By David F. Heathfield
ISBN-10: 0333416074
ISBN-13: 9780333416075
ISBN-10: 1349187216
ISBN-13: 9781349187218
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Extra info for An Introduction to Cost and Production Functions
Example text
Monopoly means that a single firm supplies the market and that the firm's demand curve is the market's. The firm will accordingly face a downward sloping demand curve and will have to consider the priceeffects ofchanging its level ofoutput. The demand curve is the average revenue curve since it shows how much the firm gets on average for each unit of production at each level of output. The MR curve will be below the demand curve, because the extra revenue coming from an additional unit of sales will be lower than the price.
Monopoly is here assumed not to alter the cost curves which remains the same as it was in the case with perfect competition. Neither does it alter the market's demand curve or the profit maximising condition MR = Me. What happens is that the firm's MR curve no longer equals the demand curve. 12 Output Determination in a Monopolistic Market. Long Run p p* B Me ATC A q* q situation. ) In this case it is assumed that no competitor can enter and bid away the profits. Thus the central organising concept here is profit maximising rather than the inevitability of zero profits.
8) refers to total costs. 9) Since all factors are variable in the long run, we have an identity between total and variable cost. Thus, ATC = AVC, where AVC = average variable costs. The marginalcost (MC) is the increase in total costs following a unit increase in output. 10) By holding input prices constant, we can study the variation of cost with output. The shape of the cost functions do of course depend on the underlying production function, and in particular, its scale properties. 5. At first we have a phase with increasing returns to scale and later on a phase with decreasing returns.
An Introduction to Cost and Production Functions by David F. Heathfield
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