EC120 TEST #2 EXAM-AIDTutors: Fisnik “Fiz” Lokku“Princess Leila” Bautista

Coordinator: “Action Jackson” HounsellSome images used from course and textbook slides.

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What is SOS?

• Before we begin, a quick blurb about what we do.

• SOS runs outreach programs in less developed countries

• We assist in building schools for the less fortunate. And if you get involved, you could be on one of these trips!

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Costa Rica

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Costa Rica

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Costa Rica

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AGENDA

Alright folks, put on your thinking caps

Chapters 7,8,10,13, and 14– Go through them all– Answer any questions– A few examples– Leave you with the package

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Chapter 7Consumers, Producers, and the

Efficiency of Markets

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WTP & Consumer Surplus

• Willingness to pay (WTP) is the maximum amount a buyer is willing to pay for a good.

• Demand curve– measures the willingness to pay for an additional unit of a

good (quite possibly the WTP of the marginal buyer – the price needed to get one more buyer).

• Consumer surplus is the difference between what buyer’s are WTP and what they actually pay.– A measure of how happy you are because you would have

been willing to pay more for those Lady Gaga tickets.

CS = Total Value – Total Spending CS = WTP – Price Paid

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Consumer Surplus

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= consumer surplus (happiness or “welfare”)

Happy face image from: http://neoavatara.files.wordpress.com/2009/01/happy-face_happyface_smiley_2400x2400.jpg.

CS is the difference between the price the consumer is willing to pay and the price they actually have to pay.

If you can’t remember that just remember, it is the area above the price line and below the demand curve.

Consumer Surplus Changes

• As price increases, CS falls.• This is due to the fall in happiness from people

no longer buying, and the fall in happiness from those who continue to buy.

• Vice versa occurs when price falls.

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EXAMPLE

Answer – (d)Before the fall, Ann’s consumer surplus was the area between the $4 price line and the demand curve. Now that the price has fallen to 3, and the question is asking us the increase in CS, its basically the area of the rectangle and the triangle shown in the diagram.

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WTS and Producer Surplus

• Willingness to sell (WTS) represents the price at which producers are willing to sell a particular good.– Since a producer will rationally never sell below cost, we

use cost to measure WTS (opportunity cost, that is).– At each quantity, the supply curve represents the

marginal cost (cost to produce one more unit).

• Producer surplus is the difference between what seller’s receive (price) and their WTS. – A measure of how happy you are because you were

willing to sell your gangsta hand-knitted mittens for $10 and your buddy bought them off you for $30.

PS = Total Spending – Total Cost PS = Price Received - WTS

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Producer Surplus

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PS is the difference between the price the seller receives and the costs they incur.

If you can’t remember that just remember, it is the area below the price line and above the supply curve.

Producer Surplus Changes

• As P decreases, PS decreases.– This is due to the decrease in happiness to the

suppliers who leave the market and the decrease in happiness to the remaining suppliers who now receive a lower price per unit.

– Vice versa occurs for a price increase.

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Allocative Efficiency

• Total Surplus = CS + PS– Total Surplus = Value to Buyers – Cost to Sellers

• Allocative Efficiency occurs when TS is maximized.– As well, the buyers who value the good the most

receive the good, and the sellers with the lowest costs produce the good.

– Equity is a measure of how fair this allocation is, but is very hard to judge.

• The free market eq’m maximizes TS and is efficient.

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Laissez Faire – Oui ou Non?

• Since the free market eq’m efficiently allocates resources, any sort of government distortion of the market is seen to have a negative effect on overall surplus.

• A “laissez faire” approach to economics is one which say the government should not interfere with market interactions (as they will distort the market and decrease TS).

• However, this is all assuming that markets are indeed perfectly competitive. In the real world, there are market failures caused by market power imbalances and externalities.

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Chapter 8The Costs of Taxation

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Tax Effects

• We know from previous chapters that taxes reduce the quantity exchanged, increase the price to buyers, and decrease the price received by sellers.

• For the sake of analyzing its effect on TS, we include tax revenue as part of TS because it can lead to good things (taxes pay for roads, national defense, etc.).

