Robert S. Pindyck, Daniel L.

Rubinfeld

MICROECONOMICS

5th edition

PEARSON
Prentice

Saddle River, N Jersey 07458

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ISBN 978-5-459-01019-0
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2001, 1998, 1995 by Prentice Hall, Inc.

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Prentice Hall, Inc.
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ISBN 978-5-459-01019-0
ISBN 0-13-016583-2 (.)

, 198206, -, , 73, . 29.

005-93, 2; 95 3005
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17.06.11. 70100/16. . . . 50,31. 1000. 0000.
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............................................................................................. 16
I
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1 ............................................................ 20
2 ...................................................... 37
II
,

3 ................................................................ 66
4 ............................................ 105
5 ........................................... 147
6 ............................................................................ 175
7 ............................................................. 200
8 ................. 235
9 ..................................................... 269
III


10 : ................................. 297
11 .......................... 337
12 ........................... 381
13 ........................................... 412
14 .................................................... 454
15 , .......................................... 476
IV
,

16 .................... 504
17 ........................................ 539
18 .................................... 566
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I
:

1 ............................................. 20
1.1. ............................................................................................ 22
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1.2. ? ............................................................................................................... 27
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1.3. .................................................................................... 30
1.4. ? ................................................................ 33
:
Ford ...................................................................................... 33
:
XXI . ................................... 34
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2 .................................... 37
2.1. ........................................................................................................ 39
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2.2. ......................................................................................................... 42
2.3. ............................................................................ 44
2.4. ......................................................................... 46
2.5. ............................... 50
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2.6. ...... 61
 7

II
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3 ................................................... 66
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3.1. ................................................................................... 69
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3.2. ................................................................................................ 81
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3.3. ............................................................................................................ 86
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3.4. .............................................................................................. 92
3.5. ......................................................... 96
3.6. ............................................................................................. 99
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4 ...................... 105
4.1. ................................................................................................. 107
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- ........................................... 114
4.2. ....................................................................... 116
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: ...................................................................... 119
4.3. ............................................................................................................... 123
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4.4. .................................................................................................... 128
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4.5. .......................................................................................... 133

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4 . ............... 138
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5 ...................... 147
5.1. ................................................................................................................... 149
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5.2. .......................................................................................................... 155
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5.3. ................................................................................................................ 161
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5.4. .................................................................................... 165
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6 .................................................................... 175
6.1. .................................................................................... 177
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6.2. ........................................................................................................................... 178
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6.3. ( ) ...................... 181
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6.4. ................................................. 191

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6.5. ......................................................................................................... 197
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7 ............................................... 200
7.1. : ? .................................. 202
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7.2. ........................................................................ 207
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7.3. ........................................................................... 213
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7.4. ............................................. 220
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7.5.
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7.6. ...................... 231
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8
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8.1. ............................................................................ 237
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8.2. ................................................................................................ 239
10

? ................................................ 239
8.3. , ......... 240
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8.4. ..................................... 244

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8.5. ......................... 248
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8.6. ............................................... 250
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8.7. ....................................... 255
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8.8. ..................................... 262
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9 ................................... 269
9.1.
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9.2. .................................................................... 276
9.3. ........................................................................................................ 279
9.4. ................................................ 281
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9.5. ........................................................................................ 286
9.6. .................................................................................. 290
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III

10 : ....... 297
10.1. ......................................................................................................................... 299
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10.2. ....................................................................................................... 310
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10.3. ................................................................................ 315
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10.4. ...................................................... 317
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10.5. ....................................................................................................................... 324
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10.6. .............................................................................................. 328
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10.7. : ......... 332
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11
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11.1. ................................................................................... 339
11.2. ............................................................................................... 340
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11.3.
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11.4. .............................................................................................................. 354
11.5. ....................................................................... 359
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12

11.6. ................................................................................................................................ 369

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11.
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12
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12.1. ............................................................................. 383
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12.2. ........................................................................................................................ 386
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: ............................................................................... 393
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12.3. .................................................................................................... 396
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12.4. : .................................................... 400
12.5.
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12.6. ................................................................................................................................ 408
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13 ....................... 412
13.1. ................................................................................ 414
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13.2. ............................................................................................ 417
13.3. .................................................................... 419
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13.4. ..................................................................................................... 427
13.5. ................................................................................................ 430
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13.6. , ....................................................................... 433
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 13

13.7. ..................................................................................................... 438

........... 441
13.8. ................................................................................................... 444
13.9. ............................................................................................................................ 446
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14 .................................. 454
14.1. ..................................................... 455
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..... 458
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14.2. ...................... 467
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14.3. .......................... 470
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14.4. ................................... 474
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15 , ..................... 476
15.1. ................................................................................................................ 478
15.2. ................................................................... 478
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15.3. ..................................................................................................... 481
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15.4.
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15.5. ............................................................................................................. 488
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15.6. ............................................................... 494
15.7. ........ 495
................ 495
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14

............................................................................................. 497
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15.8. ? .................................................................. 499
.............................................................................. 501

IV
,

16
................................................................. 504
16.1. ........................................................................................... 506
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16.2. .................................................................................................. 509
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16.3. ............................................................................. 518
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16.4. ..................................................................................... 522
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16.5. ........................................................................................ 530
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16.6. ...................................................... 535
16.7. ? .................................................................................. 536
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.................................................................................................. 537
........................................................................................................... 538
() .................................................................................... 538
17 .................. 539
17.1. ................................................. 541
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 15

17.2. .......................................................................................................... 546

.............................................................. 548
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17.3. ......................................................................................................... 551
17.4. ................................................................................. 554
............................ 555
.......... 556
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17.5. .............. 559

.................................................................. 559
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17.6. :
............................................................................................................. 563
18 .............. 566
18.1. ........................................................................................................... 568
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18.2. ................................................................... 572
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18.3. ............................................................. 583
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18.4. ............................................................................ 587
18.5. ....................................................................................................... 589
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18.6. ....................................... 595
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........................................ 605


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 2. 47

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 2. 49

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-
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4% . -
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1975, 1982 1991 . , -
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2.11 -
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 2. 53

20

10
, %

10

20
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000

.
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.

