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Industry
1.
© R.E.Marks 1998
Industry 1 © R.E.Marks 1998 Industry 2 The single price-taking firm interacts with the rest of the world through markets, taking prices P and wi as The Firm & The Industry given: We go from the individual firm to the industry. The the market for output y D (P) supply side differs from the demand side: firms appear and the markets for inputs z S (wi ) i disappear in response to profitability. The number of firms determines the nature of the market and so the that is, the firm decides how much output y * to equilibrium price and quantity. produce and sell, and how much of each input z * i to buy in order to maximize profit, given — 1. From a single price-taking firm, industry supply curve can be obtained by the horizontal summation • the demand for output y D (P) of individual firm’s supply curves, in the short run. • the supply curves for inputs z S (wi ) i (H&H Ch. 7.1) 2. In the long run, two complications: (1) the factor- (For a price-taking firm these are horizontal.) price effect, and (2) the entry and exit of firms Two directions in possible analysis: from the industry. (H&H Ch. 7.1) 1. The firm has market power and can 3. The price elasticity of supply measures the influence the price P it receives for output percentage change in quantity following a 1%- P .. D change in output price. (H&H Ch. 7.1) by altering ... its level of ... 4. The conditions for perfect competition, and for ... production & .... pure competition (no barriers to entry or exit). .... sales, in ..... ...... 5. A single seller: pure monopoly. (H&H Ch. 8.1) which case ....... ......... the firm’s ..... 6. Monopolistic competition: several firms selling demand D goods which are close, but not perfect, substitutes. curve is not Long-run profits are zero. (H&H Ch. 9.2) horizontal. y 7. Price discrimination and the segmentation of markets. The mark-up with market power. By altering the amount y S it offers for sale, the firm Consumer’s surplus, and how to capture it. (H&H can affect the price it sells at, so long as it faces a Ch. 7.3, 8.4) downwards-sloping demand curve, 8. Producer’s surplus and economic rent. (H&H Ch. 7.3) (Revision)
2.
© R.E.Marks 1998
Industry 3 © R.E.Marks 1998 Industry 4 ∂P ____ 1. Supply and Short-Run Response and < 0 is evidence of market power. ∂y D (H&H Ch. 7.1) (downwards sloping firm’s demand curve) 1. When P < PV (where PV ≡ min(AVC)), When this happens, we say there is then y * = 0 because TR < VC, and profit < 0. imperfect competition, and speak of these (definitions) When P > PV , monopoly one seller, then TR > VC and short-run π > 0 and π maximum monopsony one buyer, with y * : MC (y * ) = P. oligopoly a few sellers. (so long as increasing MC) (strategic behaviour) (→ game theory!) 2. The price-taking firm’s supply curve is its MC curve above breakeven (π = 0). The industry supply We consider this below (next lectures). curve or market supply is obtained by horizontally adding all supply curves of 2. We can aggregate across a large number of small individual firms: (price-taking) firms to obtain the P • industry supply of output, and = ΣSi at any price of output (P 1 ) — i • industry demand for inputs (e.g. labour). how much will firm 1 supply? (We assume that each firm produces identical output how much will firm 2 supply? goods.) • • We shall answer these questions: • • ? Q: at marketing-clearing equilibrium (S = D): • • output • what is the price of output? P • what are the prices of inputs? wi The summation is similar to the summation of • what are the quantities of outputs & inputs individual consumer demand curves to obtain traded? y, zi the market demand curves (see above) and are these equilibria stable? That is, will prices and but not exactly: there are complications: quantities adjust to a market-clearing equilibrium, where supply = demand?
3.
© R.E.Marks 1998
Industry 5 © R.E.Marks 1998 Industry 6 2. Two complications in deriving the market supply >> Include H&H Fig 7.1, 7.2, 7.3 << curve from the individual firms’ supply curves: Long-run Responses: 1. the number of firms is not fixed in the long run, but will adjust in response to profitability, ∴ the number is responsive to output price P and profits − if a firm sees an opportunity for increased profit in a new market, it may enter, − if a firm is suffering low or negative profits in a market, it must eventually leave the market. ____________________________________ ∴ As price P rises, firms enter, cet. par., _ as price P falls, firms leave, cet. par. ___________________________________ $/unit The effect of an ... D 1 .. S 2 increase in supply .. ... .... .. S ... . (due to more firms) ... ... .... ... .... .... is to bid down the .... .... ... ... . ....... ... price, and reduce the ........ .......... .. ... profit of the marginal ...... ...... ............ .. ......... ..... ....... D firm to zero, i.e. no ........ more incentive for entry or exit. Q The marginal firm is the one with the highest average costs of production but positive profit still.
