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CHAPTER_12
Course: ECON 101, Fall 2011School: Waterloo
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Manyfirmssellidenticalproductstomany buyers. 1. CHAPTER12:PERFECTCOMPETITION WhatisPerfectCompetition? Therearenorestrictionstoentryintothe industry. 2. Howperfectcompetitionarises 3. Pricetakers Establishedfirmshavenoadvantagesover newones. 4. EconomicProfitandRevenue,TR,MR&AR curves Sellersandbuyersarewellinformedabout prices. 5. TheFirmsDecisioninPerfectCompetition Shortrundecision...
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Manyfirmssellidenticalproductstomany
buyers.
1. CHAPTER12:PERFECTCOMPETITION
WhatisPerfectCompetition?
Therearenorestrictionstoentryintothe
industry.
2. Howperfectcompetitionarises
3. Pricetakers
Establishedfirmshavenoadvantagesover
newones.
4. EconomicProfitandRevenue,TR,MR&AR
curves
Sellersandbuyersarewellinformedabout
prices.
5. TheFirmsDecisioninPerfectCompetition
Shortrundecision
Longrundecision
2.HowPerfectCompetitionArises
Perfect competition arises when firms minimum
6. ProfitMaximizingOutput
efficientscale issmallrelativetomarketdemand
7. MarginalAnalysis
sothereisroomformanyfirmsintheindustry.
8. ProfitsandLossesintheShortRun
Threepossibleprofitoutcomes
9. TheFirmsShortRunSupplyCurve
And when each firm is perceived to produce a
goodorservicethathasnouniquecharacteristics,
soconsumersdontcarewhichfirmtheybuyfrom.
10. ShortRunIndustrySupplyCurve
11. Output,PriceandProfitinPerfectCompetitionin
ShortRun
12. Output,PriceandProfitinPerfectCompetitionin
LongRun
ChangingTastes
ChangingTechnology
3.PriceTakers
Inperfectcompetition,eachfirmisapricetaker.
No single firm can influence the priceit must
taketheequilibriummarketprice.
Each firms output is a perfect substitute for the
outputoftheotherfirms,sothedemandforeach
firmsoutputisperfectlyelastic.
13. CompetitionandEfficiency
4.EconomicProfitandRevenue
Thegoalofeachfirmistomaximize economic
profit,whichequals totalrevenueminustotal
cost.
1.WhatisPerfectCompetition?
Perfectcompetitionisanindustryinwhich
Totalcostistheopportunitycostofproduction,
whichincludesnormalprofit.
A firms total revenue equals price, P,
multipliedbyquantitysold,Q,whichisPQ.
Afirmsmarginalrevenueisthechangeintotal
revenuethatresultsfromaoneunitincreasein
the quantity sold. Because in perfect
competitionthepriceremainsthesameasthe
quantitysoldchanges,marginalrevenueequals
price.
Figure12.1illustratesafirmsrevenueconcepts.
Part(a)showsthatmarketdemandandmarketsupplydeterminethemarketpricethatthefirmmusttake.
Thedemandforafirmsproductisperfectlyelasticbecauseonefirmssweaterisaperfectsubstituteforthe
sweaterofanotherfirm.
Themarketdemandisnotperfectlyelasticbecauseasweaterisasubstituteforsomeothergood.
Aperfectlycompetitivefirmsgoalistomakemaximumeconomicprofit,giventheconstraintsitfaces.
Sothefirmmustdecide:
1.Howtoproduceatminimumcost
2.Whatquantitytoproduce
3.Whethertoenterorexitamarket
Westartbylookingatthefirmsoutputdecision.
5.TheFirmsOutputDecision
Aperfectlycompetitivefirmchoosestheoutputthatmaximizesitseconomicprofit.
Onewaytofindtheprofitmaximizingoutputistolookatthefirmsthetotalrevenueandtotalcostcurves.
Figure12.2looksatthesecurvesalongwiththefirmstotalprofitcurve.
At low output levels, the firm incurs an economic lossit cant
coveritsfixedcosts.
Atintermediateoutputlevels,thefirmmakesaneconomicprofit.