• The effect, as shown in the next slide, is a decrease in CS (buyers now pay more), decrease in PS (sellers receive less), and an increase in tax revenue. – Overall, the TS goes down. The loss in TS is known

as deadweight loss (DWL). 18

Tax Effects

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BEFORE Tax:• CS = A + B + C• PS = D + E + F• Tax Revenue (TR) = 0• TS = A + B + C + D + E + F

AFTER Tax:• Quantity exchanged = 40, Price paid by buyers = $1.10, Price rec’d by sellers = $0.90.• CS = A• PS = F• TR = B + D• TS = A + B + D +F

• Therefore, loss in TS = C + E

DWL = C + EDWL = [(1.10 – 0.90)*(50 – 40)]/2 = $1

Image from: http://cwx.prenhall.com/bookbind/pubbooks/osullivan12/chapter16/medialib/ch16_m3_1-4.gif

Minimizing Surplus Loss

• As taxes are necessary to a society, governments try to tax goods that lead to the least happiness (surplus) loss –> which goods will have the lowest DWL.

• This relates back to elasticity.– The more responsive (elastic) buyers or suppliers

are to a good’s price, the greater the distortion will be when a tax is imposed -> leading to a larger DWL.

– Therefore, to minimize DWL in society, taxes on inelastic goods (in demand and supply) should be pursued.

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Elasticity Effects

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• In the graph with an elastic demand curve (flatter), the red area (DWL) is notably larger, given the fact that consumers react more to price changes (therefore creating a greater market distortion than when the curve is steeper and more inelastic)• The same applies to the elasticity of supply (the flatter and more elastic it is, the greater the distortion -> bigger DWL).

Elastic Demand Inelastic Demand

Image from: http://cwx.prenhall.com/bookbind/pubbooks/osullivan12/chapter16/medialib/ch16_m3_1-4.gif

Government Size & Labour Market

• Bigger government = More services provided = More taxes required = Greater DWL

• Much debate in labour market, which represents a large portion of tax revenue (with marginal tax rate close to 50%)– If the supply of labour is inelastic -> DWL is

small and it’s no biggie.– Yet, some argue it is elastic and therefore taxes

greatly distort the labour market. • It is elastic by: choice of overtime hours, discretion

over work in combined income houses, retirement options, and under-the-table motivations.

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Changing Tax Size

• When taxes are low, increasing them or decreasing them doesn’t have a huge DWL effect.

• When taxes are higher, increasing them or decreasing them has a huge effect on DWL.

• GRAPH THIS OUT TO SEE THE CHANGE.

• As well, when increasing taxes, they may originally lead to an increase in TR. But this only happens to a certain point.– At some point TR starts to go down. This relationship is

shown in the Laffer Curve.

23Image from: http://3.bp.blogspot.com/_Ytw3f14YpgE/THVKTp75WOI/AAAAAAAAACI/avvBbVLtTgQ/s1600/Laffer_Curve.png

Chapter 10Externalities

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Positive and Negative Externalities

• An externality occurs whenever actions taken by firms or consumers directly impose costs or confer benefits on others. • When you smoke a cigarette in a restaurant, you might

impose costs on others present; when you renovate your home you might confer benefits on your neighbours.

• A negative externality occurs when external costs exist (i.e. social cost exceeds private cost)

– Examples: smoking, pollution, congestion

• A positive externality occurs when external benefits exist (i.e. social benefits exceed private benefits)

– Examples: Education, innovation, flu shots, Old Spice

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Private + External = Social

• Private Cost - cost to the seller• External Cost - cost to a 3rd party• Social Cost = private cost + external cost

• Private Benefit – benefit to the buyer• External Benefit – benefit to a 3rd party• Social Benefit = private benefit + external benefit

• Marginal social cost: MCS = MCP + MCE

• Marginal social benefit: MBS = MBP + MBE

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Negative Externality-The efficient level of output is where D = Social Cost (S).

- In this diagram, that point is represented by QS. This is where the total surplus is maximized.

- Externalities can be eliminated by “internalizing” them (altering incentives to make people account for them)

- To eliminate a negative externality, the government usually uses taxes. These taxes are known as Pigovian taxes.

- An effective internalizing tax is one that is equal to the externality cost (= Social Cost – Private Cost). 27

Negative Externality Deadweight Loss

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Positive Externality

QSQP

P

S

Private Benefit

- The efficient level of output is where S = Social Benefit (D).