4.
© R.E.Marks 1998
Industry 7 © R.E.Marks 1998 Industry 8 2. (Second complication) The Factor-Price Effect. As the price of output P rises (say, cars) this >> Include H&H Fig 7.4 << may well have an effect on other markets (for example, labour or other markets in which cars are an input to production) An increase in price of output P may thus • result in increased costs of production for the firms, • & result in a shift upwards in their supply curves. ∴ the effective industry supply curve tends to be steeper (less elastic) than the aggregate of firms’ supply curves. In conclusion: • the short-run supply curve of a competitive (or price- taking) firm is identical to its MC curve (above min AVC), • the short-run supply curve of a competitive industry is the horizontal sum of firms’ supply curves, adjusted for the factor-price effect, • in the long run, the number of firms will change as marginal firms (in cost terms, LRAC = P, ∴π = 0) enter or leave in response to positive or negative profit opportunities.
5.
© R.E.Marks 1998
Industry 9 © R.E.Marks 1998 Industry 10 3. Price Elasticity of Supply: 4. Pure Competition A perfectly competitive market satisfies the following Let κ denote the price elasticity of supply: three conditions: ∆Q S Q S 1. numerous buyers _ _______ (arc) ⇒ price takers industry κ ≡ numerous sellers ∆P P ∂Q _ S __ (point) ____ P ∴ there is no market power for an individual buyer ≡ or seller to affect the market price. ∂P Q for a firm, 2. A homogenous good & identical buyers ∂Q S P (or arm’s length deals) κi = _ ___ ___ i ∴ no price discrimination. (point) ∂P Qi κi +ve 3. Perfect information of all offers to buy & sell ∴ → there is one equilibrium price: S (P) = D (P). + 4. An additional condition ⇒ pure competition: Defn. The price elasticity of supply is the % change in there are no barriers to entry or exit output offered in response to a 1% increase in price of ∴ zero long-run profit at the margin. output. 1, 2, 3 ⇒ • individual consumers face horizontal supply curves n But for the industry, κ ≤ Σ si κ i , (note the inequality) • individual firms face horizontal i =1 supply curves (inputs) • individual firms face horizontal QS where si = _____ is the market share i _ _________________________________ demand curves (outputs) Σ QS where _ price: market supply = market demand i _________________________________ and κ i is the price elasticity of supply of firm i. ∴ price = marginal cost to producers (The inequality is because of a time period for = marginal value for consumers adjustment, and entry or exit of firms, and the . factor-price effect.) P .... ....... S = Σ MCi ..... ..... ....... ...... .......... .............. . ..................................... .................... ...... D = Σ Dj Q
6.
© R.E.Marks 1998
Industry 11 © R.E.Marks 1998 Industry 12 <<Smith Figs 8-5, 8-6 >> .. P ... .. S ... .. ... .. ... .. MCi .... ... .. ACi . .... .... ...... .. .... ..... ... ...... ....... .. ........ ..... ............. ........... ... ........... .... ........... D .................... ....... .. ..... ........ Q output yi Industry Price-Taking Firm i Short run: P > SRAC ∴ profit is positive Long-run equilibrium when: P = LRMC = min LRAC and profit is zero. In the diagrams (Smith 8-5, 8-6): quantity A 2 is less than A 1 competitive price PA 2 is less than PA 1 . For the price-taking firm: • MR ≡ P = MC, • rising marginal costs MC, and • non-negative profits π . • For the marginal firm, profits are zero (π = 0). Although the industry demand curve is downwards sloping, the firm sees only a horizontal demand curve.
7.
© R.E.Marks 1998
Industry 13 © R.E.Marks 1998 Industry 14 5. Pure Monopoly P For a competitive, price-taking (PT) firm, by definition, .. D = AR = P = P (Q) .. the demand curve is horizontal (|η P | = ∞) .. The single seller (monopoly) .. D ≠ MR dP .. .. ∴ ___ = 0 faces a downward-sloping ... dQ ... demand curve—it possesses ... ∴ MR = P .. .. market power, and can choose .. Hence π is max. at Q*: Price = Marginal Cost (Q*) .. ... any combination (P,Q) on the ... For a firm with market power, ... dP demand curve to maximize its ... ... the demand curve slopes down & ___ < 0 ... dQ profit π . But choose Q ... ... to maximise profit π . .... ∴ MR ≠ P . Q dP MR (Q) = P × (1 + __ ___ ) Q __________________________________ P dQ π = TR (Q) − TC (Q) _1 __ MR (Q) = AR × (1 + P ) _ η _________________________________ dπ dTR dTC ≤ AR = P × Q Q = P max π ⇒ ___ = 0 = ____ − _ ___ i.e. MR (Q) Q dQ dQ dQ P AR (Q) ... S . = MC (Q) PT ∴ MR (Q * ) = MC (Q * ) for π max. Remember: ... . ... .. → Q * → P * ... η P ≤ 0 .. .. ... ... ... .... .. .... d(P × Q) Q * is the output: .... .... Marginal Revenue MR ≡ ________ M .... .... dQ MR (Q * ) = MC (Q * ) M .... .... ... _1 __ M ..... ... = P × (1 + P ) ....... ... η Not P PT and Q PT when C C ... . ≤ P, (i.e., market power). Supply = Demand because the price elasticity of demand η P is negative. Q ∴ P ≥ MC with market power Where is MR (Q)?
