Perfect Competition and the Invisible Hand

Perfect Competition and the Invisible Hand
Microeconomics Second Edition Chapter 7 Perfect Competition and the Invisible Hand If this PowerPoint presentation contains mathematical equations, you may need to check that your computer has the following installed: 1) MathType Plugin 2) Math Player (free versions available) 3) NVDA Reader (free versions available)

Learning Objective 7.1 Perfect Competition and Efficiency 7.2 Extending the Reach of the Invisible Hand: From the Individual to the Firm 7.3 Extending the Reach of the Invisible Hand: Allocation of Resources across Industries 7.4 Prices Guide the Invisible Hand 7.5 Equity and Efficiency

Key Ideas (1 of 2) The invisible hand efficiently allocates goods and services to buyers and sellers. The invisible hand leads to efficient production within an industry. The invisible hand efficiently allocates resources across industries.

Key Ideas (2 of 2) 4. Prices direct the invisible hand.
5. There are trade-offs between making the economic pie as big as possible and dividing the pieces equally.

Perfect Competition and the Invisible Hand (1 of 5)
Evidence-Based Economics Example: Can markets composed of only self-interested people maximize the overall well-being of society? Tell students that several disciplines study how individuals come together to create a society: sociology, anthropology, psychology. But economics comes at this question from a different angle. While other disciplines look at shared culture, or religion, or common purpose to explain the “glue” that holds us together, economics looks within—at our own self-interest—guided by the invisible hand.

Evidence-Based Economics Example: Do companies like Uber make use of the invisible hand? How can Uber achieve such low wait times? Does the invisible hand have anything to do with this phenomenon?

Adam Smith, The Wealth of Nations (1776) “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” But isn’t all of the chaos we observe in markets driven by market participants simply looking out for #1—themselves? At first glance it does seem as if pandemonium reigns in many markets—bidding wars on eBay, stockbrokers frantically waving their arms as they try to buy or sell, buyers and sellers haggling over prices at flea markets. Obvious disarray. All of this chaos, it seems, is driven by market participants simply looking out for #1—themselves. Adam Smith, the father of economics, viewed the chaos quite differently. He conjectured that self-interest was a necessary ingredient for an economy to function efficiently. This view is put forth most elegantly in his treatise The Wealth of Nations (1776): It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. Tell students that we will make the distinction between selfish and self-interested behavior during this chapter.

Self-interested selfish Maximum well-being fairness We are examining how efficient markets lead to the maximum level of well-being Tell students that several disciplines study how individuals come together to create a society: sociology, anthropology, psychology. But economics comes at this question from a different angle. While other disciplines look at shared culture, or religion, or common purpose to explain the “glue” that holds us together, economics looks within—at our own self-interest—guided by the invisible hand.

Efficiency is about getting the most out of scare resources Making the “pie” as big as possible We are ignoring fairness (equity) at this point BUT we will revisit the topic Tell students that several disciplines study how individuals come together to create a society: sociology, anthropology, psychology. But economics comes at this question from a different angle. While other disciplines look at shared culture, or religion, or common purpose to explain the “glue” that holds us together, economics looks within—at our own self-interest—guided by the invisible hand.

Perfect Competition and Efficiency (1 of 4)
Reservation Values of Buyers and Sellers in the iPhone Market Buyers Res. Value ($) Cum. Q Sellers Madeline $70 1 Tom $10 Katie $60 2 Mary $20 Sean $50 3 Jeff $30 Dave $40 4 Phil Ian 5 Adam Kim 6 Matt Ty 7 Fiona Introduce the concept of reservation values—for a consumer, the maximum that’s willing to be paid; for a seller, the minimum that’s willing to be accepted. Students can easily see that the only place where the prices (reservation values) and the quantities are equal are at 4 units for $40 each. To drive home the concept, you can pick another price, say $60. At that price, there are two people willing to buy (Madeline and Katie), and 6 people willing to sell, so this is not an equilibrium.