- In this diagram, that point is represented by QS. This is where the total surplus is maximized. -To internalize a positive externality, the government usually uses subsidies.

- An effective subsidy equals the External Benefit ( = Social Benefit – Private Benefit).

- In this case, the private market yields underproduction.

Ext.Benefit

Social Benefit

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Positive Externality EXAMPLE

Recall the TS FormulaTS = TV(area under demand) – VC(area under supply)TS at QP

TS = (A+F) – (F) = A (allocative inefficient)TS at QS

TS = (A+B+C+D+E+F) – (E+F+D) = A+B+C (allocative efficient)The change in TS from QP to QS?(A+B+C)-(A) = B + CTherefore, after the subsidy has been imposed to cover the positive externality, the TS rises by B + C

B represents benefits 3rd parties were already experiencing. C represents DWL when at QP.

FIND the total surplus at each level of production (i.e. QS and QP).

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Coase Theorem

• Private solutions to externalities include: the moral code and social sanctions (Golden rule), charities, self-interest of relevant parties, and contracts b/w relevant parties.

• Coase Theorem: Assuming no costs, private parties can bargain amongst themselves to allocate resources at a socially optimal level (they can fix externalities).– In any externality scenario, the benefits and costs of the good in

question are measured. • If benefit > cost -> socially optimal (efficient) to keep good.• If cost > benefit -> socially optimal (efficient) to get rid of good

– The private outcome of each scenario depends on the costs, benefits, and rights surrounding them.

– Coase theorem states that the private outcome = efficient outcome every time, regardless of initial distribution of rights.

– This can fail if assumptions do not hold true.31

Public Policy Approaches

• Policies towards solving externalities can be:– Command-and-Control – direct regulation

• I.e. absolute limit on pollution, mandatory business process implementations, etc.

– Market-based policies – incentives are used to lead parties to the solution.

• Pigovian taxes -> ideal when set equal to externality cost. Leaves no limit to savings or costs.

– These taxes increase economic efficiency and raise tax revenue.

• Subsidies -> ideal when set equal to externality benefits. • Tradeable pollution permits (see next slide).

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Pollution Control Policies

• Tradable pollution permits give each firm an allocation of permits that allows them to buy/sell permits between other firms, if they wish to increase/decrease pollution. – Pollution permits are the right to pollute a certain amount. To reduce

pollution, gov’ts can hand out permits totaling less than what the current pollution is.

• If it costs Fiz’s Gun Factory $100 to reduce pollution emitted by 1 tonne, and only $20 for Leila’s Play-Doh Factory to have the same reduction:– Fiz will seek to buy pollution permits (because he has high pollution

reduction costs)– Leila will seek to sell pollution permits (because reducing pollution doesn’t

cost her too much)– Pollution permit price will fall somewhere in b/w their costs ($20 - $100)– Most of pollution reduction will fall on Leila, as she can do it the best (at

the least cost) -> both Leila and Fiz are happier.

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Pigovian Taxes vs. Pollution Permits

• Demand for ability to pollute is negatively sloped in comparison to the price to pollute (higher pollution prices = less pollution).

• Pigovian taxes seek increase the price of pollution to decrease overall quantity.

• Pollution permits seek to limit the supply of pollution to decrease overall quantity.

• They both have similar effects, but in practice pollution permits are much more precise. 34

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Pigovian Taxes vs. Pollution Permits

• In the Pigovian market, the price is set by the tax and the quantity of pollution is then determined. • In the Permit market, the quantity of pollution is determined first (= amount of pollution permits) and then the price of pollution is determined.

Chapter 13Costs of Production

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Economic vs. Accounting Profit

• Accounting Profit = Revenues – Explicit Costs• Economic Profit = Revenues – Explicit Costs – Implicit

Costs• The difference in calculating economic profits is that we

also subtract out implicit costs (Revenue – OC).• Therefore:

– economic profits < accounting profits• If economic profit is positive, the owner’s capital is

earning more than it could in its next best alternative use

• Zero economic profit does not mean zero accounting profit. – 0 accounting profit means revenues are equal to expenses.– 0 economic profit means that firm is in a stable condition to

stay in the market. 37

Production & Marginal Product

• A production function shows the relationship between inputs and their resulting outputs.– How much material/labour (x-axis) I need to make

1 morph suit, 2 morph suits, 3 morph suits, etc. (y-axis)

• Marginal product (MP) is the change in the total product resulting from the use of one more (or one less) unit of the variable factor. – This also represents the slope of the production function.