Athighoutputlevels,thefirmagainincursaneconomiclossnow
thefirmfacessteeplyrisingcostsbecauseofdiminishingreturns.
Thefirmmaximizesitseconomicprofitwhenitproduces9sweaters
aday.
7.MarginalAnalysisandSupplyDecision
The firm can use marginal analysis to determine the profit
maximizingoutput.
Becausemarginalrevenueisconstantandmarginalcosteventually
increasesasoutputincreases,profitismaximizedbyproducingthe
outputatwhichmarginalrevenue,MR,equalsmarginalcost,MC.
Figure12.3showsthemarginalanalysisthatdeterminestheprofitmaximizingoutput.
IfMR>MC,economicprofitincreasesifoutputincreases.
IfMR<MC,economicprofitdecreasesifoutputincreases.
IfMR=MC,economicprofitdecreasesifoutputchangesineither
direction,soeconomicprofitismaximized.
8.TemporaryShutdownDecision
Ifthefirmmakesaneconomiclossitmustdecidetoexitthe
marketortostayinthemarket.
If the firmdecides to stay inthemarket, it must decide whether to produce somethingor to shut down
temporarily.
Thedecisionwillbetheonethatminimizesthefirmsloss.
LossComparison
ThefirmslossequalsTotalfixedcost(TFC)plusTotalvariablecost(TVC)minusTotalrevenue(TR).
Economicloss=TFC+TVCTR
=TFC+(AVCP)Q
Ifthefirmshutsdown,Qis0andthefirmstillhastopayitsTFC.
SothefirmincursaneconomiclossequaltoTFC.
Thiseconomiclossisthelargestthatthefirmmustbear.
Shutdownpoint:
Afirms shutdownpoint isthepriceandquantityatwhichitisindifferentbetweenproducingandshutting
down.
ThispointiswhereAVCisatitsminimum.
ItisalsothepointatwhichtheMCcurvecrossestheAVCcurve.
Attheshutdownpoint,thefirmisindifferentbetweenproducingandshuttingdowntemporarily.
ThefirmincursalossequaltoTFCfromeitheraction.
Figure12.4showstheshutdownpoint.
MinimumAVCis$17asweater.
Ifthepriceis$17,theprofitmaximizingoutputis7sweatersaday.
ThefirmincursalossequaltoTFC.
Ifthepriceofasweaterisbetween$17and$20.14,thefirmproducesthequantityatwhichmarginalcost
equalsprice.
Thefirmcoversallitsvariablecostandatleastpartofitsfixedcost.
ItincursalossthatislessthanTFC.
9.TheFirmsSupplyCurve
Aperfectlycompetitivefirmssupplycurveshowshowthefirmsprofitmaximizingoutputvariesasthe
marketpricevaries,otherthingsremainingthesame.
Becausethefirmproducestheoutputatwhichmarginalcostequalsmarginalrevenue,andbecausemarginal
revenueequalsprice,thefirmssupplycurveislinkedtoitsmarginalcostcurve.
Butatapricebelowtheshutdownpoint,thefirmproducesnothing.
TheFirmsDecision
Figure12.5showshowthefirmssupplycurveisconstructed .
Ifpriceequalsminimum AVC,$17inthisexample,thefirmisindifferentbetweenproducingnothingand
producingattheshutdownpoint,T.
If the price is $25, the firm produces 9 sweaters a day, the
quantityatwhichP=MC.
If the price is $31, the firm produces 10 sweaters a day, the
quantityatwhichP=MC.
The blue curve in part (b) traces the firms shortrun supply
curve.
10.Output,Price,andProfitintheShortRun
MarketSupplyintheShortRun:
Theshortrunmarketsupplycurveshowsthequantitysuppliedbyallfirms
inthemarketateachpricewheneachfirmsplantandthenumberoffirms
remainthesame.
Figure12.6showsthesupplycurveforamarketthathas1,000firmslikeCampusSweaters.
Thequantitysuppliedbythemarketatanygivenpriceisthesumofthequantitiessuppliedbyallthefirmsinthe
marketatthatprice.
