M08_克鲁格曼国际经济学.pptx

M08_克鲁格曼国际经济学.pptx

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Copyright2012PearsonEducation.Allrightsreserved.Copyright2012PearsonEducation.Allrightsreserved.Chapter8FirmsintheGlobalEconomy:

ExportDecisions,Outsourcing,andMultinationalEnterprisesCopyright2012PearsonEducation.Allrightsreserved.PreviewMonopolisticcompetitionandtradeThesignificanceofintra-industrytradeFirmresponsestotrade:

winners,losers,andindustryperformanceDumpingMultinationalsandoutsourcing2Copyright2012PearsonEducation.Allrightsreserved.IntroductionWheneconomiesofscaleexist,largefirmsmaybemoreefficientthansmallfirms,andtheindustrymayconsistofamonopolyorafewlargefirms.Productionmaybeimperfectlycompetitiveinthesensethatexcessormonopolyprofitsarecapturedbylargefirms.Internaleconomiesofscaleresultwhenlargefirmshaveacostadvantageoversmallfirms,causingtheindustrytobecomeuncompetitive.3Copyright2012PearsonEducation.Allrightsreserved.Introduction（cont.）Internaleconomiesofscaleimplythatafirmsaveragecostofproductiondecreasesthemoreoutputitproduces.Perfectcompetitionthatdrivesthepriceofagooddowntomarginalcostwouldimplylossesforthosefirmsbecausetheywouldnotbeabletorecoverthehighercostsincurredfromproducingtheinitialunitsofoutput.Asaresult,perfectcompetitionwouldforcethosefirmsoutofthemarket.4Copyright2012PearsonEducation.Allrightsreserved.Introduction（cont.）Inmostsectors,goodsaredifferentiatedfromeachotherandthereareotherdifferencesacrossfirms.Integrationcausesthebetter-performingfirmstothriveandexpand,whiletheworse-performingfirmscontract.Additionalsourceofgainfromtrade:

Asproductionisconcentratedtowardbetter-performingfirms,theoverallefficiencyoftheindustryimproves.Studywhythosebetter-performingfirmshaveagreaterincentivetoengageintheglobaleconomy.5Copyright2012PearsonEducation.Allrightsreserved.TheTheoryofImperfectCompetitionInimperfectcompetition,firmsareawarethattheycaninfluencethepricesoftheirproductsandthattheycansellmoreonlybyreducingtheirprice.Thissituationoccurswhenthereareonlyafewmajorproducersofaparticulargoodorwheneachfirmproducesagoodthatisdifferentiatedfromthatofrivalfirms.Eachfirmviewsitselfasapricesetter,choosingthepriceofitsproduct.6Copyright2012PearsonEducation.Allrightsreserved.Monopoly:

ABriefReviewAmonopolyisanindustrywithonlyonefirm.Anoligopolyisanindustrywithonlyafewfirms.Intheseindustries,themarginalrevenuegeneratedfromsellingmoreproductsislessthantheuniformpricechargedforeachproduct.Tosellmore,afirmmustlowerthepriceofallunits,notjusttheadditionalones.Themarginalrevenuefunctionthereforeliesbelowthedemandfunction（whichdeterminesthepricethatcustomersarewillingtopay）.7Copyright2012PearsonEducation.Allrightsreserved.Monopoly:

ABriefReviewAssumethatthedemandcurvethefirmfacesisastraightlineQ=AB（P）,whereQisthenumberofunitsthefirmsells,Pthepriceperunit,andAandBareconstants.MarginalrevenueequalsMR=PQ/B.SupposethattotalcostsareC=F+c（Q）,whereFisfixedcosts,thoseindependentofthelevelofoutput,andcistheconstantmarginalcost.8Copyright2012PearsonEducation.Allrightsreserved.Fig.8-1:

MonopolisticPricingandProductionDecisions9Copyright2012PearsonEducation.Allrightsreserved.Monopoly:

ABriefReview（cont.）Averagecostisthecostofproduction（C）dividedbythetotalquantityofproduction（Q）.AC=C/Q=F/Q+cMarginalcostisthecostofproducinganadditionalunitofoutput.AlargerfirmismoreefficientbecauseaveragecostdecreasesasoutputQincreases:

internaleconomiesofscale.10Copyright2012PearsonEducation.Allrightsreserved.Fig.8-2:

AverageVersusMarginalCost11Copyright2012PearsonEducation.Allrightsreserved.Monopoly:

ABriefReview（cont.）Theprofit-maximizingoutputoccurswheremarginalrevenueequalsmarginalcost.AttheintersectionoftheMCandMRcurves,therevenuegainedfromsellinganextraunitequalsthecostofproducingthatunit.Themonopolistearnssomemonopolyprofits,asindicatedbytheshadedbox,whenPAC.12Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetitionMonopolisticcompetitionisasimplemodelofanimperfectlycompetitiveindustrythatassumesthateachfirm1.candifferentiateitsproductfromtheproductofcompetitors,and2.takesthepriceschargedbyitsrivalsasgiven.13Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetition（cont.）Afirminamonopolisticallycompetitiveindustryisexpectedtosellmoreastotalsalesintheindustryincreaseandaspriceschargedbyrivalsincrease.lessasthenumberoffirmsintheindustrydecreasesandasthefirmspriceincreases.Theseconceptsarerepresentedbythefunction:

14Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetition（cont.）Q=S1/nb（PP）QisanindividualfirmssalesSisthetotalsalesoftheindustrynisthenumberoffirmsintheindustrybisaconstanttermrepresentingtheresponsivenessofafirmssalestoitspricePisthepricechargedbythefirmitselfPistheaveragepricechargedbyitscompetitors15Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetition（cont.）Assumethatfirmsaresymmetric:

allfirmsfacethesamedemandfunctionandhavethesamecostfunction.ThusallfirmsshouldchargethesamepriceandhaveequalshareofthemarketQ=S/nAveragecostsshoulddependonthesizeofthemarketandthenumberoffirms:

AC=C/Q=F/Q+c=nF/S+c16Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetition（cont.）AC=n（F/S）+cAsthenumberoffirmsnintheindustryincreases,theaveragecostincreasesforeachfirmbecauseeachproducesless.AstotalsalesSoftheindustryincrease,theaveragecostdecreasesforeachfirmbecauseeachproducesmore.17Copyright2012PearsonEducation.Allrightsreserved.Fig.8-3:

EquilibriuminaMonopolisticallyCompetitiveMarket18Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetition（cont.）Ifmonopolisticfirmsfacelineardemandfunctions,Q=AB（P）,whereAandBareconstants.Whenfirmsmaximizeprofits,theyshouldproduceuntilmarginalrevenueequalsmarginalcost:

MR=PQ/B=cAsthenumberoffirmsnintheindustryincreases,thepricethateachfirmchargesdecreasesbecauseofincreasedcompetition.19Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetition（cont.）Atsomenumberoffirms,thepricethatfirmscharge（whichdecreasesinn）matchestheaveragecostthatfirmspay（whichincreasesinn）.Atthislong-runequilibriumnumberoffirmsintheindustry,firmshavenoincentivetoenterorexittheindustry.20Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetition（cont.）Ifthenumberoffirmsisgreaterthanorlessthantheequilibriumnumber,thenfirmshaveanincentivetoexitorentertheindustry.Firmshaveanincentivetoexittheindustrywhenpriceaveragecost.21Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetitionandTradeBecausetradeincreasesmarketsize,tradeispredictedtodecreaseaveragecostinanindustrydescribedbymonopolisticcompetition.Industrysalesincreasewithtradeleadingtodecreasedaveragecosts:

AC=n（F/S）+cBecausetradeincreasesthevarietyofgoodsthatconsumerscanbuyundermonopolisticcompetition,itincreasesthewelfareofconsumers.Andbecauseaveragecostsdecrease,consumerscanalsobenefitfromadecreasedprice.22Copyright2012PearsonEducation.Allrightsreserved.Fig.8-4:

EffectsofaLargerMarket23Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetitionandTrade（cont.）Asaresultoftrade,thenumberoffirmsinanewinternationalindustryispredictedtoincreaserelativetoeachnationalmarket.Butitisuncleariffirmswilllocateinthedomesticcountryorforeigncountries.Integratingmarketsthroughinternationaltradethereforehasthesameeffectsasgrowthofamarketwithinasinglecountry.24Copyright2012PearsonEducation.Allrightsreserved.Fig.8-5:

EquilibriumintheAutomobileMarket25Copyright2012PearsonEducation.Allrightsreserved.Fig.8-5:

EquilibriumintheAutomobileMarket（cont.）26Copyright2012PearsonEducation.Allrightsreserved.Table8-1:

HypotheticalExampleofGainsfromMarketIntegration27Copyright2012PearsonEducation.Allrightsreserved.MonopolisticCompetitionandTrade（cont.）Productdifferentiationandinternaleconomiesofscaleleadtotradebetweensimilarcountrieswithnocomparativeadvantagedifferencesbetweenthem.Thisisaverydifferentkindoftradethantheonebasedoncomparativeadvantage,whereeachcountryexportsitscomparativeadvantagegood.28Copyright2012PearsonEducation.Allrightsreserved.TheSignificanceofIntra-industryTradeIntra-industrytradereferstotwo-wayexchangesofsimilargoods.Twonewchannelsforwelfarebenefitsfromtrade:

Benefitfromagreatervarietyatalowerprice.Firmsconsolidatetheirproductionandtakeadvantageofeconomiesofscale.Asmallercountrystandstogainmorefromintegrationthanalargercountry.29Copyright2012PearsonEducation.Allrightsreserved.TheSignificanceofIntra-industryTrade（cont.）About2550%ofworldtradeisintra-industry.Mostprominentisthetradeofmanufacturedgoodsamongadvancedindustrialnations,whichaccountsforthemajorityofworldtrade.FortheUnitedStates,industriesthathavethemostintra-industrytradesuchaspharmaceuticals,chemicals,andspecializedmachineryrequirerelativelylargeramountsofskilledlabor,technology,andphysicalcapital.30Copyright2012PearsonEducation.Allrightsreserved.Table8-2:

IndexesofIntra-IndustryTradeforU.S.Industries,200931Copyright2012PearsonEducation.Allrightsres