• The marginal product (of labour) is:38

ΔL

ΔTPMPL

Diminishing MP

• The law of diminishing returns states that if increasing amounts of a variable factor are applied to a given quantity of the fixed factor, eventually the marginal product of the variable factor declines.

• Consider a worker who does all the tasks required to manufacture a product. As subsequent workers are added, each can specialize on one task, and marginal product rises.

• But if there is a fixed amount of physical capital, eventually the marginal product begins to decline (could become negative).

– I.e. – one cook running a kitchen is hard. You throw another chef in there and they can each specialize in certain tasks and MP is large. Once you get the 100th cook in their, it’s too crowded and they suck.

– I.e. – you can only give so many hammers to a construction crew of 6, before the 10th hammer you give them has any effect at all (diminished MP of the hammer compared to the first one). 39

Marginal Product Curve is derived from the Total Product Curve.

When TP is rising at an increasing rate (curving up), MP is positive and rising.

When TP is rising at a decreasing rate (curving down), MP is positive and falling.

When TP is falling, MP is negative (below Q Labour axis).

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Diminishing MP

Image from: http://www.s-cool.co.uk/assets/learn_its/alevel/economics/costs-and-revenues/the-law-of-diminishing-marginal-returns/2007-11-26_162359.gif

Marginal Cost

• Marginal cost (MC) is the CHANGE in total cost associated with a CHANGE in the level of output. (NOTE—This is NOT the change in cost associated with a change in the use of an INPUT)

MC = Q

TC

Because fixed costs do not vary with output, the only part of TC that changes is the variable cost.

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Marginal Cost and MP

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Costs in the Short Run

• Total cost (TC) is the full cost of producing any given level of output. Total cost is divided into two parts: fixed cost and variable cost. Total fixed cost (TFC) does not vary with the level of output. Total variable cost (TVC) varies directly with output.

TC = TFC + TVC

Average total cost (ATC) is TC divided by the level of output. Average total cost can be separated into average fixed cost (AFC) and average variable cost (AVC).

ATC = AFC + AVC

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Example!

The answer is c)!

ATC = TC/QTC = TFC + TVCTFC = $30TVC = 0.15*200 + 10*(200/100) = $50TC = $80ATC = $80/200 = $0.40

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Example!

Using the following information in the production schedule, fill in the blanks.

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Example!

Answer:

• The AFC curve declines steadily as output rises. The decline reflects spreading the overhead over more units of output.

Co

st

TFCC

ost

Output Output

AFC

Short Run Cost Curves

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The height of the ATC curve is the vertical sum of AFC and AVC. Because AFC is everywhere falling, the difference between AVC and ATC gets smaller as output rises.

Total Cost is the sum of TVC and TFC. It is derived by adding the constant fixed cost to the TVC curve. TC looks like TVC, but shifted vertically upward by the amount of TFC.

Short Run Cost Curves

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Important graph to remember!

Minimum of AVC= shut down point!If the firm cannot afford to pay for variable costs like labour it is better off for them to shut down. That way, they will only be paying the fixed costs (minimizing loss).

The minimum of ATC occurs at a larger quantity than the minimum of AVC.

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• ATC is U-shaped because originally the declining AFC brings it down. But eventually, the increases in AVC outweigh the decrease in AFC and ATC begins to rise.• MC intersects ATC at its minimum because:

• When MC < ATC, ATC is falling• When MC > ATC, ATC is rising

Short Run and Long Run

• The short run is a length of time over which some of the firm’s factors of production are fixed. – Typically, physical capital (the size of the

plant) is the fixed factor -- labour and material inputs are typically variable.

• The long run is the length of time over which all of the firm’s factors of production can be varied, but its technology is fixed.

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Long Run Cost Curves

When all factors of production can be varied, there exists a least average-cost method of producing any level of output.

The long-run average cost (LRAC) curve is the boundary between cost levels that are attainable (with given technology and factor prices) and those that are unattainable...

even when the use of ALL inputs (plant size, equipment, machinery [capital in general], as well as labour) can be varied by the firm.