Atapriceequaltominimum AVC, theshutdownprice, somefirmswillproducetheshutdownquantityandotherswill
produceszero.Themarketsupplycurveisperfectlyelastic
ShortRunEquilibrium
Shortrunmarketsupplyandmarketdemanddeterminethemarketprice
andoutput.Figure12.7showsashortrunequilibrium
ShortRunEquilibrium
Shortrunmarketsupplyandmarketdemanddeterminethemarketprice Maximumprofitisnotalwaysapositiveeconomicfthemarketdemandcurve:Thepricefallsandthequantitydecreases.
ProfitsandLossesintheShortRun
andoutput.
Figure12.7showsashortrunequilibrium
AChangeinDemand
Anincreaseindemandbringarightwardshiftofthemarketdemandcurve:Thepricerisesandthequantityincreases.
Adecreaseindemandbringaleftwardshifto
profit.
Todeterminewhetherafirmismakinganeconomic
profitorincurringaneconomicloss,wecomparethe
firms average total cost at the profitmaximizing
outputwiththemarketprice.
Figure12.8
showsthethreepossibleprofitoutcomes.
In part (b), price exceeds average total cost and the firm makes a positive
economicprofit.
Inpart(c)priceislessthanaveragetotalcostandthefirmincursaneconomiclosseconomicprofitisnegative.
11.Output,Price,andProfitintheLongRun
Inshortrunequilibrium,afirmmaymakeaneconomicprofit,
breakeven,orincuraneconomicloss.
Inthelongrunasfirmscanenterorexitthemarket,thereis
neithereconomicprofitnoreconomicloss.
EntryandExit
Newfirmsenteranindustryinwhichexistingfirmsmakean
economicprofit.
Firmsexitanindustryinwhichtheyincuraneconomicloss.
Figure12.9showstheeffectsofentryandexit.
ACloserLookatEntry
Whenthemarketpriceis$25asweater,firmsinthemarketaremakingeconomicprofit.
Newfirmshaveanincentivetoenterthemarket.
Whentheydo,themarketsupplyincreasesandthemarketpricefalls.
Whenthemarketpriceis$17asweater,firmsinthemarketareincurringeconomicloss.
Firmshaveanincentivetoexitthemarket.
Whentheydo,themarketsupplydecreasesandthemarketpricerises.
APermanentChangeinDemand
A decreaseindemandshiftsthemarketdemandcurveleftward.Themarketpricefalls,andeachfirmdecreasesthe
quantityitproduces.
Figure12.10illustratestheeffectsofapermanentdecreaseindemandwhen
themarketisinlongrunequilibrium
.
Themarketpriceisnowbeloweachfirmsminimumaveragetotalcost,sofirmsincureconomiclosses.
Economiclossesinducesomefirmstoexitinthelongrun,whichdecreasesthemarketsupplyandthepricestartsto
rise.
Themaindifferencebetweentheinitialandnewlongrunequilibriumisthenumberoffirmsinthemarket.
Fewerfirmsproducetheequilibriumquantity.
Apermanentincreaseindemandhastheoppositeeffectstothosejustdescribed.(Drawthediagramyourself)
Apermanentincreaseindemandshiftsthedemandcurverightward.Thepricerisesandthequantityincreases.
Economic profit induces entry, which increases shortrun supply and shifts the shortrun market supply curve
rightward.
Asthemarketsupplyincreases,thepricefallsandthemarketquantitycontinuestoincrease.
Withafallingprice,eachfirmdecreasesitsoutputasitmovesalongitsmarginalcostcurve(supplycurve).
Anewlongrunequilibriumoccurswhenthepricehasfallentoequalminimumaveragetotalcost.
Firmsmakezeroeconomicprofit,andfirmshavenoincentivetoenterthemarket.
Themaindifferencebetweentheinitialandnewlongrunequilibriumisthenumberoffirms.Inthenewequilibrium,a
largernumberoffirmsproducetheequilibriumquantity.
ExternalEconomicsandDiseconomies
Thechangeinthelongrunequilibriumpricefollowingapermanentchangeindemanddependsonexternaleconomiesand
externaldiseconomies.
