1 “ the economic way of thinking ” 12 th edition chapter 8: price searching （觅价）
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1
“The Economic Way of Thinking”12th Edition
Chapter 8: Price Searching （觅价）
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Chapter Outline Price Takers and Price Searchers The Popular Theory of Price Setting Introducing Ed Sike The Basic Rule for Maximizing Net Revenue The Concept of Marginal Revenue Why Marginal Revenue is Less Than Price Setting Marginal Revenue to Equal Marginal
Cost
3
Chapter Outline
What About Those Empty Seats? The Price Discriminator’s Dilemma Some Strategies for Price Discrimination Ed Sike Finds a Way Resentment and Rationale Cost-Plus-Markup Reconsidered
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Introduction
只要企业供应额外一个单位产品的边际收益预期超过其边际成本，它就会供应这个额外单位。
边际成本和边际收益相等是市场竞争过程的结果，而不是在这个过程之前经济主体行为的假设。
这就是净收益最大化过程的逻辑。 Net Revenue = TR – TC
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Price Takers （受价者） and Price Searchers （觅价者） Questions
Does US Steel establish the price for its product? Does a farmer establish the price for his/her
product?
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Price Takers and Price Searchers Question
What would happen if a farmer tried to sell his product above the current market price of $3.38 ¾?
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Price Takers and Price Searchers
P
Q
3.48
3.50
3.46
Won’t sell any
DSell all he wants
Sell all he wants
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Price Takers and Price Searchers The farmer is a price taker.
He cannot affect the price He can sell all he wants at the market price He will probably not sell any at a price above the
market price
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Price Takers and Price Searchers Normal Seller
Sells more at a lower price Sells less at a higher price
These firms are price searchers They search for the price that is most
advantageous to them They have some market power
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Price Takers and Price Searchers Market power
A matter of degree Inversely related to elasticity of demand More substitutes – more elastic the demand
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Price Takers and Price Searchers
P
Q
Demand curvesfaced by price
searchers
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The Popular Theory of Price Setting A Popular Belief
Selling price is cost plus markup （成本加成） . Questions
Why choose 25 versus a 50 percent markup? Why will a firm vary its percentage markup depen
ding upon various factors? Why sell below average cost?
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The Popular Theory of Price Setting
Cost-Plus-Markup Theory is obviously inadequate.
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Introducing Ed Sike
Example. Ed Sike is a college sophomore （二年级学生） He sells film tickets to earn spending money He sets the price for his tickets
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Introducing Ed Sike
Ed’s Costs Per Movie
Film rental $1,800Auditorium rental （礼堂租金） 250Operator （放映员） 50Ticket takers （售票员） 100Total $2,200
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Introducing Ed Sike
Scenario Ed receives all revenue Auditorium seats 700 people
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Introducing Ed SikeP
ric
e P
er
Tic
ket
Number of Tickets
0 100 200 300 400 500 600 700 800 900
1
2
3
4
5
6
7 D
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Introducing Ed Sike
Scenario Ed is expected to earn as much net revenue as p
ossible
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The Basic Rule for Maximizing Net Revenue
Set the price to sell only those units whose marginal revenue is expected to be greater than marginal costs.
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The Concept of Marginal Revenue Marginal revenue is the addition of total reven
ue from selling one more unit. Marginal cost is the addition to total cost from
selling an additional unit. Ed’s marginal cost is zero
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The Concept of Marginal Revenue
Ed’s Demand Schedule
Quantity Total NetPrice Demanded Revenue Revenue
$7 300 $2,100 -$100
6 400 2,400 200
5 500 2,500 300
4 600 2,400 200
$3 700 $2,100 -100
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The Concept of Marginal Revenue 如何确定净收益最大化的价格？
方法一：把每个可能的价格都试验一遍；
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The Concept of Marginal Revenue 方法二：确定边际收益等于边际成本时的电影
票数量，然后（根据需求曲线）找出可以把这么多电影票卖完的价格。 在上述例子中，边际收益 = 边际成本 =0 ，对应的
数量为 500 张，价格为 $5. Question ： Why is profit maximized where margi
nal revenue equals marginal cost?
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Why Marginal Revenue is Less Than Price Marginal Revenue < Price
Why? In order to increase sales, Ed must lower the price on
the additional ticket and the ones that would have been sold at a higher price.
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Why Marginal Revenueis Less Than Price Marginal Revenue
The difference between the revenue gained from additional quantity and the revenue lost from lowering price on the previous quantity.
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Why Marginal Revenueis Less Than Price
Gained
Lost
P
Q
D
A
B
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Why Marginal Revenueis Less Than Price
Additions to net revenue
Subtractions from net revenue
P
Q
MR
MC
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Why Marginal Revenueis Less Than Price Questions
What would Ed have to do to sell 550 tickets instead of 500?
How would this impact his marginal revenue? Is it a correct pricing decision?