To illustrate..51

Many SRATC = LRATC

SRAC-K1

SRAC-K2 SRAC-K3

SRAC-K4

Co

st (

$/U

nit)

LRAC

Output per PeriodMinimum Efficiency

Scale

No short-run cost curve can fall below the long-run curve because the LRAC curve shows the lowest attainable cost for each possible

level of output.

Each SRATC curve is tangent to the LRAC curve at the level of

output for which the quantity of the fixed factor is optimal, and lies above it for all other levels of

output.

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Over the range from zero to qM, the firm has falling unit costs. This implies economies of scale (increasing returns to scale). This usually comes from greater specialization as Q increases.

Over the range from qM to qD the firm has constant unit costs. This implies constant returns to scale.

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Economies of Scale

For output rates greater than qD the firm has rising unit costs. This implies diseconomies of scale (decreasing returns to scale).

Inc. Ret. to Sc. Const. Ret. to Sc. Decr. Ret. to Sc.

qD

LRAC

This typically results from difficulties in managing and controlling an enterprise as its size increases (increasing costs of control).

qM

$/Unit

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Diseconomies of Scale

Chapter 14Firms in Competitive Markets

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Competitive Assumptions

• All the firms in the industry sell an identical (homogeneous) product.

• Firms in the industry are free to exit and “outside” firms are free to enter.

• There are many buyers and sellers within the market.

Given the assumptions, we say that firms are price takers (accept it as it is).

With firms being price takers, this means that Marginal Revenue is the same as the Demand, the Average Revenue, and the Price. -> MR = D = AR = P aka MR.DARP 56

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Total, Average, and Marginal Revenue

Total revenue (TR) is the total amount received by the seller from the sale of a product. If q units are sold at p dollars each, then TR = p x q.

Average revenue (AR) is the amount of revenue per unit sold. It is equal to total revenue divided by the number of units sold, and is thus equal to the price at which the product is sold: AR = (p x q)/q = p.

Marginal revenue (MR) is the change in the firm’s total revenue resulting from a change in its sales by one unit.

In a perfectly competitive industry, the market price is unaffected by each firm’s level of output, and so the firm’s marginal revenue is equal to price (which is equal to average revenue): AR = MR = price = demand.

MR.DARP

58The Demand Curve for a Perfectly Competitive Firm

A major distinction between firms in perfectly competitive markets and firms in any other type of market is the shape of the firm’s own demand curve.

Even though the demand curve facing the entire industry is negatively sloped, each firm in a perfectly competitive market faces a horizontal demand curve (at the market price).

Example!

The answer is e)!

MR.DARP, they are all the same! And it is horizontal because the overall market demand/supply determines their price (drawing a horizontal line across to make the firm’s demand curve).

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Rules for All Profit-Maximizing Firms

Should the Firm Produce at All?A firm should not produce at all if (shutdown), for all levels of output, if the total variable cost of producing that output exceeds the total revenue from selling it.

Or, equivalently, if the average variable cost of producing the output exceeds the price or marginal revenue at which it can be sold.

MCAVC

Output

$/U

nit

AR = MR = pp

The price at which the firm can just cover its average variable cost, and so is indifferent between producing and not producing, is called the firm’s shut-down price.

How Much Should a Firm Produce?

If it is worthwhile for the firm to produce at all, the firm should produce the output at which marginal revenue (slope of Total Revenue) equals marginal cost (slope of Total Cost).

A perfectly competitive firm should produce the output that equates its marginal cost of production with the market price of its product (as long as price exceeds average variable cost).

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• Increase output if associated additional revenue exceeds associated additional cost

• Additional revenue called “Marginal Revenue”• Additional cost called “Marginal Cost”

• Rule implies the firm shouldincrease output if MR > MC … reduce output if MR < MC

• This rule applies to (profit-maximizing) firms in all types of market structures

Profit Maximization

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Example!

The answer is b)!

At that point, price is greater than AVC (don’t shut down). But to go from 3 to 4 makes MC (130-100 = 30) greater than MR (= P = $25).

Shut-down price? = minimum AVC = $15. 63

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Short-Run Supply Curves

A competitive firm’s supply curve is given by its marginal cost curve for those levels of output for which marginal cost exceeds average variable cost.

