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1、Fernando&Yvonn QuijanoPrepared by:2008 Prentice Hall Business Publishing Microeconomics Pindyck/Rubinfeld,7e.Pricing withMarket Power11C H A P T E R为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Chapter 11:Pricing with Market Power2 of 41Copyright 2009 Pearson Education,Inc.Publishing as Pre
2、ntice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能CHAPTER 11 OUTLINE11.1 Capturing Consumer Surplus11.2 Price Discrimination11.3 Intertemporal Price Discrimination and Peak-LoadPricing11.4 The Two-Part Tariff11.5 Bundling11.6 AdvertisingChapter 11:
3、Pricing with Market Power3 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能CAPTURING CONSUMER SURPLUS11.1Capturing Consumer SurplusFigure 11.1If a firm can charge only one price for all i
4、ts customers,that price will be P*and the quantity produced will be Q*.Ideally,the firm would like to charge a higher price to consumers willing to pay more than P*,thereby capturing some of the consumer surplus under region A of the demand curve.The firm would also like to sell to consumers willing
5、 to pay prices lower than P*,but only if doing so does not entail lowering the price to other consumers.In that way,the firm could also capture some of the surplus under region B of the demand curve.price discrimination Practice of charging different prices to different consumers for similar goods.C
6、hapter 11:Pricing with Market Power4 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2First-Degree Price Discrimination reservation price Maximum price that a custo
7、mer is willing to pay for a good.first-degree price discrimination Practice of charging each customer her reservation price.Additional Profit from Perfect First-DegreePrice DiscriminationFigure 11.2Because the firm charges each consumer her reservation price,it is profitable to expand output to Q*.W
8、hen only a single price,P*,is charged,the firms variable profit is the area between the marginal revenue and marginal cost curves.With perfect price discrimination,this profit expands to the area between the demand curve and the marginal cost curve.variable profit Sum of profits on each incremental
9、unit produced by a firm;i.e.,profit ignoring fixed costs.Chapter 11:Pricing with Market Power5 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2First-Degree Price D
10、iscriminationFirst-Degree Price Discrimination in PracticeFigure 11.3Firms usually dont know the reservation price of every consumer,but sometimes reservation prices can be roughly identified.Here,six different prices are charged.The firm earns higher profits,but some consumers may also benefit.With
11、 a single price P*4,there are fewer consumers.The consumers who now pay P5 or P6 enjoy a surplus.Perfect Price DiscriminationThe additional profit from producing and selling an incremental unit is now the difference between demand and marginal cost.Imperfect Price DiscriminationChapter 11:Pricing wi
12、th Market Power6 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2Second-Degree Price Discrimination second-degree price discrimination Practice of charging differe
13、nt prices per unit for different quantities of the same good or service.block pricing Practice of charging different prices for different quantities or“blocks”of a good.Second-Degree Price DiscriminationFigure 11.4Different prices are charged for different quantities,or“blocks,”of the same good.Here
14、,there are three blocks,with corresponding prices P1,P2,and P3.There are also economies of scale,and average and marginal costs are declining.Second-degree price discrimination can then make consumers better off by expanding output and lowering cost.Chapter 11:Pricing with Market Power7 of 41Copyrig
15、ht 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2Third-Degree Price Discrimination third-degree price discrimination Practice of dividing consumers into two or more groups with
16、 separate demand curves and charging different prices to each group.Creating Consumer GroupsIf third-degree price discrimination is feasible,how should the firm decide what price to charge each group of consumers?1.We know that however much is produced,total output should be divided between the grou
17、ps of customers so that marginal revenues for each group are equal.2.We know that total output must be such that the marginal revenue for each group of consumers is equal to the marginal cost of production.Chapter 11:Pricing with Market Power8 of 41Copyright 2009 Pearson Education,Inc.Publishing as
18、Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2Third-Degree Price Discrimination third-degree price discrimination Practice of dividing consumers into two or more groups with separate demand curves and charging differe
19、nt prices to each group.Creating Consumer Groups(11.1)Chapter 11:Pricing with Market Power9 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2Third-Degree Price Disc
20、riminationDetermining Relative Prices(11.2)Third-Degree Price DiscriminationFigure 11.5Consumers are divided into two groups,with separate demand curves for each group.The optimal prices and quantities are such that the marginal revenue from each group is the same and equal to marginal cost.Here gro
21、up 1,with demand curve D1,is charged P1,and group 2,with the more elastic demand curve D2,is charged the lower price P2.Marginal cost depends on the total quantity produced QT.Note that Q1 and Q2 are chosen so that MR1=MR2=MC.Chapter 11:Pricing with Market Power10 of 41Copyright 2009 Pearson Educati
22、on,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2Third-Degree Price DiscriminationDetermining Relative PricesNo Sales to Smaller MarketFigure 11.6Even if third-degree price discrimination is feasible
23、,it may not pay to sell to both groups of consumers if marginal cost is rising.Here the first group of consumers,with demand D1,are not willing to pay much for the product.It is unprofitable to sell to them because the price would have to be too low to compensate for the resulting increase in margin
24、al cost.Chapter 11:Pricing with Market Power11 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2Coupons provide a means of price discrimination.Studies show that on
25、ly about 20 to 30 percent of all consumers regularly bother to clip,save,and use coupons.Rebate programs work the same way.Only those consumers with relatively price-sensitive demands bother to send in the materials and request rebates.Again,the program is a means of price discrimination.Chapter 11:
