Variable kernel density estimation: Difference between revisions

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The '''Markup rule''' is used in [[economics]] to explain firm pricing decisions. It states that the price a firm with [[market power]] will charge is equal to a [[Markup (business)|markup]] over the firm's [[marginal cost]], equal to one over one minus the inverse of the price elasticity of demand.<ref>Samuelson; Marks (2003). p.104. This rule does not apply to competitive firms since such firms are price takers.</ref>
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A profit maximizing firm chooses the quantity of output to sell which equalizes its [[marginal revenue]] (the change in revenue from one extra unit sold) to its marginal cost (the change in [[total cost]] due to one extra unit produced). This results in the markup rule which captures the fact that the firm's ability to price its good over cost depends on the extent of its market power. This in turn depends on the [[price elasticity of demand]] faced by the firm.
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==Derivation of the markup rule==
 
Profit of a firm is given by total revenue (price times quantity sold) minus total cost:
 
<math> \pi=P(Q)Q-C(Q)</math>
 
where P(Q) is the [[inverse demand function]], Q is quantity and C(Q) is the total cost function. This implies that the firm chooses quantity so that
 
<math>P'Q+P-MC=0</math>
 
where P' is the partial derivative of the inverse demand function with respect to Q. Factoring out the price on the left hand side of the equation gives
 
<math>P(P'(Q/P)+1)=MC</math>
 
By definition <math>P'(Q/P)=</math>inverse of price elasticity of demand<math>=1/ \epsilon</math>. Hence
 
<math>P(1+1/{\epsilon})=MC</math>
 
This gives the markup rule:
 
<math>P=\frac {\epsilon} {\epsilon+1} MC</math>
 
or, letting <math>\eta</math> be the inverse of the price elasticity of demand
 
<math>P=\frac {1} {1+\eta} MC</math>
 
Since for a price setting firm <math>\eta>0</math> this means that a firm with market power will charge a price above marginal cost. On the other hand, a competitive firm by definition faces a perfectly elastic demand, hence it believes <math>\eta=0</math> which means that it sets price equal to marginal cost.
 
The rule also implies that, absent [[menu cost]]s, a [[monopoly|monopolistic]] firm will never choose a point on the [[inelastic demand|inelastic]] portion of its demand curve. Furthermore for an equilibrium to exist in a monopoly or an [[oligopoly]] market, the price elasticity of demand must be greater than one (<math>1/{\eta}<1</math>)(Mas-Colell).
 
==References==
{{reflist}}
 
[[Category:Financial economics]]

Latest revision as of 15:37, 7 August 2014

These fuzzies may be a small annoyance, but they can make your gym seem unkempt. If you want to ride a mountain bike fast in a challenging terrain, choose tires with not too much resistance in rolling and with little groove and a semi slick. As a result of this various protective gear manufacturers have also ventured into production of improved design of padded shorts. It's really cool to ride on a bike that is not just efficient but also very trendy. The Shimano shifters which we've talked about above increase the cyclist's capability of moving in and out of gear quickly and without any kind of delay.

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I ran with Hale and we also tried this method, it was effective. The circumstances will dictate which method to use. If riding on public roads in Australia, then the maximum motor wattage is 250W and the bike also then becomes speed limited. Suspension: Road bikes are built with a sole purpose of providing greater speed; they do not possess this feature, although they have certain materials which absorb the shocks of the uneven roads. How do you think people managed decades ago when steel was the only material frames were made of.

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