Externaleconomiesarefactorsbeyondthecontrolofanindividualfirmthatlowerthefirmscostsastheindustryoutput
increases.
Externaldiseconomiesarefactorsbeyondthecontrolofafirmthatraisethefirmscostsasindustryoutputincreases.
Intheabsenceofexternaleconomiesorexternaldiseconomies,afirmscostsremainconstantasthemarketoutput
changes.
Figure12.11illustratesthethreepossiblecasesandshowsthelongrunmarketsupplycurve.
Thelongrunmarketsupplycurveshowshowthequantitysuppliedinamarketvariesasthemarketpricevariesafter
allthepossibleadjustmentshavebeenmade,includingchangesineachfirmsplantandthenumberoffirmsinthe
market.
Figure12.11(a)showsthatintheabsenceofexternaleconomiesorexternaldiseconomies,anincreaseindemanddoesnotchange
thepriceinthelongrun.
ThelongrunmarketsupplycurveLSAishorizontal.
Figure12.11(b)showsthatwhenexternaldiseconomiesarepresent,anincreaseindemandbringsahigherpriceinthe
longrun.
ThelongrunmarketsupplycurveLSBisupwardsloping
Figure12.11(c)showsthatwhenexternaleconomiesarepresent,anincreaseindemandbringsalowerpriceinthelong
run.
ThelongrunmarketsupplycurveLSCisdownwardsloping.
TechnologicalChange
Newtechnologiesareconstantlydiscoveredthatlowercosts.
Anewtechnologyenablesfirmstoproduceataloweraveragecostandalowermarginalcostfirmscostcurvesshift
downward.
Firmsthatadoptthenewtechnologymakeaneconomicprofit.
Newtechnologyfirmsenterandoldtechnologyfirmseitherexitoradoptthenewtechnology.
Industrysupplyincreasesandtheindustrysupplycurveshiftsrightward.
Thepricefallsandthequantityincreases.
Eventually,anewlongrunequilibriumemergesinwhichallfirmsusethenewtechnology,thepriceequalsminimum
averagetotalcost,andeachfirmmakeszeroeconomicprofit.
12.CompetitionandEfficiency
EfficientUseofResources
Resourcesareusedefficientlywhennoonecanbemadebetteroffwithoutmakingsomeoneelseworseoff.
Thissituationariseswhenmarginalsocialbenefitequalsmarginalsocialcost
Choices,Equilibrium,andEfficiency
Wecandescribeanefficientuseofresourcesintermsofthechoicesofconsumersandfirmscoordinatedinmarket
equilibrium.
Choices
Aconsumersdemandcurveshowshowthebestbudgetallocationchangesasthepriceofagood changes.
Soconsumersgetthemostvalueoutoftheirresourcesatallpointsalongtheirdemandcurves.
Acompetitivefirmssupplycurveshowshowtheprofitmaximizingquantitychangesasthepriceofagood
changes.
Sofirmsgetthemostvalueoutoftheirresourcesatallpointsalongtheirsupplycurves.
Withnoexternalcost,themarketsupplycurveisthemarginalsocialcostcurve.
EquilibriumandEfficiency
In competitive equilibrium, resources are used efficientlythe quantity demanded equals the quantity
supplied,somarginalsocialbenefitequalsmarginalsocialcost.
Thegainsfromtradeforconsumersismeasuredbyconsumersurplus.Thegainsfromtradeforproducersis
measuredbyproducersurplus.
Totalgainfromtradeequaltotalsurplus.Inlongrunequilibriumtotalsurplusismaximized.
Figure12.12illustratesanefficientallocationofresourcesinaperfectlycompetitivemarket.
Atthemarketprice P*,eachfirmisproducingthequantity q*atthelowestpossiblelongrunaveragetotal
cost.
Figure12.12(b)showsthemarket.
AlongthemarketdemandcurveD=MSB,consumersareefficient.
AlongthemarketsupplycurveS=MSC,producersareefficient
The quantity Q* and price P* are the competitive equilibrium values.So competitive equilibrium is
efficient.
Totalsurplus,thesumofconsumersurplusandproducersurplus,ismaximized.
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