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Understanding Perfect Competition: A Visual Guide

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odette
30 diapositives · 445 Views · Jul 30, 2014

This set of slides depicts a perfectly competitive market scenario, showing total revenue, total cost, and profit for a firm. It explores the impact of decreasing demand on a firm’s operations, leading to losses and potential shutdown. The graphs and tables provide a comprehensive overview of cost curves and market dynamics.

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  1. Perfect Competition Cost Curve Collection Slides 2-5 depict a perfectly competitive market and a firm in that market. The progression from slide 2 through 4 show the areas of total revenue (TR), total cost (TC), and profit. Slides 6-9 illustrate a decrease in demand and how the new market price reduces TR and causes the firm to operate at a loss. The decrease drives the price below the ATC of the firm, which decreases total revenue and produces a loss for the firm. The firm is covering its variable costs and part of its fixed costs. Slides 10-13 illustrates a further decrease in demand, reducing the price for the firm to a point below the AVC curve. The slides indicate even greater loss. At this point, the firm will shut down to minimize losses, but it will still be obligated to its fixed costs. Slides 14-30 could be considered a set. The curves in slides 15-29 are based on the table in slide 14. The table could be printed so that students would have it handy while viewing the graphs. For best results, print the table in "landscape" orientation.

  2. Perfect Competition The Industry The Firm Price Price S MC ATC P P D=MR AVC D0 Q Q Quantity Quantity

  3. Perfect Competition The Industry The Firm Price Price S MC ATC P P D=MR AVC D0 Q Q Quantity Quantity Total Revenue

  4. Perfect Competition The Industry The Firm Price Price S MC ATC P P D=MR AVC D0 Q Q Quantity Quantity Total Revenue Total Cost

  5. Perfect Competition The Industry The Firm Price Price S MC ATC P P D=MR AVC D0 Q Q Quantity Quantity Total Revenue Total Cost Profit

  6. Perfect Competition The Industry The Firm Price Price S MC ATC P0 D=MR AVC P1 P D0 D1 Q1 Q0 Q Quantity Quantity

  7. Perfect Competition The Industry The Firm Price Price S MC ATC P0 D=MR AVC P1 P D0 D1 Q1 Q0 Q Quantity Quantity Total Revenue

  8. Perfect Competition The Industry The Firm Price Price S MC ATC P0 D=MR AVC P1 P D0 D1 Q1 Q0 Q Quantity Quantity Total Revenue Total Cost

  9. Perfect Competition The Industry The Firm Price Price S MC ATC P0 D=MR AVC P1 P D0 D1 Q1 Q0 Q Quantity Quantity Total Revenue Total Cost Loss

  10. Perfect Competition The Industry The Firm Price Price S MC ATC D=MR AVC P0 P1 P D1 D0 Q1 Q0 Q Quantity Quantity

  11. Perfect Competition The Industry The Firm Price Price S MC ATC D=MR AVC P0 P1 P D1 D0 Q1 Q0 Q Quantity Quantity Total Revenue

  12. Perfect Competition The Industry The Firm Price Price S MC ATC D=MR AVC P0 P1 P D1 D0 Q1 Q0 Q Quantity Quantity Total Revenue Total Cost

  13. Perfect Competition The Industry The Firm Price Price S MC ATC D=MR AVC P0 P1 P D1 D0 Q1 Q0 Q Quantity Quantity Total Revenue Total Cost Loss

  14. Perfect Competition

  15. Perfect Competition 110 Costs in $s 100 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 Quantity (chairs per hour)

  16. Perfect Competition 110 TC Costs in $s TC=Total Cost 100 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 Quantity (chairs per hour)

  17. Perfect Competition 110 TC Costs in $s TC=Total Cost 100 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 Quantity (chairs per hour)

  18. Perfect Competition 110 TC Costs in $s TC=Total Cost 100 FC=Fixed Cost 90 80 70 60 50 40 30 FC 20 10 1 2 3 4 5 6 7 Quantity (chairs per hour)

  19. Perfect Competition 110 TC Costs in $s TC=Total Cost 100 FC=Fixed Cost 90 80 70 60 50 40 30 FC 20 10 1 2 3 4 5 6 7 Quantity (chairs per hour)

  20. Perfect Competition 110 TC Costs in $s TC=Total Cost VC VC=Variable Cost 100 FC=Fixed Cost 90 80 70 60 50 40 30 FC 20 10 1 2 3 4 5 6 7 Quantity (chairs per hour)

  21. Perfect Competition 110 TC Costs in $s TC=Total Cost VC VC=Variable Cost 100 FC=Fixed Cost 90 80 70 60 50 40 30 FC 20 10 1 2 3 4 5 6 7 Quantity (chairs per hour)

  22. Perfect Competition Costs in $s 60 50 40 30 20 10 Quantity (chairs per hour) 1 2 3 4 5 6 7

  23. Perfect Competition MC=Marginal Cost Costs in $s 60 50 40 MC 30 20 10 Quantity (chairs per hour) 1 2 3 4 5 6 7

  24. Perfect Competition MC=Marginal Cost Costs in $s 60 50 40 MC 30 20 10 Quantity (chairs per hour) 1 2 3 4 5 6 7

  25. Perfect Competition MC=Marginal Cost Costs in $s 60 AFC=Average Fixed Cost 50 40 MC 30 20 10 AFC Quantity (chairs per hour) 1 2 3 4 5 6 7

  26. Perfect Competition MC=Marginal Cost Costs in $s 60 AFC=Average Fixed Cost 50 40 MC 30 20 10 AFC Quantity (chairs per hour) 1 2 3 4 5 6 7

  27. Perfect Competition MC=Marginal Cost Costs in $s AVC=Average Variable Cost 60 AFC=Average Fixed Cost 50 40 MC 30 20 AVC 10 AFC Quantity (chairs per hour) 1 2 3 4 5 6 7

  28. Perfect Competition MC=Marginal Cost Costs in $s AVC=Average Variable Cost 60 AFC=Average Fixed Cost 50 40 MC 30 20 AVC 10 AFC Quantity (chairs per hour) 1 2 3 4 5 6 7

  29. Perfect Competition MC=Marginal Cost Costs in $s ATC=Average Total Cost AVC=Average Variable Cost 60 AFC=Average Fixed Cost 50 40 MC 30 ATC 20 AVC 10 AFC Quantity (chairs per hour) 1 2 3 4 5 6 7