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ID:51630133
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页数:48页
时间:2020-03-26
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1、ChapterTwenty-ThreeIndustrySupplyWhatisthepurposeofthischapter?Itistoderivethemarketsupplycurvefromindividualfirms’supplycurve.Short-RunSupplyInashort-runthenumberoffirmsintheindustryis,temporarily,fixed.LetSi(p)befirmi’ssupplyfunction.Theindustry’sshort-runsupplyfunction
2、isSupplyFromACompetitiveIndustrypS1(p)pS2(p)pS(p)=S1(p)+S2(p)p”p”S1(p”)S1(p”)+S2(p”)S2(p”)Firm1’sSupplyFirm2’sSupplyIndustry’sSupplyShort-RunIndustryEquilibriumInashort-run,neitherentrynorexitcanoccur.Consequently,afirm’sprofitcanbepositive,zero,ornegative.Short-RunIndust
3、ryEquilibriumMarketdemandShort-runindustrysupplypseYseYShort-runequilibriumpriceclearsthemarketandistakenasgivenbyeachfirm.Short-RunIndustryEquilibriumy1y2y3ACsACsACsMCsMCsMCsy1*y2*y3*pseFirm1Firm2Firm3Short-RunIndustryEquilibriumy1y2y3ACsACsACsMCsMCsMCsy1*y2*y3*pseFirm
4、1Firm2Firm3Firm1wishestoremainintheindustry.Firm2wishestoexitfromtheindustry.Firm3isindifferent.P1>0P2<0P3=0Long-RunIndustrySupplyInthelong-runentryandexistarepossible.Positiveeconomicprofitinducesentry.Entryincreasesindustrysupply,causingpsetofall.Whendoesentrycease
5、?Long-RunIndustrySupplyS2(p)Mkt.DemandAC(y)MC(y)yA“Typical”FirmTheMarketppYSupposetheindustryinitiallycontainsonlytwofirms.Mkt.SupplyLong-RunIndustrySupplyS2(p)Mkt.DemandAC(y)MC(y)yA“Typical”FirmTheMarketppYp2p2y2*Thenthemarket-clearingpriceisp2.Eachfirmproducesy2*unit
6、sofoutput.Long-RunIndustrySupplyS2(p)Mkt.DemandAC(y)MC(y)yA“Typical”FirmTheMarketppYp2p2y2*P>0Eachfirmmakesapositiveeconomicprofit,inducingentrybyanotherfirm.Long-RunIndustrySupplyS2(p)S3(p)Mkt.DemandAC(y)MC(y)yA“Typical”FirmTheMarketppYp2p2Marketsupplyshiftsoutwards.Ma
7、rketpricefalls.y2*Long-RunIndustrySupplyS2(p)S3(p)Mkt.DemandAC(y)MC(y)yA“Typical”FirmTheMarketppYp3Eachfirmproducesless.y3*p3Long-RunIndustrySupplyS2(p)S3(p)Mkt.DemandAC(y)MC(y)yA“Typical”FirmTheMarketppYp3Eachfirmproducesless.Eachfirm’seconomicprofitisreduced.y3*p3P>0Lo
8、ng-RunIndustrySupplyS3(p)Mkt.DemandAC(y)MC(y)yA“Typical”FirmTheMarketppYp3Eachfirm’seconomicprof
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