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110 PRINCIPLES OF ECONOMICS
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are $50,000 ($40,000 in wages in her best alternative employment plus $10,000 interest on her money capital). Thus, her total costs are $370,000. Since the total revenue from selling the year s output is $400,000, she earns an economic pro t of $30,000 for the year. b. The person on the street would instead say that this entrepreneur s pro t is $80,000 (the total revenue of $400,000 minus the out-of-pocket expenditures, or explicit costs, of $320,000). However, $50,000 of this $80,000 represents the normal return on the entrepreneur s owned factors and is appropriately considered a cost by the economist. c. If the entrepreneur s total revenue were $360,000, she would earn less than a normal return on her owned factors (her wage and interest in alternative employment) and it would be best to eventually go out of business and work as a manager for and lend her money to someone else. This shows that implicit costs are part of the costs of production because they must be covered in order for the rm to remain in business and continue to supply the goods and services it produces. Solved Problem 12.2 a. Why are the MC, AVC, and AC curves U-shaped b. Why does the MC curve intersect the AVC and AC curves at their respective lowest points Solution: a. As we start using variable factors with some xed factors, we may rst obtain increasing returns, but eventually diminishing returns will set in. As a result, the MC, AVC, and AC curves rst fall but eventually rise, giving them their U shapes. b. The MC curve always intersects the AVC and AC curves at their respective lowest points because as long as MC is below AC, it pulls the average down. When the MC is above AC, it pulls the average up. Only when MC equals AC is AC neither falling nor rising (i.e., AC is at its lowest point). This is logical. For example, if your grade on a quiz is lower than your previous average, your average will fall and vice versa.
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Perfect Competition De ned Pro t Maximization in the Short Run Short-Run Pro t or Loss Long-Run Equilibrium True or False Questions Solved Problems
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An industry is said to be perfectly competitive if: (1) it is composed of a large number of independent sellers of a commodity, each too small to affect the commodity price; (2) all rms in the industry sell homogenous (identical) products; and (3) there is perfect mobility of resources, so rms can enter or leave the industry in the long run without much dif culty. As a result, the perfectly competitive rm is a price taker and can sell any amount of the commodity at the prevailing market price. Perhaps the closest we come to perfect competition is in the market for such agricultural commodities as wheat and cotton. There, we may have a large number of producers each too small to affect commodity
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price. The output of each farmer (say wheat of a given grade) is identical, and it is rather easy to enter or leave this industry. The perfectly competitive model is used to analyze markets, such as these, that approximate perfect competition. It is also used to evaluate the ef ciency of the other forms of market organization to be covered in subsequent chapters.
Note!
Perfect competition is rarely seen in the real world, but is an economic benchmark for all types of businesses.
Pro t Maximization in the Short Run
A rm maximizes total pro ts in the short run when the (positive) difference between total revenue (TR) and total costs (TC) is greatest. TR equals price times quantity. In general, it is more useful to analyze the short-run behavior of the rm by using the marginal-revenue marginal-cost approach. Marginal revenue (MR) is the change in TR per unit change in the quantity sold. Since the perfectly competitive rm can sell any quantity of the commodity at the prevailing price, its MR = P, and the demand curve it faces is horizontal at that price. The perfectly competitive rm maximizes its short-run total pro ts at the output at which MR or P equals MC (and MC is rising). Example 13.1 In Table 13.1, MR (column 4) is the change in TR and is recorded between the various quantities sold. MC (column 7) is the change in TC and is also entered between the various levels of output. Pro t per unit (column 10) equals P AC. Total pro ts (column 11) equal pro ts per unit times the quantities sold. Note that total pro ts are maximized at $16.90 when the rm produces and sells 6.5 units of output where MR = MC.
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