Reservation Values of Buyers and Sellers in the iPhone Market Buyers Res. Value ($) Cum. Q Sellers Madeline $70 1 Tom $10 Katie $60 2 Mary $20 Sean $50 3 Jeff $30 Dave $40 4 Phil Ian 5 Adam Kim 6 Matt Ty 7 Fiona Introduce the concept of reservation values—for a consumer, the maximum that’s willing to be paid; for a seller, the minimum that’s willing to be accepted Students can easily see that the only place where the prices (reservation values) and the quantities are equal are at 4 units for $40 each. To drive home the concept, you can pick another price, say $60. At that price, there are two people willing to buy (Madeline and Katie), and 6 people willing to sell, so this is not an equilibrium. Animated slides are provided as a supplement. To hide these slides from the presentation, simply right click on the slide in the navigation pane to the left and select “hide slide” Madeline, Katie, Sean, Dave, Ian, Kim and Ty are Buyers. Tom, Mary, Jeff, Phil, Adam, Matt and Fiona are sellers.

Reservation Values of Buyers and Sellers in the iPhone Market Buyers Res. Value ($) Cum. Q Sellers Madeline $70 1 Tom $10 Katie $60 2 Mary $20 Sean $50 3 Jeff $30 Dave $40 4 Phil Ian 5 Adam Kim 6 Matt Ty 7 Fiona Introduce the concept of reservation values—for a consumer, the maximum that’s willing to be paid; for a seller, the minimum that’s willing to be accepted Students can easily see that the only place where the prices (reservation values) and the quantities are equal are at 4 units for $40 each. To drive home the concept, you can pick another price, say $60. At that price, there are two people willing to buy (Madeline and Katie), and 6 people willing to sell, so this is not an equilibrium. Animated slides are provided as a supplement. To hide these slides from the presentation, simply right click on the slide in the navigation pane to the left and select “hide slide” At $40 Market is in Equilibrium

Exhibit 7.2 Demand and Supply Curves in the iPod Market Showing graphically the result from previous slide

Perfect Competition and Efficiency Social Surplus (1 of 12)
Reservation Values of Buyers and Sellers in the iPhone Market Buyers Res. Value ($) Consumer Surplus Cum. Q Madeline $70 $30 1 Katie $60 $20 2 Sean $50 $10 3 Dave $40 $0 4 Ian Blank 5 Kim 6 Ty 7 Total If the equilibrium price is $40, how much consumer surplus is there? Remember, four units will be exchanged.

Reservation Values of Buyers and Sellers in the iPod Market At an equilibrium price of $40 Madeline was WTP $70 She has $30 in surplus because she was willing to pay more than market price Buyers Res. Value ($) Consumer Surplus Cumulative Total Quantity Madeline $ $40 = $30 1 Katie $60 $20 2 Sean $50 $10 3 Dave $40 $0 4 Ian Blank 5 Kim 6 Ty 7 Total At an equilibrium price of $40 Individual Consumer surplus If the equilibrium price is $40, how much consumer surplus is there? Remember, four units will be exchanged. Animated slides are provided as a supplement. To hide these slides from the presentation, simply right click on the slide in the navigation pane to the left and select “hide slide” Market Consumer surplus

Reservation Values of Buyers and Sellers in the iPhone Market Buyers Res. Value ($) Consumer Surplus Cum. Q Madeline $70 $30 1 Katie $60 $20 2 Sean $50 $10 3 Dave $40 $0 4 Ian Blank 5 Kim 6 Ty 7 Total How much is producer surplus at 4 units?

At an equilibrium price of $40 Tom was WTA $10 He has $30 in surplus because he was willing to accept less than market price Reservation Values of Buyers and Sellers in the iPod Market Sellers Res. Value ($) Producer Surplus Cumulative Total Q Tom $40 - $ = $30 1 Mary $20 2 Jeff $10 3 Phil $40 $0 4 Adam $50 Blank 5 Matt $60 6 Fiona $70 7 Total At an equilibrium price of $40 How much is producer surplus at 4 units? Individual Producer surplus Market Producer surplus

Social surplus The sum of consumer and producer surplus 60 CS + 60 PS = $120 Social Surplus

Reservation Values of Buyers and Sellers in the iPhone Market Buyers Res. Value ($) Consumer Surplus Cum. Q Madeline $70 $30 1 Katie $60 $20 2 Sean $50 Blank 3 Dave $40 4 Ian 5 Kim 6 Ty $10 7 Total $100 What if we only allowed 2 units to be exchanged at $40? Then the two highest-value participants would exchange the units: Madeline and Katie would buy from Tom and Mary. Direct students to notice that when quantity is restricted, the price is really irrelevant and can be computed by adding the differences between consumer and producer reservation values: Madeline ($70) – Tom ($10) and Katie ($60) – Mary ($20) or $60 + $40.