8.
© R.E.Marks 1998
Industry 15 © R.E.Marks 1998 Industry 16 100 In the long run . . . Price Demand = AR = P ¢ ( . . . we’re all dead − J.M. Keynes) Competitive market: 80 $/unit AR = P = MC = AC MC (y) AC (y) & π =0 ....... .. . ..... P1 ........ ......... . ........ 60 because ............................................... . AR = AC P2 .. . AR = D .... ..... ............. 40 output/period MC = AC = 30¢ ..................................................................................................... so: for the marginal firm, profit is zero, having been competed away by new entrants. 20 Long-run equilibrium when: MR P = LRMC = min LRAC and economic profit is zero. 1 2 3 4 5 6 7 8 9 10 Quantity Q The positive profits attract new entrants, whose output in aggregate reduces the price at which supply equals demand, until profits disappear (at least at the margin). TR = P × Q, P = P (Q) To attain a competitive advantage, firms want to secure a market position that protects from imitation ∆ TR = P × ∆ Q + ∆ P × Q and entry. ∂ TR ∂ ____ = _ P (Q) Q + P MR ≡ _ ______ ∂Q ∂Q Q: At what quantity is Revenue maximised?
9.
© R.E.Marks 1998
Industry 17 © R.E.Marks 1998 Industry 18 6. Monopolistic Competition: Summary: 1. Prices of substitutes affect the demand curve, For a firm (a monopoly ?) with market power (i.e. facing downwards-sloping. (imperfect substitutes) a downwards-sloping demand curve) with other firms selling close substitutes, there is competition as firms 2. Assume that each firm takes others’ actions constant change the prices of the close substitutes, which results in & then sets sales (Q * ) so that SR a shift to the left in the demand curve that our firm faces. MR(Q * ) = MC(Q * ) (SR ⇒ Short Run) SR SR → Monopolistic Competition to maximize its profit (Q * → P * ). SR ... D′ .... D .. .. .... ..... .. 3. In general, P * > AC (Q * ) for each firm, so that ...... .. AC profit π is positive in the short run. $/unit .. . ....... ... .. .... ........ ... ⇒ attractive for new firms to produce close ... .... ... ...... ............. ...... ....................... ......... . . ........................ substitutes in the long run. .. ........... ......................... ...... D ........... ........ D′ 4. In the medium-to-long run, new entrants invest, and the original firms’ demand curves move to the left, as their market share falls. output/period 5. In the long run (LR), all profits will be bidded away Conditions for Monopolistic Competition: for the marginal firm, with AR = D ≡ P = AC ∴ π =0 1. firms compete by selling differentiated (such as branded) products; substitutes but not perfect and maximum profit point on demand curve substitutes; so they have some market power; (i.e. output Q * : MR (Q * ) = MC (Q * )) LR LR LR 2. free entry and exit; no barriers; ∴ the demand curve must be tangent to the AC curve at 3. firms do not behave strategically, they assume their the price & output chosen. (LR: long run) competitors’ actions fixed; (See the T-shirt case.) 4. buyers are price takers; no bargaining.
10.
