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1、CONTENTSòTheNatureofFirmsChapter9òProfitMaximizationPROFITMAXIMIZATIONòMarginalRevenueòShort-RunSupplybyaPrice-TakingFirmòProfitFunctionsòProfitMaximizationandInputDemandLee,JunqingDepartmentofEconomics,NankaiUniversityTheNatureofFirmsòAfirmisanassociationofindividualswhoTheNatureofFirmshaveorg
2、anizedthemselvesforthepurposeofturninginputsintooutputsòDifferentindividualswillprovidedifferenttypesofinputsòthenatureofthecontractualrelationshipbetweentheprovidersofinputstoafirmmaybequitecomplicatedLee,JunqingDepartmentofEconomics,NankaiUniversityContractualRelationshipsModelingFirms’Behavi
3、oròSomecontractsbetweenprovidersofòMosteconomiststreatthefirmasasingleinputsmaybeexplicitdecision-makingunitòmayspecifyhours,workdetails,oròthedecisionsaremadebyasingledictatorialcompensationmanagerwhorationallypursuessomegoalòOtherarrangementswillbemoreimplicitinòusuallyprofit-maximizationnatu
4、reòdecision-makingauthorityorsharingoftasksLee,JunqingDepartmentofEconomics,NankaiUniversityLee,JunqingDepartmentofEconomics,NankaiUniversityProfitMaximizationòIffirmsarestrictlyprofitmaximizers,theyProfitMaximizationwillmakedecisionsina“marginal”wayòexaminethemarginalprofitobtainablefromproduc
5、ingonemoreunitofhiringoneadditionallaborerLee,JunqingDepartmentofEconomics,NankaiUniversityOutputChoiceOutputChoiceòThenecessaryconditionforchoosingthelevelofqthatmaximizesprofitscanbeòTotalrevenueforafirmisgivenbyfoundbysettingthederivativeoftheπR(q)=p(q)⋅qfunctionwithrespecttoqequaltozeroòInt
6、heproductionofq,certaineconomiccostsareincurred[C(q)]òEconomicprofits(π)arethedifferencedπdRdC=π'(q)=−=0betweentotalrevenueandtotalcostsdqdqdqπ(q)=R(q)–C(q)=p(q)⋅q–C(q)Lee,JunqingDepartmentofEconomics,NankaiUniversityLee,JunqingDepartmentofEconomics,NankaiUniversityOutputChoiceSecond-OrderCondi
7、tionsòTomaximizeeconomicprofits,thefirmòMR=MCisonlyanecessaryconditionforshouldchoosetheoutputforwhichprofitmaximizationmarginalrevenueisequaltomarginalcostòForsufficiency,itisalsorequiredthat2dRdCdπdπ'(q)=<02dqdqMRM===Cq=q*q=q*dq