Why are Madeline and Katie the 2 highest value consumers? 2 highest value market participants would exchange units Reservation Values of Buyers and Sellers in the iPod Market Buyers Res. Value ($) Consumer Surplus Total. Q Madeline $70 $30 1 Katie $60 $20 2 Sean $50 Blank 3 Dave $40 4 Ian 5 Kim 6 Ty $10 7 Total $100 Highest willingness to pay (WTP)! What if (for some reason) quantity was restricted at 2 units? Maybe the production of this product causes pollution? What if we only allowed 2 units to be exchanged at $40? Then the two highest-value participants would exchange the units: Madeline and Katie would buy from Tom and Mary. Direct students to notice that when quantity is restricted, the price is really irrelevant and can be computed by adding the differences between consumer and producer reservation values: Madeline ($70) – Tom ($10) and Katie ($60) – Mary ($20) or $60 + $40

Reservation Values of Buyers and Sellers in the iPhone Market Sellers Res. Value ($) Producer Surplus Cum. Q Tom $10 $30 1 Mary $20 2 Jeff Blank 3 Phil $40 4 Adam $50 5 Matt $60 6 Fiona $70 7 Total $100

Why are Tom and Mary the 2 highest value sellers? 2 highest value market participants would exchange units Reservation Values of Buyers and Sellers in the iPod Market Sellers Res. Value ($) Producer Surplus Total. Q Tom $10 $30 1 Mary $20 2 Jeff Blank 3 Phil $40 4 Adam $50 5 Matt $60 6 Fiona $70 7 Total $100 Lowest willingness to accept (WTA)! What if (for some reason) quantity was restricted at 2 units? Maybe the production of this product causes pollution? What if we only allowed 2 units to be exchanged at $40? Then the two highest-value participants would exchange the units: Madeline and Katie would buy from Tom and Mary. Direct students to notice that when quantity is restricted, the price is really irrelevant and can be computed by adding the differences between consumer and producer reservation values: Madeline ($70) – Tom ($10) and Katie ($60) – Mary ($20) or $60 + $40

Social surplus = $100 Madeline ($70) – Tom ($10) and Katie ($60) – Mary ($20) or $60 + $40 = 100

Exhibit 7.3 Maximizing Social Surplus Shows the same analysis graphically

Exhibit 7.3 Maximizing Social Surplus Market in Equilibrium In panel (a) of Exhibit 7.3, social surplus is not maximized because Sean and Jeff do not trade. Later in the chapter we define this forgone social surplus as deadweight loss. One might choose to introduce a term to describe the total possible amount of social surplus, perhaps potential social surplus. In panel (c) of Exhibit 7.3, forcing Adam (WTA $50) to give his iPod to Ian (WTP $30) destroys social surplus. Restrict Quantity Lose this area We cannot improve the outcome by forcing the price or the quantity higher or lower. Force Adam to sell at price $30 (his WTA $50) Lose this area

Perfect Competition and Efficiency Pareto Efficiency (1 of 3)
Pareto efficiency When no one can be made better off without making someone else worse off Example: When price was set at $20, consumers were made better off, but producers were made worse off New consumer surplus was $90 (instead of $60), but producer surplus was $10 (instead of $60).

The invisible hand directs consumers and producers to maximize their surplus… And leads to the highest level of social welfare.

If the competitive market is Pareto efficient… then government intervention cannot be justified based on efficiency though perhaps it could be justified based on equity (later in chapter)

Extending the Reach of the Invisible Hand: From the Individual to the Firm (1 of 14)
You’re the new CEO of a company that operates two manufacturing plants. Old Plant New Plant 50 years old 4 years old Old machinery New technology The old plant has higher MC at every level of production than the new plant.

Exhibit 7.4 Marginal Costs for Two Manufacturing Plants

In the past, each plant has been run independently, and each plant manager is charged with maximizing profit at his/her plant.