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Why Marginal Revenueis Less Than Price
P
Q0 900800600500300100 400200 700
MRD
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Setting Marginal Revenue to Equal Marginal Cost Question
What would happen if the distributor changed the rental fee from a flat $1,800 to $800.00 + $2/ticket sold?
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Setting Marginal Revenue to Equal Marginal Cost
P
Q
MR
0 900800600500300100 400200 700
1
3
4
5
6
7
2D
Marginal cost
What is Ed’s net revenue now?
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What About Those Empty Seats? Questions
Are seats going to waste? Why doesn’t Ed lower the price on the empty seat
s?
类似情况很普遍
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The Price Discriminator’s Dilemma （价格歧视者的困境） Question
When should Ed leave seats empty? Answer
If the cost of discriminating among potential ticket buyers is greater than the additional revenue gained through discrimination.
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The Price Discriminator’s Dilemma Question
What if Ed offered to sell the empty seats for $3 to anyone willing to pay more?
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Some Strategies for Price Discrimination Grocery coupons （食品折扣） Discounts for:
Children Students Senior Citizens
Airfare Prices for: Business traveler Vacationer
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Some Strategies for Price Discrimination
P
Q
BusinessTraveler
P
Q
D
D
VacationTraveler
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Ed Sike Finds a Way
Questions Could Ed increase revenue by charging different
groups of customers different prices? Should students or teachers pay the higher price?
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Ed Sike Finds a Way
Pri
ce
Pe
r T
icke
t
Number of Tickets
0 100 200 300 400 500 600 700 800 900
1
2
3
4
5
6
7 Dfaculty
MRfaculty
Ds
MRs
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Resentment and Rationale （不满及其合理化） Firms must justify price discrimination Conditions necessary for price discrimination:
Distinguish buyers from different price elasticities Prevent low-price buyers from reselling to high-
price buyers Control resentment
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Resentment and Rationale 那些批评一切价格歧视的人应该用更客观的角
度来看待这个问题 : 成功的价格歧视当然能增加卖方的财富；但同时也
增加了买方的财富或福利（如果没有歧视定价，有些商品就无法提供出来）
歧视定价可以看作是买卖双方之间的一种协作方式！
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Cost-Plus-Markup Reconsidered Price searchers:
Estimate marginal cost and marginal revenue Determine the appropriate level of output Set their prices so that they can just manage to
sell the output produced.
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Cost-Plus-Markup Reconsidered 觅价者任务的复杂性和不确定性使得成本加成
理论被当作一种经验法则。
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Price Takers’ Markets and “Optimal” Resource Allocation 经济学中有种传统：
把所有觅价者称为垄断者 把买方和卖方都是受价者的市场称为竞争市场（ co
mpetitive market ）
他们使用“垄断 - 竞争”这一区分想要强调觅价和受价两种情形下的不同结果，但是受价情形下同样存在竞争。 “ 垄断”的传统提法具有误导性！
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Price Takers’ Markets and “Optimal” Resource Allocation 经济学家在“竞争市场”（受价者市场）上看
到了一个重要优点：
资源的“最优配置”（“ optimal” allocation of resources ）！
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Price Takers’ Markets and “Optimal” Resource Allocation
Let’s look at the demand and supply curves for house painters during a summer. This will be used to illustrate the advantages of
the price takers assumption.
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Price Takers’ Markets and “Optimal” Resource Allocation Remember:
Supply curves are marginal opportunity cost curves.
Marginal opportunity cost curves for any individual will slope upward to the right.
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Price Takers’ Markets and “Optimal” Resource Allocation
Pri
ce p
er H
ou
r
Thousands of Hours of House Painting
0 1 2 3 4 5 6 7 8 1110902468
1012141618202224
D
S= MC
Sometimes called the
“optimal allocation ofresources”
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Price Takers’ Markets and “Optimal” Resource Allocation
Gain from trade foregone
Pri
ce p
er H
ou
r
Thousands of Hours of House Painting
0 1 2 3 4 5 6 7 8 1110902468
1012141618202224
D
S= MC
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Price Takers’ Markets and “Optimal” Resource Allocation
Prices fixed above marginal cost rule out some mutually advantageous exchange
opportunities.
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Price Takers’ Markets and “Optimal” Resource Allocation 在传统的经济分析中，受价者市场比觅价者市
场具有某种优越性：
In a price takers’ market: No seller can set and keep price above marginal cost
In a price searchers’ market:They can do so.
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Once Over Lightly
Elasticity of demand reflects the number of substitutes.
The more substitutes a product has the more elastic the demand for a product.
Competition makes some sellers price takers while others with less competition are price searchers.
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Once Over Lightly
Price searchers are looking for pricing structures that will enable them to sell all units for which MR>MC.
A crucial factor for a price searcher is the ability or inability to discriminate.
The crucial rule for price searching is to set MR = MC.