The curve does not begin at the minimum of ATC, because fixed costs (included in ATC) are a sunk cost (which should not be a factor in our decision making). -> sunk costs are not in OC

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Short-Run Equilibrium in a Competitive Market

MC

AVC

q*1 Output

Do

llars

pe

r U

nit

p1

SRATC

In this case, the firm suffers short run losses (price is less than average total costs) equal to the red shaded area.

Case 1: Negative Profits(Losses)

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Case 2: Zero Profits

In case 2, the firm is just covering its costs (price equals average total cost).

There is zero economic profit.

Short-Run Equilibrium in a Competitive Market

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Case 3: Positive Profits

In case 3, the firm is making positive economic profits (blue area) because the price is above average total cost.

Short-Run Equilibrium in a Competitive Market

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Begin with S0 and D0, equilibrium price is p0.

There are N0 identical firms, each producing qE units, earning zero economic profit. Industry output (quantity supplied) is Q0(N0).

Now, suppose there is a demand shift from D0 to D1.

The equilibrium price increases from p0 to p1.

Each firm increases output to q1. Industry output increases to Q1(N0)

Producing the optimal quantity q1 at the higher price p1, each of the N0 firms earns profit equal to the blue-shaded area (price p1 less average cost, multiplied by q1).

Short-Run Equilibrium Changes in a Competitive Market

Perfect Competition: Supplier ENTRY in the Long Run

S

D

P

Industry Firm

Back to long run

equilibrium!

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Begin with S0 and D0, equilibrium price is p0.

There are N0 identical firms, each producing qE units, earning zero economic profit. Industry output (quantity supplied) is Q0(N0).

Now, suppose there is a demand decrease from D0 to D3.

The equilibrium price falls from p0 to p3.

Each firm reduces output to q3. Industry output falls to Q3(N0)

Producing the optimal quantity q3 at the lower price p3, each of the N0 firms incurs a loss equal to the red-shaded area (price p3 less average cost, multiplied by q3).

Short-Run Equilibrium Changes in a Competitive Market

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Because existing firms are making losses, some firms will exit the industry.

As some firms (those reaching the end of the fixed-input contracts) exit, the supply curve shifts to the left.

The equilibrium price rises from p3 back, ultimately, to p0.

Each remaining firm increases output to qE. Despite increases in the outputs of each firm, the reduction in the number of firms results in industry output falling to Q4(N2). In the new equilibrium, there are N2 firms, each producing qE units of output, and earning zero economic profits

Perfect Competition: Supplier EXIT in the Long Run

Overall Effects of Demand Changes

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1. In the short-run an increase in demand causesDemand shifts rightEquilibrium P increases, Q increases, and n is constantProfits increase and are > 0

2. Adjustment to long-run equilibriumPositive profits induce entryEntry shifts supply curve rightP decrease, and Q increasesEntry continues until we get to LR equil. where profits = 0 and q

occurs where P = minimum ATC.

3. In the long run an increase in demand causes…P to stay constant, Q to go up, and number of firms to increase

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Long-Run Equilibrium

The long-run equilibrium of a competitive industry occurs when there is no longer incentive for entry, exit, or expansion.

The entry/exit process is over, and existing firms are not receiving positive economic profits, or suffering economic loss (however, still produce at MR = MC).

Since profit maximization requires MC = MR, and MR = P, and in the long run P = ATC… we say that in the long run MC = ATC (these intersect at the ATC minimum).

The LR market supply curve therefore looks like this:

Example!

The answer is d)!

This is because with a P decrease, firms make losses (causing some to leave). When they leave, market supply decreases causing price to rise back to its original quantity. Overall market Q decreases, but because firms decreased as well, output per firm stays the same. 74

Long-Run Supply

• The horizontal LR supply assumes all firms have identical costs that do not change with entry/exit.

• However, firms do not have identical costs. So when the marginal firm has P = minimum ATC, the firms that entered before it may have lower costs. Therefore this assumption is false.

• As well, when firms enter an industry, the demand for inputs of that industry rises -> rise in price of inputs -> rise in costs. Therefore, this assumption is false.

• We may therefore end up with an upward-sloping long-run supply curve.

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