Exhibit 7.5 Optimal Production Quantity at the Old manufacturing Plant Profit maximization occurs where MC, which is $10, is equal to MR or P, at 20,000 units for the old plant.

Manager sets Quantity Q = 20,000 units
Extending the Reach of the Invisible Hand: From the Individual to the Firm (5 of 14) Exhibit 7.5 Optimal Production Quantity at the Old Manufacturing Plant Output set where: MR = MC Profit-Maximizing condition! MR>MC: expand output MR<MC: contract output Remember - Competitive market firm should set: MR = MC where P = MR Profit maximization occurs where MC, which is $10, is equal to MR or P, at 20,000 units for the old plant. Manager sets Quantity Q = 20,000 units Notice Costs are equal to the area of the rectangle: 20,000 × $10 = $200,000

Total revenue for old plant: $10 × 20,000 = $200,000 Total costs for old plant: 20,000 × $10 (ATC) = $200,000 Economic profit = $0

Exhibit 7.6 Optimal Production Quantity at the New Manufacturing Plant Profit maximization occurs where MC, which is $10, is equal to MR or P, at 50,000 units for the new plant.

Exhibit 7.6 Optimal Production Quantity at the New Manufacturing Plant Economic Profits: 50,000 × $2.5 = $125,000 Remember - Competitive market firm should set: MR = MC where P = MR Profit maximization occurs where MC, which is $10, is equal to MR or P, at 50,000 units for the new plant ATC = $7.50 Output set where: MR = MC Profit-Maximizing condition! Q = 50,000 units Notice Costs are equal to the area of the rectangle: 50,000 × $7.5 = $375,000

Total revenue for new plant: $10 × 50,000 = $500,000 Total costs for new plant: 50,000 × $7.50 (ATC) = $375,000 Economic profit = $125,000

As the CEO, should you close the old plant and shift production to the new plant? The new plant: 1. Earns more profit 2. Has lower costs 3. Has newer technology Let’s assume the CEO says “Yes” Shut down Old plant Produce all 70,000 units at the New plant Tell students to assume that they decide yes, the old plant should be shut down and all 70,000 units should be produced at the new plant

One year later… Old Plant: Output = 0 Profit = $0 New Plant: Output = 70,000 Profit = -$875,000 What? Ouch! What happened?

Exhibit 7.7 The Impact of Enforced Production Schedules Point out that because the new plant could not operate at the point that maximized profits, it incurred higher costs than it otherwise would have had. At a level of output of 70,000, ATC is $22.50, and the MC of producing the 70,000th unit is $30—far above the price, or marginal revenue, for that last unit. So producing the 70,000th unit yields a loss of $20. If the 70,000th unit produced at the new plant would have instead been produced at the old factory, it would have cost $10 to produce.

Competitive market results in most efficient (least cost) production
Extending the Reach of the Invisible Hand: From the Individual to the Firm (13 of 14) Competitive market results in most efficient (least cost) production Original - Competitive market BOTH plants set production where: MR = MC where P = MR At Q = 70,000 ATC = $22.50 MC for the 70,000th unit = $30 MR = P = $10 MR<MC Reduce Production in New Plant! New Plant Only – All production in New Plant Quantity = 70,000 MR < MC Point out that because the new plant could not operate at the point that maximized profits, it incurred higher costs than it otherwise would have. At a level of output of 70,000, ATC are $22.50, and the MC of producing the 70,000th unit is $30—far above the price, or marginal revenue for that last unit. So producing the 70,000th unit yields a loss of $20. If the 70,000th unit produced at the new plant would have, instead, been produced at the old factory, it would have cost $10 to produce it.

The invisible hand directs managers to pursue their own self-interest… And results in the most efficient (least cost) production allocation.

Extending the Reach of the Invisible Hand: Allocation of Resources across Industries (1 of 5)
What if industries are different? Short-run economic profits in one industry will attract profit-seeking producers in industries experiencing economic losses. In this way, free entry and exit allows reallocation of assets to their greatest valued uses, even across industries. Tell students that the invisible hand works across industries, too, and not just within an industry. Emphasize that Free Entry and Exit, no barriers in the market, is what makes this efficient allocation possible and eliminated long-run economic profits.

