{"id":5428,"date":"2019-02-14T09:54:01","date_gmt":"2019-02-14T04:24:01","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5428"},"modified":"2019-02-16T10:16:19","modified_gmt":"2019-02-16T04:46:19","slug":"short-run-behaviour-of-perfect-competition","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/short-run-behaviour-of-perfect-competition\/","title":{"rendered":"Short run behaviour of Perfect Competition"},"content":{"rendered":"<p>Price is determined by demand and supply in a Perfect Competitive industry.<br \/>\nIt can be illustrated by the following diagram.<\/p>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/jh.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6652 size-medium\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/jh-300x207.jpg\" alt=\"jh\" width=\"300\" height=\"207\" \/><\/a><\/p>\n<ul>\n<li>Price which is determined as above, cannot be changed by one firm, therefore activities of a firm will be inactive.<\/li>\n<li>A firm can produce any amount of at the market determined price.<\/li>\n<li>Therefore a production in a Perfect Competitive firm is a price taker.<\/li>\n<li>A firm can supply any amount of goods at the prevailing price.<\/li>\n<li>Any amount of goods can be demanded at that price.<\/li>\n<li>The demand curve of a Perfect Competitive firm is perfectly elastic.<\/li>\n<\/ul>\n<p>This can be illustrated with following diagram.<\/p>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/hiy.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6653 size-medium\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/hiy-300x221.jpg\" alt=\"hiy\" width=\"300\" height=\"221\" \/><\/a><\/p>\n<p>The production in short term is governed by technology and capacity of the firm.<br \/>\n<strong>Output and cost is divided on these components.<\/strong><br \/>\n<strong>To obtain maximum loans in a short run, two important decisions should be taken. They are normally,<\/strong><\/p>\n<ul>\n<li>Whether production should continue or close down?<\/li>\n<li>If production is to be continued, what is the amount of production?<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>When deciding on output level according to maximization of profits, firms have to follows two alternative of profits, the firm has to follow two alternatives namely,<\/li>\n<li>Deciding on output level of maximum economic profits based on revenue and cost.<\/li>\n<li>Deciding on output level of maximum economic profits based on marginal revenue and total cost<\/li>\n<li>The total amount of money which a firm earns by selling its output to the market is termed as Total revenue.<\/li>\n<li>Total revenue can be calculated by multiplying quantity and price of good.<br \/>\n<strong>TR = Q x P<\/strong><br \/>\n<strong>Total Revenue = Output x Price.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Average revenue can be calculated by dividing Total revenue with quantity of goods<\/li>\n<\/ul>\n<p><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 AR = TR \/ Q<\/strong><br \/>\n<strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Average Revenue = Total Revenue\/ Output<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Change in total income, when producing one more extra unit is termed as marginal revenue,<\/li>\n<li>Change in total revenue should be divided by change in output to reach marginal revenue.<\/li>\n<\/ul>\n<p><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Marginal Revenue = Change in Total Revenue \/ Change in output<\/strong><\/p>\n<p><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 MR = \u0394Q \/\u00a0\u0394 TR<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Determined price can be seen in a perfect competitive firms, therefore price of good, average revenue marginal revenue are equal to each other.<\/li>\n<li>Then P=AR=MR Concept is fulfilled.<\/li>\n<li>To illustrate relationship between Total Revenue average revenue and Marginal<br \/>\nRevenue,<\/li>\n<\/ul>\n<p>Following schedule and graph can be constructed.<\/p>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1y56.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6659\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1y56-255x300.jpg\" alt=\"Untitled-1y56\" width=\"438\" height=\"515\" \/><\/a><\/p>\n<ul>\n<li>Economic profits can be gained by deducting total cost from total revenue.<\/li>\n<li>Relationship between total cost, Total revenue and economic profits can be illustrated by a schedule and a graph.<\/li>\n<\/ul>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/hjhj.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6665\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/hjhj-300x296.jpg\" alt=\"hjhj\" width=\"391\" height=\"386\" \/><\/a><\/p>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/ggy.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6666\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/ggy-232x300.jpg\" alt=\"ggy\" width=\"412\" height=\"532\" \/><\/a><\/p>\n<ul>\n<li>According to the above schedule and the diagram the following factors can be concluded.<\/li>\n<li>Revenue curve will commence through the origin and slope upwards as the revenue is increased with inverse in output.<\/li>\n<li>Cost curve slopes upwards, as cost is increased with increase in output..<\/li>\n<li>Economic profit will be zero when the total cost and revenue curve intercept each other.<\/li>\n<li>If the total cost curve is higher than the revenue curve, economic losses can occur or zero economic profits.<\/li>\n<li>If the total revenue curve is higher than the total cost curve, economic profit occur.<\/li>\n<li>Economic profits will be maximize at mid point where the highest difference between the total cost curve and the total revenue curve.<\/li>\n<li>Marginal costs (MC) and marginal revenue (MR) analysis also can be used to illustrates<br \/>\nprofit maximization.