© R.E.Marks 1998
Industry 19 © R.E.Marks 1998 Industry 20 . .. .. .. .. .. D′ .. D .. D′ .. D .. .. .. .. .. . .. . .. .. . .. . ... .. . .. ... . ... ... .. AC . ... AC $/unit ... .. $/unit . ... MC = S . .. .... .. . .. .. . ... . .. .... .. ... ... . .. .. .. .. .... .. .. ... .. .. .. ... ..... .. .. .... .. .. ...... ........ .. .. .. ..... .. .. .. .... ........... ... .. ..... .. .. .. ... .. ... ... .. ....... .. ... .. .. ... ... ............................. ... ... .. ............................... . ...... ... ... ... ... ... ... .. D = AR ........ ....................... ... D .... .... .... ..... .... .. . ..... ..... ....... ................. ...... ....................... ........ ...... .. ....... D′ .. .. D′ = AR′ .. .. .. .. .. .. .. .... ......... output/period Monopolistic Competition Long-run equilibrium at the margin. output/period (Remember: Competitive Pricing average profit = average revenue – average cost.) and There will be excess capacity: Monopoly Pricing firms will not operate at minimum AC, and so they could reduce AC by increasing output. Why don’t they?
11.
© R.E.Marks 1998
Industry 21 © R.E.Marks 1998 Industry 22 Assume: Many Buyers ________________________________________ _ Number of Sellers _______________________________________ _ One A Few Many _____________________________________________________ HOMOGENEOUS Homogenous Pure Homogeneous Pure or _ Product Monopoly Oligopoly Competition _____________________________________________________ DIFFERENTIATED? Differentiated Pure Differentiated Monopolistic _ Product Monopoly Oligopoly Competition _____________________________________________________ Degree of Substitutability? Market Structure • Physical Attributes • Ancillary Services (One buyer, many sellers: monopsony.) • Geographical Location • Subjective Image “I think it’s wrong only one company makes the game Monopoly” — US humorist, Steve Wright
12.
© R.E.Marks 1998
Industry 23 © R.E.Marks 1998 Industry 24 Same seller, but ... 7. Price Discrimination When a company which possesses some market power charges its consumers different prices for essentially the same product. With market-power, the profit-maximization output y * is Unequal markups: given by: MR (y * ) = MC (y * ) P1 P2 _____ ≠ _____ > 1 MC 1 MC 2 but since (with uniform pricing): P = D = AR > MR ⇒ PRICE DISCRIMINATION! it is not the case that P = MC . across customers 1, 2 Instead, P > MC Perhaps because of: _ MC ________ (see above) P = _1 ____ Different Customers (e.g. young, old, sex) 1− |ηP | • Different Time _P ___ _ 1 ________ > 100% ∴ = MC _1 ____ • Different Place 1− |ηP | • Different Appearance when elastic: |η P | >1 = the mark-up (or P /MC–1). (Note: _ P > 1 implies market power. Why?) ___ The monopolist would like to segment the market MC according to the price elasticity of demand η P and charge higher prices for those consumers with lower elasticities of demand. Similarly: Taxes: on items with lower η ? Which?
13.
© R.E.Marks 1998
Revision Industry 25 © R.E.Marks 1998 Revision Industry 26 Price Discrimination can take three broad forms: Total output must be such that marginal cost equals marginal revenue across all groups 1. First-Degree Price Discrimination (otherwise the firms are not maximising profits). To capture all the consumers’ surplus, the firm with Total output is determined by horizontally summing market power would like to charge each of its the marginal revenues of all groups and equating customers the maximum price that customer is this sum with the marginal cost of total production. willing to pay for each unit sold. Perfect price discrimination. Remember that the mark-up formula gives: 2. Second-Degree Price Discrimination 1 __ ), η < 0 MR = P (1 + In some markets (water, electricity, etc.) each η consumer buys many units of the good over any and MR 1 = MR 2 implies that the ratio of prices in given period, and the consumer’s demand falls with two segments is the number of units bought. In this situation, a firm can discriminate P1 (1 + 1/η 2 ) ___ = _________ according to quantity bought. Multi-part pricing or P2 (1 + 1/η 1 ) declining block pricing, where the price for later blocks bought is lower than the price for the earlier so the higher price is charged to the consumers with blocks. the lower demand elasticity, as expected. 3. Third-Degree Price Discrimination 4. The Two-Part Tariff The firm segments the market into two or more Another way of extracting consumer surplus: groups with separate demand curves for each group, • charge an up-front fee T (for membership or and charges the members of each group the same entrance or connection or a “monthly service price, but members of different groups different fee”) and then prices. • charge a further per-unit price P for usage (for This is the most common version of price discrimination (haircuts, airfares, generic brands, use or rides or phone calls or water litres). student and pensioner discounts). How to set the connect/entry fee T and the usage fee For the groups, total output must be divided P? For a single consumer: let P = MC and T equal between groups to equalise their marginal revenues the entire consumer surplus. (otherwise firms are not maximising profits).
14.