Exhibit 7.9 Economic Profits in the Paper Delivery Business Ask students to remember the last chapter when market price was above and below the minimum of ATC. On the right, price above ATC means that firms are making an economic profit, attracting new entrants. These new entrants are attracted by the prospect of making economic profits, leaving activities with lower returns. On the left, when price is below ATC, firms will exit, leaving activities with negative economic profits and searching out industries with higher profits. As firms enter the industries with economic profits, market price will fall; as firms exit the industries with negative economic profits, market price will rise. This will continue until all perfectly competitive industries are making economic profits of zero.

Exhibit 7.11 Economic Losses in the Trucking Market Ask students to remember the last chapter when market price was above and below the minimum of ATC. On the right, price above ATC means that firms are making an economic profit, attracting new entrants. These new entrants are attracted by the prospect of making economic profits, leaving activities with lower returns. On the left, when price is below ATC, firms will exit, leaving activities with negative economic profits and searching out industries with higher profits. As firms enter the industries with economic profits, market price will fall; as firms exit the industries with negative economic profits, market price will rise. This will continue until all perfectly competitive industries are making economic profits of zero.

Remember: In a free and competitive market we have free entry and exit
Extending the Reach of the Invisible Hand: Allocation of Resources across Industries (4 of 5) Remember: In a free and competitive market we have free entry and exit Pretend Corn Market Pretend Cotton Market Ask students to remember the last chapter when market price was above and below the minimum of ATC. On the right, price above ATC means firms are making an economic profit, attracting new entrants. These new entrants are attracted by the prospect of making economic profits, leaving activities with lower returns. On the left, when price is below ATC, firms will exit, leaving activities with negative economic profits and searching out industries with higher profits. As firms enter the industries with economic profits, market price will fall; as firms exit industries with negative economic profits, market price will rise. This will continue until all perfectly competitive industries are making economic profits of zero. Short-run profit in one sector combined with a short-run loss in another will cause a reallocation of resources across sectors

The invisible hand directs firms to seek out profits… And results in resources being allocated to their highest value of use.

Prices Guide the Invisible Hand (1 of 3)
Prices are the key to the invisible hand. Ask students to remember how the adjustments described above take place. The mechanism that brings markets back into equilibrium and that ensures efficiency is the ability of prices to fluctuate.

What is the economic function of parking meters? Some students will respond that the function is to raise revenue for a city. Tell them that parking fines and fees represent a small part of city revenue and are partially offset by the cost of enforcement. Lead them to understand that the primary function of parking meters is to allocate a scarce resource. Price serves as a way to efficiently allocate resources.

Price controls act to restrict efficiency. Efficiency It follows, then, that if something interferes with the ability of price to allocate resources, inefficiency results.

Prices Guide the Invisible Hand Deadweight Loss (1 of 3)
Exhibit 7.15 Deadweight Loss from Price Controls In Panel A, price allocates the quantity, resulting in an optimal point—equilibrium. Consumer surplus is area A, producer surplus is area B, social surplus is the sum. In Panel B, a price ceiling is set below the equilibrium price. Now some consumers, who would like to purchase this product, cannot. Meanwhile, producers are not as interested in providing product to the market because of the lower price, resulting in a shortage. Since the short side of the market always prevails (exchange is voluntary), only the amount that producers want to provide to the market is exchanged, a less-than-optimal quantity. All units between Q and the equilibrium point have a social benefit (from the D curve) that is greater than the cost of producing those units (off the S curve). Therefore, from a societal standpoint, these units should be exchanged, but they will not because of the price control. Therefore, the yellow triangle D represents that loss.

Exhibit 7.15 Deadweight Loss from Price Controls Society loses area D Deadweight Loss What if a Price Ceiling is set at P1? Price decreases, firms set MR=MC and decrease production Quantity decreases to Q1 In Panel A, price allocates the quantity, resulting in an optimal point—equilibrium. Consumer surplus is area A, producer surplus is area B, social surplus is the sum. In Panel B, a price ceiling is set below the equilibrium price. Now some consumers who would like to purchase this product, cannot. Meanwhile, producers are not as interested in providing product to the market because of the lower price, resulting in a shortage. Since the short side of the market always prevails (exchange is voluntary), only the amount that producers want to provide to the market is exchanged, a less than optimal quantity. All units between Q and the equilibrium point have a social benefit (from the D curve) that is greater than the cost of producing those units (off the S curve). Therefore, from a societal standpoint, these units should be exchanged, but they will not be because of the price control. Therefore, the dark triangle represents that loss.