<\/li>\n<li>If marginal cost is less than marginal revenue(MR&gt;MC) it means the firms will make<br \/>\nextra profits by selling more units.<\/li>\n<li>If marginal revenue is less than marginal cost (MC&gt;MR) firms will take losses by<br \/>\nproducing extra units.<\/li>\n<li>To maximize their profits, firms should produce where marginal revenue and marginal<br \/>\ncost are equal.(MR=MC).<\/li>\n<li>According to marginal analysis, the output level of profit maximization should be according<br \/>\nto the condition of MR=MC.<\/li>\n<li>Maximization of profit under marginal analysis, can be illustrated using the following<br \/>\nschedule.<\/li>\n<\/ul>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1u67.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6668\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1u67-300x164.jpg\" alt=\"Untitled-1u67\" width=\"448\" height=\"245\" \/><\/a><\/p>\n<ul>\n<li>The following factors can be gained from the above schedule.<\/li>\n<li>Economic profits will remain between 8th and 9th units of production.<\/li>\n<li>Firms leave to reduce profits between 9th and 10th units of production.<\/li>\n<li>At the 9th units of production there is no increase or decrease in profits. Profits are<br \/>\nmaximized.<\/li>\n<\/ul>\n<p>Profit maximization of a perfectly competitive firm can be illustrated through the following<br \/>\ndiagram.<\/p>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/nsjh.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6669 size-medium\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/nsjh-300x190.jpg\" alt=\"nsjh\" width=\"300\" height=\"190\" \/><\/a><\/p>\n<p>According to the above graph,<\/p>\n<ul>\n<li>If the output is less than 9 units profits can be increased by increasing the output.<\/li>\n<li>At the 9th unit economic profits are maximized.<\/li>\n<li>If the output is more than 9 units economic profits will decrease.<\/li>\n<li>Economic profits will remain between 8th and 9th units of production.<\/li>\n<\/ul>\n<p>Short run behaviour of a perfectly competitive firm, can be explained through three alternative situations. Such as,<\/p>\n<ul>\n<li>Producing earnings with economic profits<\/li>\n<li>Producing earnings with zero economic profits<\/li>\n<li>Producing earnings with economic losses<\/li>\n<li>When economic profits are earning, the selling price of a unit is more than the average total cost (ATC\/AC).<\/li>\n<\/ul>\n<p>This can be illustrated through the following graph.<\/p>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1hgyt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6671 size-medium\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1hgyt-300x198.jpg\" alt=\"Untitled-1hgyt\" width=\"300\" height=\"198\" \/><\/a><\/p>\n<ul>\n<li>According to the above graph, profits are maximized at the 9th unit, the total economic profits are illustrated by the schedule area.<\/li>\n<li>When economic profits are zero, the selling price of a unit equals average revenue.<\/li>\n<li>This is illustrated by the following graph.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1jjj.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6674 size-medium\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1jjj-300x171.jpg\" alt=\"Untitled-1jjj\" width=\"300\" height=\"171\" \/><\/a><\/p>\n<ul>\n<li>Under this condition, firm will remain in the industry, because they get an income which is<br \/>\nequal to average cost.<\/li>\n<li>If the selling price of the product is less than the average cost, that is with economic losses<br \/>\neven a firm will produce in the short run process.<\/li>\n<li>If the losses by closing down the firm is less than that while producing , the firm will remain<br \/>\nin the industry.<\/li>\n<li>This situation can be illustrated through the following graph.<\/li>\n<\/ul>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-2hhhh.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6675 size-medium\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-2hhhh-300x209.jpg\" alt=\"Untitled-2hhhh\" width=\"300\" height=\"209\" \/><\/a><\/p>\n<ul>\n<li>The schedule area illustrates the total losses of a firm which is producing with losses of a firm which is producing with losses in the short run.<\/li>\n<li>Perfect competition is a hypothetical market.<\/li>\n<li>A production firm can avoid variable cost in the short run but not the fixed cost.<\/li>\n<li>If the firm cannot cover up the total cost with its revenue production will be<br \/>\ndiscount need.<\/li>\n<li>If there price is less than the average variable cost, losses will increase with<br \/>\ngrater production.<\/li>\n<\/ul>\n<p>&nbsp;<br \/>\n<strong>\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Price is determined by demand and supply in a Perfect Competitive industry. It can be illustrated by the following diagram. Price which is determined as above, cannot be changed by one firm, therefore activities of a firm will be inactive. A firm can produce any amount of at the market determined price. Therefore a production [&hellip;]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,2683],"tags":[],"class_list":["post-5428","post","type-post","status-publish","format-standard","hentry","category-economics","category-unit-3-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Short run behaviour of Perfect Competition - Learning &amp; Education Portal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/astan.lk\/al_virtualclassroom\/short-run-behaviour-of-perfect-competition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Short run behaviour of Perfect Competition - Learning &amp; Education Portal\" \/>\n<meta property=\"og:description\" content=\"Price is determined by demand and supply in a Perfect Competitive industry. 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