© R.E.Marks 1998
Revision Industry 27 © R.E.Marks 1998 Revision Industry 28 8. Consumers’ Surplus P S = MC .. P D .. 8.1 Producers’ Surplus .. ... and Economic Rent .. Remember: each point on ... .. .. .. the demand curve gives the C.S. ....... .. ..... ... highest uniform price at ...... Each point on the supply ... ....... .... which consumers are P 1 ........ curve (the MC curve for D .... D ........ D price-taking firms) P1 .... willing to buy the P.S. ...... gives the lowest uniform ..... corresponding quantity of ...... ....... output. price which suppliers are .................. Q1 Q willing to sell the corresponding quantity of At price P 1 there exist some consumers (represented by output. the demand curve to the left) whose net willingness to pay Q1 Q is still positive. The firm’s view: P.S. = TR − VC ∴ π = P.S. – FC At price P 1 they gain consumers’ surplus, which (if their At price P 1 there exist some producers (represented by the expenditure is a small fraction of their total expenditure, so supply curve to the left) who would sell at prices below that there are no income effects with the price change) P 1 : their net willingness to sell at P 1 is still positive. equals the area above the price and below the demand At price P 1 they gain producers’ surplus, or economic curve. rent: a return to producers over and above the minimum necessary to induce them to supply Q 1 in aggregate. P.S. So consumers’ surplus is a willingness to pay over and equals the area below the (uniform) price and above the above the uniform price (at uniform pricing or general supply (MC) curve. pricing). P S A monopolist might like to segment the market and price discriminate to increase his or her producers’ surplus at P1 D the expense of consumers’ surplus. rent Q1 Q
15.
© R.E.Marks 1998
Industry 29 © R.E.Marks 1998 Industry 30 ________________________________________________________________ In the long run, monopolistic-competition equilibrium (1) (2) (3) (4) (5) (6) Consumer’s Total Marginal Profit there will be excess capacity, Quantity Total Revenue Revenue with Price Demanded Willingness(with perfect (with perfect AC =MC =0.3 i.e. firms will not operate at the minimum efficient To Pay price disc.) price disc.) π = TR − TC scale (y′, which results in the minimum AC), and so (1) × (2) ∆ (4) (4)–[(2)×0.30] they could reduce AC by increasing output. ________________________________________________________________ P $1.00 1 $1.00 $1.00 $0.70 0.90 2 1.90 1.90 0.90 1.30 ..... 0.80 3 2.70 2.70 0.80 1.80 ..... ..... 0.70 4 3.40 3.40 0.70 2.20 ..... ..... ... S ..... ..... ..... 0.60 5 4.00 4.00 0.60 2.50 ..... ... 0.50 6 4.50 4.50 0.50 2.70 ..... .... ..... .... 0.40 7 4.90 4.90 0.40 2.80 ..... ..... .... C.S. .......... .... 0.30 8 5.20 5.20 0.30 2.80 . ..... 0.20 9 5.40 5.40 0.20 2.70 ..... ..... ..... ..... ..... ..... 0.10 10 5.50 5.50 0.10 2.50 ......... ________________________________________________________________ ... ...... .......... P.S. ...... ..... .. ....... ..... ..... ..... ......... ..... MC = AC ⇒ constant cost firm .......... ..... ................. .................... ..... ..... ..... ..... ..... D Q
16.
© R.E.Marks 1998
Industry 31 © R.E.Marks 1998 Industry 32 100 9. Summary Price Demand = AR = P ¢ In this section, we have considered: 80 1. How industry supply curves are derived from those of individual firms, and the complications of achieving this, in the short run and the long. 60 2. The differences between pure and perfect competition, at one extreme, and 3. The use of market power by a profit-maximising 40 monopolist, at the other extreme. MC = AC = 30¢ ..................................................................................................... 4. What the long-run equilibrium condition of zero profits for the marginal firm means when firms face 20 horizontal demand curves (no market power) or downwards-sloping demand curves (with market MR power) in the case of monopolistic competition. 5. How and why firms with market power might 1 2 3 4 5 6 7 8 9 10 segment the market and price discriminate in order Quantity to capture more of consumers’ surplus and so increase their profits. 6. Three types of price discrimination: perfect price TR = P × Q, P = P (Q) discrimination, block price discrimination ∆ TR = P × ∆ Q + ∆ P × Q (declining), segmenting the market. Two-part tariff: ∂ TR ∂ ____ = _ P (Q) Q + P a connect charge plus a usage charge. MR ≡ _ ______ ∂Q ∂Q 7. The meaning of economic rent, and the relationship Monopoly PM = between producers’ surplus and profit. MR (Q * ) = MC (Q * ), ∴ Q * = M M M πM = Competitive PC = Q* = C πC =
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