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Pure Monopoly

Содержание

1. Pure Monopoly
2. Four Market ModelsLO110-
3. An Introduction to Pure MonopolySingle seller –
4. Barriers to EntryBarrier to entry: a factor
5. Monopoly DemandThe pure monopolist is the industryDemand
6. Monopoly DemandMarginal revenue < priceMonopolist is a
7. Output and Price DeterminationLO210-
8. Output and Price DeterminationLO20DMRATCMCMR=MCA=$94EconomicProfitPm=$12210-
9. Misconceptions of Monopoly PricingNot highest priceTotal profitPossibility of lossesLO210-
10. Misconceptions of Monopoly PricingLO20DMRATCMCMR=MCLossAVCPmQmVA10-
11. Economic Effects of MonopolyLO3(a)Purely Competitive Market(b)Pure MonopolyDDS=MCMCP=MC=MinimumATCMRPcQcPcPmQcQmPure competition is efficientMonopoly is inefficientabcd10-
12. Economic Effects of MonopolyIncome transferCost complicationsEconomies of scaleX-InefficiencyRent seeking expendituresTechnological advanceLO310-
13. X-InefficiencyLO3ATC2ATC1 ATCxQ1Q2AverageTotal CostXX'ATCx'10-
14. Price DiscriminationPrice discrimination Charging different buyers different
15. Conditions for success:Monopoly powerMarket segregationNo resalePrice DiscriminationLO410-
16. Regulated MonopolyNatural monopoliesSocially optimal priceSet price = marginal costFair return priceSet price = ATCLO510-
17. Regulated MonopolyLO5MonopolyPriceFair-ReturnPriceSociallyOptimalPricePrDrfbaPfPmQmQfQrMRMCATC10-
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Four Market ModelsLO110-

Слайды и текст этой презентации

Слайд 1Pure Monopoly
10
Copyright © 2012 by The

McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin

Pure Monopoly10 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin

Слайд 2Four Market Models
LO1
10-

Four Market ModelsLO110-

Слайд 3An Introduction to Pure Monopoly
Single seller – a sole producer
No

close substitutes – unique product
Price maker – control over price
Blocked

entry – strong barriers to entry block potential competition
Non-price competition – mostly PR or advertising the product

LO1

10-

An Introduction to Pure MonopolySingle seller – a sole producerNo close substitutes – unique productPrice maker –

Слайд 4Barriers to Entry
Barrier to entry: a factor that keeps firms

from entering an industry
Economies of scale
Legal barriers: patents and licenses
Ownership

of essential resources
Pricing

LO1

10-

Barriers to EntryBarrier to entry: a factor that keeps firms from entering an industryEconomies of scaleLegal barriers:

Слайд 5Monopoly Demand
The pure monopolist is the industry
Demand curve is the

market demand curve
Downsloping demand curve
Marginal revenue is less than price
LO1
10-

Monopoly DemandThe pure monopolist is the industryDemand curve is the market demand curveDownsloping demand curveMarginal revenue is

Слайд 6Monopoly Demand
Marginal revenue < price
Monopolist is a price maker
Monopolist sets

prices in elastic region of demand curve
LO2
10-

Monopoly DemandMarginal revenue < priceMonopolist is a price makerMonopolist sets prices in elastic region of demand curveLO210-

Слайд 7Output and Price Determination
LO2
10-

Output and Price DeterminationLO210-

Слайд 8Output and Price Determination
LO2
0
D
MR
ATC
MC
MR=MC
A=$94
Economic
Profit
Pm=$122
10-

Output and Price DeterminationLO20DMRATCMCMR=MCA=$94EconomicProfitPm=$12210-

Слайд 9Misconceptions of Monopoly Pricing
Not highest price
Total profit
Possibility of losses

LO2
10-

Misconceptions of Monopoly PricingNot highest priceTotal profitPossibility of lossesLO210-

Слайд 10Misconceptions of Monopoly Pricing
LO2
0
D
MR
ATC
MC
MR=MC
Loss
AVC
Pm
Qm
V
A
10-

Misconceptions of Monopoly PricingLO20DMRATCMCMR=MCLossAVCPmQmVA10-

Слайд 11Economic Effects of Monopoly
LO3
(a)
Purely Competitive Market
(b)
Pure Monopoly
D
D
S=MC
MC
P=MC=
Minimum
ATC
MR
Pc
Qc
Pc
Pm
Qc
Qm
Pure competition is efficient
Monopoly

is inefficient
a
b
c
d
10-

Economic Effects of MonopolyLO3(a)Purely Competitive Market(b)Pure MonopolyDDS=MCMCP=MC=MinimumATCMRPcQcPcPmQcQmPure competition is efficientMonopoly is inefficientabcd10-

Слайд 12Economic Effects of Monopoly
Income transfer
Cost complications
Economies of scale
X-Inefficiency
Rent seeking expenditures
Technological

advance
LO3
10-

Economic Effects of MonopolyIncome transferCost complicationsEconomies of scaleX-InefficiencyRent seeking expendituresTechnological advanceLO310-

Слайд 13X-Inefficiency
LO3
ATC2
ATC1
ATCx
Q1
Q2
Average
Total Cost
X
X'
ATCx'
10-

X-InefficiencyLO3ATC2ATC1 ATCxQ1Q2AverageTotal CostXX'ATCx'10-

Слайд 14Price Discrimination
Price discrimination
Charging different buyers different prices
Price differences

are not based on cost differences
Examples: business travel, electric utilities,

movie theaters, golf courses, railroad companies, coupons, international trade

LO4

Price Discrimination

10-

Price DiscriminationPrice discrimination Charging different buyers different prices Price differences are not based on cost differencesExamples: business

Слайд 15Conditions for success:
Monopoly power
Market segregation
No resale

Price Discrimination
LO4
10-

Conditions for success:Monopoly powerMarket segregationNo resalePrice DiscriminationLO410-

Слайд 16Regulated Monopoly
Natural monopolies
Socially optimal price
Set price = marginal cost
Fair return

price
Set price = ATC

LO5
10-

Regulated MonopolyNatural monopoliesSocially optimal priceSet price = marginal costFair return priceSet price = ATCLO510-

Слайд 17Regulated Monopoly
LO5
Monopoly
Price
Fair-Return
Price
Socially
Optimal
Price
Pr
D
r
f
b
a
Pf
Pm
Qm
Qf
Qr
MR
MC
ATC
10-

Regulated MonopolyLO5MonopolyPriceFair-ReturnPriceSociallyOptimalPricePrDrfbaPfPmQmQfQrMRMCATC10-

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