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CHAPTER 13: Perfect Competition Table 13.1
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Example 13.2 The pro t-maximizing (or best) level of output of this rm can also be viewed in Figure 13-1. The MC and AC values are from Table 13.1. The demand curve facing the rm is horizontal at P = $8 = MR. As long as MR exceeds MC, it pays for the rm to expand output. Thus, the rm maximizes its total pro ts at the output level of 6.5 units (given by point C where MR = MC). The pro t per unit at this level of output is CF, or $2.60, and total pro t is given by the area of rectangle CFGH, which equals $16.90.
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Figure 13-1
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114 PRINCIPLES OF ECONOMICS
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MR = MC is the key to pro t maximization.
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Short-Run Pro t or Loss
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If, at the point where P = MR = MC, P exceeds AC, the rm is maximizing its total pro ts. If P = AC, the rm is breaking even. If P is larger than AVC but smaller than AC, the rm minimizes total losses. If P is smaller than AVC, the rm minimizes total losses by shutting down. Thus, P = AVC is the shutdown point for the rm.
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A business rst determines the pro t-maximizing quantity and then determines whether it will have a pro t or loss.
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Since the perfectly competitive rm always produces where P = MR = MC (as long as P exceeds AVC), the rm s short-run supply curve is given by the rising portion of its MC curve over and above its AVC, or shutdown point.
Long-Run Equilibrium
If the rms in a perfectly competitive industry are making short-run profits, more rms will enter the industry in the long run. This increases market supply of the commodity and reduces the market price until all profits are competed away and all rms just break even. The exact opposite occurs if we start with rms with short-run losses. As a result, all rms in a perfectly competitive industry with long-run equilibrium produce where P = lowest LAC and resources are utilized in the most ef cient way.
CHAPTER 13: Perfect Competition
True or False Questions
1. In a perfectly competitive industry, each rm can affect the commodity price. 2. The marginal revenue of a rm in perfect competition is equal to the commodity price. 3. The perfectly competitive rm maximizes pro ts at the quantity where its MR curve intersects the rising portion of its MC curve. 4. A rm breaks even when price equals its average variable cost. 5. All rms in perfect competition break even in the long run. Answers: 1. False; 2. True; 3. True; 4. False; 5. True
Solved Problems
Solved Problem 13.1 a. De ne marginal revenue. How is it calculated Why is marginal revenue constant and equal to price under perfect competition b. What is the shape and elasticity of the demand curve facing a perfectly competitive rm Why c. How does the rm determine how much to produce in the short run Solution: a. MR is de ned as the change in TR for a one-unit change in the quantity sold. Since the perfectly competitive rm can sell any amount of the commodity at the prevailing market price, its MR is constant. For example, if P = $4, TR = $4 when the rms sells one unit and TR = $8 for two units. Thus, MR = change in TR = $4 = P. b. Since the perfectly competitive rm can sell any amount at the market price, the demand curve it faces is horizontal or in nitely elastic at this price. With a horizontal demand curve, an in nitely small fall in price causes an in nitely large increase in sales because all consumers will go to the seller with the lowest price. As the denominator of the elasticity formula (the percentage change in price) approaches zero and the numerator (the percentage change in quantity) becomes very large, the value of the fraction and elasticity (ED) approaches in nity. c. We can determine how much a rm produces in the short run by
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