Deadweight Loss The reduction in social surplus resulting from a market intervention

Prices Guide the Invisible Hand The Command Economy (1 of 3)
How does this all come together? Tell students that markets need to be coordinated not just within industries, or across industries, but also across countries.

Two problems: 1. Coordination problem = bringing together self- interested economic agents to form markets 2. Incentive problem = how to motivate agents to participate in markets

Two possible solutions: Market economy = prices direct flow of resources, provide incentives for participants 2. Command economy = central agency directs resources, provides incentives Remind students of the example with the two plants and how the new CEO allocated production in a way that was less than optimal—less than the outcome that would have occurred with each manager acting in her/his best interest. Ask them to imagine the difficulty of coordinating thousands of exchanges, country-wide, with many industries, many consumers. Ask if they think an optimal outcome could be achieved with so many moving parts.

Prices Guide the Invisible Hand The Central Planner
K-Mart’s move to a command economy Tell students about the K-Mart story and blue light specials. Originally intended as a way for individual store managers to get rid of merchandise that was piling up in their local stores, the corporate office took over the concept, directing that all local stores discount the same items for the same amount at the same time. By not letting local store managers respond to their local conditions, the command approach from corporate headquarters resulted in lower profits.

Equity and Efficiency (1 of 4)
Equity Addresses the issue of a “fair” distribution of resources across society Remind students that markets do not make judgments. Markets, as we have seen, are efficient. But they don’t necessarily result in outcomes that we, as a society, would consider to be fair. So equity and efficiency are not necessarily the same thing. Efficiency is a positive position; equity is a normative one. One of the roles of government in our economy is to address efficient outcomes that we may not consider to be equitable.

Perfectly Competitive Markets are efficient One of the roles of government in our economy is to address efficient outcomes that we may not consider to be equitable Remind students that markets do not make judgments. Markets, as we have seen, are efficient. But they don’t necessarily result in outcomes that we, as a society, would consider to be fair. So equity and efficiency are not necessarily the same thing. Efficiency is a positive position; equity is a normative one. One of the roles of government in our economy is to address efficient outcomes that we may not consider to be equitable.

Evidence-Based Economics Example: Can markets composed of only self-interested people maximize the overall well-being of society? The short answer is, Yes! But only under a strict set of conditions. If markets do not conform to perfectly competitive characteristics, then we may be left with an outcome that is not Pareto-optimal. Examples include when a firm pollutes, or a firm has the ability to set prices. So the challenge is to strike a balance between government involvement and free market ideals.

Evidence-Based Economics Example: Yes – but only under a strict set of conditions The short answer is, Yes! But only under a strict set of conditions. If markets do not conform to perfectly competitive characteristics, then we may be left with an outcome that is not Pareto-optimal. Examples include when a firm pollutes, or a firm has the ability to set prices. So the challenge is to strike a balance between government involvement and free market ideals.

Evidence-Based Economics Example: Do companies like Uber make use of the invisible hand? In the language of supply and demand, low wait times are an indication of the fact that when a rider demands a ride, Uber quickly supplies one. In this way, Uber works as an economic matchmaker. Consistent with a perfectly competitive market, both buyers and sellers are price-takers. They see a price from Uber, and they decide whether to participate in the market.

Exhibit 7.16 Price Increase from Demand Surge Evidence-Based Economics Example: In the language of supply and demand, low wait times are an indication of the fact that when a rider demands a ride, Uber quickly supplies one. In this way, Uber works as an economic matchmaker. Consistent with a perfectly competitive market, both buyers and sellers are price-takers. They see a price from Uber, and they decide whether to participate in the market. This exhibit shows the effects of an increase in demand for Uber rides—and how surge pricing can help move the market to equilibrium. Panel (a) shows a scenario without surge pricing: even after an increase in demand, the price remains at $10. Without a price incentive drawing more drivers to the road, many riders are left without a ride. In panel (b), meanwhile, using a surge price of $20 brings the market to equilibrium; as quantity supplied increases, we move upward along the supply curve.

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