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1、CHAPTERELEVENProfitMaximizationInChapter10weexaminedthewayinwhichfirmsminimizecostsforanylevelofoutputtheychoose.Inthischapterwefocusonhowthelevelofoutputischosenbyprofit-maximizingfirms.Beforeinvestigatingthatdecision,however,itisappropriatetodiscussbrieflythenat
2、ureoffirmsandthewaysinwhichtheirchoicesshouldbeanalyzed.TheNatureandBehaviorofFirmsInthischapter,wedelvedeeperintotheanalysisofdecisionsmadebysuppliersinthemarket.Theanalysisofthesupply/firmsideofthemarketraisesquestionsthatdidnotcomeupinourpreviousanalysisofthe
3、demand/consumerside.Whereasconsumersareeasytoidentifyassingleindividuals,firmscomeinallshapesandsizes,rangingfromacorner‘‘momandpop’’grocerystoretoavastmoderncorporation,supplyinghundredsofdifferentproductsproducedinfactoriesoperatingacrosstheglobe.Economistsha
4、velongpuzzledoverwhatdeterminesthesizeoffirms,howtheirmanagementisstructured,whatsortoffinancialinstrumentsshouldbeusedtofundneededinvestment,andsoforth.Theissuesinvolvedturnouttoberatherdeepandphilosophical.Tomakeprogressinthischapter,wewillcontinuetoanalyzethe
5、standard‘‘neoclassical’’modelofthefirm,whichbrushesmostofthesedeeperissuesaside.Wewillprovideonlyahintofthedeeperissuesinvolved,returningtoafullerdiscussionintheExtensionstothischapter.SimplemodelofafirmThroughoutPart4,wehavebeenexaminingasimplemodelofthefirmwith
6、outbeingexplicitabouttheassumptionsinvolved.Itisworthbeingabitmoreexplicithere.Thefirmhasatechnologygivenbytheproductionfunction,sayf(k,l).Thefirmisrunbyanentrepreneurwhomakesallthedecisionsandreceivesalltheprofitsandlossesfromthefirm’soperations.Thecombinationoft
7、heseelements—productiontechnology,entrepre-neur,andinputsused(laborl,capitalk,andothers)—togetherconstituteswhatwewillcallthe‘‘firm.’’Theentrepreneuractsinhisorherownself-interest,typicallyleadingtodecisionsthatmaximizethefirm’sprofits,aswewillsee.Complicatingfac
8、torsBeforepushingaheadfurtherwiththeanalysisofthesimplemodelofthefirm,whichwilloccupymostofthischapter,wewillhintatsomecomplicatingfactors.Inthesimplemodeljustdescribed,asingleparty
