1,…n.Outputlevelsarey1,…,yn.Inputlevelsarex1,…,xm.Productpricesarep1,…,pn.Inputpricesarew1,…,wm.2TheCompetitiveFirmThecompetitivefirmtakesalloutputpricesp1,…,pnandallinputpricesw1,…,wma
2、sgivenconstants.3EconomicProfitTheeconomicprofitgeneratedbytheproductionplan(x1,…,xm,y1,…,yn)is4EconomicProfitOutputandinputlevelsaretypicallyflows.E.g.x1mightbethenumberoflaborunitsusedperhour.Andy3mightbethenumberofcarsproducedperhour.Consequently,profitistypicallyaflo
3、walso;e.g.thenumberofdollarsofprofitearnedperhour.5EconomicProfitHowdowevalueafirm?Supposethefirm’sstreamofperiodiceconomicprofitsisP0,P1,P2,…andristherateofinterest.Thenthepresent-valueofthefirm’seconomicprofitstreamis6EconomicProfitAcompetitivefirmseekstomaximizeitspre
4、sent-value.How?7EconomicProfitSupposethefirmisinashort-runcircumstanceinwhichItsshort-runproductionfunctionis8EconomicProfitSupposethefirmisinashort-runcircumstanceinwhichItsshort-runproductionfunctionisThefirm’sfixedcostis anditsprofitfunctionis9Short-RunIso-ProfitLines
5、A$Piso-profitlinecontainsalltheproductionplansthatprovideaprofitlevel$P.A$Piso-profitline’sequationis10Short-RunIso-ProfitLinesA$Piso-profitlinecontainsalltheproductionplansthatyieldaprofitlevelof$P.Theequationofa$Piso-profitlineisI.e.11Short-RunIso-ProfitLineshasaslopeo
6、fandaverticalinterceptof12Short-RunIso-ProfitLinesIncreasing profityx113Short-RunProfit-MaximizationThefirm’sproblemistolocatetheproductionplanthatattainsthehighestpossibleiso-profitline,giventhefirm’sconstraintonchoicesofproductionplans.Q:Whatisthisconstraint?14Short-Ru
7、nProfit-MaximizationThefirm’sproblemistolocatetheproductionplanthatattainsthehighestpossibleiso-profitline,giventhefirm’sconstraintonchoicesofproductionplans.Q:Whatisthisconstraint?A:Theproductionfunction.15Short-RunProfit-Maximizationx1Technically inefficient plansyThes
8、hort-runproductionfunctionand technologysetfor16Short-RunProfit-Maximizationx1Increasing profity17Short
