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chapter 9 chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * econ designed by khudoyberdiyev jamshid monopoly micro chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo1 barriers to entry monopoly sole supplier of a product with no close substitutes barriers to entry legal restrictions economies of scale control of essential resources chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo1 barriers to entry legal restrictions patents and invention incentives patent – exclusive right for 20 years licenses and other entry restrictions federal license state license chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo1 barriers to entry economies of scale natural monopoly downward-sloping lrac curve one firm can supply market …

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depression – lower diamond prices debeers: control the world supply of uncut diamonds to increase consumer demand marketing “a diamond is forever” lasts forever, so should love remain in the family retain their value chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo1 case study is a diamond forever? limit the supply of rough diamonds buyers: wholesalers box of uncut diamonds at a set price no negotiations violates u.s. antitrust laws mid 1990s: lose control of some rough diamond supplies russia australia (argyle) canada (yellowknife) chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo1 case study is a diamond forever? mid 1980s: 90% of market 2007: 45% of market synthetic diamonds 2006: settle lawsuits ($300 million) comply with u.s. antitrust laws americans 5% of world population 50% of …

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ice inelastic, as p falls mr 0 where d inelastic, as price falls tr decreases mr atc economic profit if atc>p>avc economic loss produce in short run if p avc (avc is at point c) exhibit 7 loss 0 q quantity per period p dollars per unit average total cost average variable cost marginal cost demand=average revenue marginal revenue a b c e chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * long-run profit maximization short-run profit no guarantee of long-run profit high barriers that block new entry economic profit erase a loss or increase profit adjust the scale of the firm if unable to erase a loss leave the market lo3 $ chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * monopoly and allocation of resources lo4 perfect competition …

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s deadweight loss might be lower lower price and average cost substantial economies of scale price below the profit maximizing value public scrutiny, political pressure avoid attracting competition lo5 chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * problems estimating deadweight loss deadweight loss might be higher secure and maintain monopoly position use resources; social waste influence public policy (rent seeking) inefficiency slow to adopt new technology reluctant to develop new products lack innovation lo5 chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo5 case study the mail monopoly 1775: u.s. post office – monopoly 1971 u.s. postal service semi-independent $70 billion revenue in 2006; 46% of the world’s total mail delivery legal monopoly first-class letters mailbox chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division …

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rved * a model of price discrimination lo6 two groups of consumers one group (a): less elastic d the other (b): more elastic d maximize profit mr=mc in each market lower price for group (b) chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo6 price discrimination with two groups of consumers a monopolist facing two groups of consumers with different demand elasticities may be able to practice price discrimination to increase profit or reduce loss. with marginal cost the same in both markets, the firm charges a higher price to the group in panel (a), which has a less elastic demand than group in panel (b). exhibit 9 (a) (b) d lrac, mc 400 quantity per period 0 500 quantity per period 0 dollars per unit $3.00 1.00 lrac, mc mr dollars per unit $1.50 1.00 d’ mr’ chapter …

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chapter 9 chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * econ designed by khudoyberdiyev jamshid monopoly micro chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo1 barriers to entry monopoly sole supplier of a product with no close substitutes barriers to entry legal restrictions economies of scale control of essential resources chapter 9 monopoly * chapter 9 copyright ©2010 by south-western, a division of cengage learning. all rights reserved * lo1 barriers to entry legal restrictions patents and invention incentives patent – exclusive right for 20 years licenses and other entry restrictions federal license state license chapter 9 monopoly * chapter 9 …

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