26、Pricing with Market Power12 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2TABLE 11.1 Price Elasticities of Demand for Users versus Nonusers of CouponsPRICE ELAST
27、ICITYProduct NonusersUsersToilet tissue0.600.66Stuffing/dressing 0.71 0.96Shampoo 0.84 1.04Cooking/salad oil 1.22 1.32Dry mix dinners 0.88 1.09Cake mix 0.21 0.43Cat food 0.49 1.13Frozen entrees 0.60 0.95Gelatin 0.97 1.25Spaghetti sauce 1.65 1.81Creme rinse/conditioner 0.82 1.12Soups 1.05 1.22Hot dog
28、s 0.59 0.77Chapter 11:Pricing with Market Power13 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能PRICE DISCRIMINATION11.2Travelers are often amazed at the variety of fares available for
29、round-trip flights from New York to Los Angeles.Recently,for example,the first-class fare was above$2000;the regular(unrestricted)economy fare was about$1700,and special discount fares(often requiring the purchase of a ticket two weeks in advance and/or a Saturday night stayover)could be bought for
30、as little as$400.These fares provide a profitable form of price discrimination.The gains from discriminating are large because different types of customers,with very different elasticities of demand,purchase these different types of tickets.TABLE 11.2 Elasticities of Demand for Air TravelFARE CATEGO
31、RYElasticityFirst Class Unrestricted CoachDiscountedPrice 0.3 0.4 0.9Income 1.2 1.2 1.8Chapter 11:Pricing with Market Power14 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能INTERTEMPORAL
32、 PRICE DISCRIMINATIONAND PEAK-LOAD PRICING11.3Intertemporal Price Discrimination intertemporal price discrimination Practice of separating consumers with different demand functions into different groups by charging different prices at different points in time.peak-load pricing Practice of charging h
33、igher prices during peak periods when capacity constraints cause marginal costs to be high.Intertemporal Price DiscriminationFigure 11.7Consumers are divided into groups by changing the price over time.Initially,the price is high.The firm captures surplus from consumers who have a high demand for th
34、e good and who are unwilling to wait to buy it.Later the price is reduced to appeal to the mass market.Chapter 11:Pricing with Market Power15 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育
35、人功能INTERTEMPORAL PRICE DISCRIMINATIONAND PEAK-LOAD PRICING11.3Peak-Load PricingPeak-Load PricingFigure 11.8Demands for some goods and services increase sharply during particular times of the day or year.Charging a higher price P1 during the peak periods is more profitable for the firm than charging
36、a single price at all times.It is also more efficient because marginal cost is higher during peak periods.Chapter 11:Pricing with Market Power16 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图
37、书室育人功能INTERTEMPORAL PRICE DISCRIMINATIONAND PEAK-LOAD PRICING11.3Publishing both hardbound and paperback editions of a book allows publishers to price discriminate.Some consumers want to buy a new bestseller as soon as it is released,even if the price is$25.Other consumers,however,will wait a year u
38、ntil the book is available in paperback for$10.The key is to divide consumers into two groups,so that those who are willing to pay a high price do so and only those unwilling to pay a high price wait and buy the paperback.It is clear,however,that those consumers willing to wait for the paperback edi
39、tion have demands that are far more elastic than those of bibliophiles.It is not surprising,then,that paperback editions sell for so much less than hardbacks.Chapter 11:Pricing with Market Power17 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,
40、7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能THE TWO-PART TARIFF11.4 two-part tariff Form of pricing in which consumers are charged both an entry and a usage fee.Single ConsumerTwo-Part Tariff with a Single ConsumerFigure 11.9The consumer has demand curve D.The firm maximizes profit by
41、setting usage fee P equal to marginal cost and entry fee T*equal to the entire surplus of the consumer.Chapter 11:Pricing with Market Power18 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育
42、人功能THE TWO-PART TARIFF11.4Two ConsumersTwo-Part Tariff with Two ConsumersFigure 11.10The profit-maximizing usage fee P*will exceed marginal cost.The entry fee T*is equal to the surplus of the consumer with the smaller demand.The resulting profit is 2T*+(P*MC)(Q1+Q2).Note that this profit is larger t
43、han twice the area of triangle ABC.Chapter 11:Pricing with Market Power19 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能THE TWO-PART TARIFF11.4Many ConsumersTwo-Part Tariff with Many Di
44、fferent ConsumersFigure 11.11Total profit is the sum of the profit from the entry fee a and the profit from sales s.Both a and s depend on T,the entry fee.Therefore=a+s=n(T)T+(P MC)Q(n)where n is the number of entrants,which depends on the entry fee T,and Q is the rate of sales,which is greater the
45、larger is n.Here T*is the profit-maximizing entry fee,given P.To calculate optimum values for P and T,we can start with a number for P,find the optimum T,and then estimate the resulting profit.P is then changed and the corresponding T recalculated,along with the new profit level.Chapter 11:Pricing w
46、ith Market Power20 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能THE TWO-PART TARIFF11.4In 1971,Polaroid introduced its SX-70 camera.This camera was sold,not leased,to consumers.Neverth
47、eless,because film was sold separately,Polaroid could apply a two-part tariff to the pricing of the SX-70.Why did the pricing of Polaroids cameras and film involve a two-part tariff?Because Polaroid had a monopoly on both its camera and the film,only Polaroid film could be used in the camera.How sho
48、uld Polaroid have selected its prices for the camera and film?It could have begun with some analytical spadework.Its profit is given by =PQ+nT C1(Q)C2(n)where P is the price of the film,T the price of the camera,Q the quantity of film sold,n the number of cameras sold,and C1(Q)and C2(n)the costs of
49、producing film and cameras,respectively.Chapter 11:Pricing with Market Power21 of 41Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld,7e.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能THE TWO-PART TARIFF11.4Most telephone service is priced usin
50、g a two-part tariff:a monthly access fee,which may include some free minutes,plus a per-minute charge for additional minutes.This is also true for cellular phone service,which has grown explosively,both in the United States and around the world.Because providers have market power,they must think car