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.
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.
.

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15

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5



10
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000

,
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0,20 1,60
0,43 0,31
0,25 1,50

1
,
Franklin M. Fisher, Paul H. Cootner and Martin N. Baily, An Econometric Model of
the World Copper Industry, Bell Journal of Economics 3 (Autumn 1972): 568609.
56 I. :

SLR
SSR SSR

SLR

) )
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19761977 . (, ,
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- $0,68 1975 . $1,23 1976 . $2,70 1977 . -
, 1986 .
1985 ., . , -
1994 . -
19951996 . -
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1998 . .
, ,
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$1,48 , 1983 .
 2. 57

$3,00

2,50

2,00
, $/

1,50

1,00

0,50

0,0
1965 1970 1975 1980 1985 1990 1995 2000

,
.
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1975 . 1 1987 .
1984 . 1994 .
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1
1980 . $2,00
-
(International Coffee Agreement, ICA). ICA
, -
1968 .
. 12.
58 I. :

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S' S
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 2. 59

, -
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www.fas.usda.gov/market.html.)

2.2

1970- ., -
.
1974 ., , ( -
, Organization of Petroleum Exporting Countries, OPEC)
, ,
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. 19791980 .
, - -
. 1980- . -
, (. . -
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1990 ., , -
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. 2.15.
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50

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40
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30

20

10

0
1970 1975 1980 1985 1990 1995 2000

.
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1997 ., 1997 .
:
1997. = 18 $/.
= 23 (/).
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:

0,05 0,40
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,
:
: D = 24,08 0,06.
: SC = 11,74 + 0,07.
,
,
10 /. 10 / -
, :
: ST = 21,74 + 0,07 .
,
$18 .
,
:
: D = 32,18 0,51.
: SC = 7,78 + 0,29.
: ST = 17,78 + 0,29.
, -
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-
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13% .
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.
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:
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1
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 2. 61

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$41,08 -
. . 2.16 -
.
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-
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$3,75 $18.
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19791980 . ,
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(www.eia.doe.gov).)

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, 1974 1979 . .
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62 I. :

SC D S'T ST
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41
40

35

30

25

20
18
15

10

0
0 5 10 15 20 23 25 30 35
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 2. 63

S
0 Q0.

,
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1954 . -
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64 I. :

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: Q = 14 + 2G + 0,250.
: Q = 5PG + 3,75P0,
Q ( . ), G
( . ), 0 ( ).
, $8
, -
$2,00.
1975 . $1,00 . .
G , -
(Q1 . 2.17) 18 . . -
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19601970- . -
1980- . 9.1 9 ,
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3.2.
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General Mills -
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General Mills, Cheerios (). ,
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 3. 73

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 3. 75

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16
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marginal rate of substitution)
14
.
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() 12
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4 ( D), 1
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1 ( G). 8 4
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76 II. ,

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1 .
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F /F = (6)/1 = 6.
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 3. 77

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78 II. ,

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.
,
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 3. 79

. , -
, , , -
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,
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.
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: u(F, C)=F + 2C.
, 8
3 , , 8 + 2 3 = 14. ,
, -
6 4 (6 + 2 4 = 14).
, 4
4 . ?
, 4 + 4 2 = 12.

, ,
, . , -
U3
3,
U2 2,
U1 1. -
, , , -
-
.
. 
u(F, C) = FC , ,
F , -
F . 3.7 , -
. -
, , F = 5 = 5.
U1, 25 . -
( ), -
, FC = 25 (, F = 10, =
2,5 ; F = 2,5, = 10 D). U2
, FC = 50, U3
, FC = 100.
,
. , -
u(F, C)=4FC. ,
25 , F = 5
80 II. ,

,.

,
.
15

25, 50 100
, D
10
FC.

A U3 = 100
5
B U2 = 50
U1 = 25

,
5 10 15 .

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= 5. 4 100 .
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25 , ,
100 . ,
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100, 200 400 25,
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 3. 81

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F ,
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, ,
$80, $1 , $2
. . 3.2 ,
$80.
, 40 (
$2 ), .
, 80 ( $1 ),
G. , D -
$80 .
3.2

(F) ()

A 0 40 $80
B 20 30 $80
D 40 20 $80
E 60 10 $80
G 80 0 $80

3.8 , -
, . 3.2.
$2, $1, -
, , -
.
G. -
F + 2 = $80.
 3. 83

, .

,
A
(I/PC) =
= 40
F + 2C = $80
30 B
. AG
( 10
20 D C/F = 1 = PF /PC
, D ) 2
, 20
E
$80, 10
PF=$1
G
PC=$2 .
0 20 40 60 80 = (I/PF) ,
.
,
D,
PF / PC= 10/20 = 1/2.

. 3.8.

.
G,
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($1/$2=1/2). $2 -
, $1 , 1/2
, 1 . . 3.8
C/F=1/2
.
(3.1), , -
, F.
PC, :
= (I / PC) (PF /TPC) F. (3.2)
(3.2) ;
I/PC (PF/PC).
(PF / PC), , -
(: ) . -
,
.
(I / PC)
, I. , F
(I / PF) ,
F , .
84 II. ,

, ,
PF PC. , . , -
.
. ,
? (3.2) ,
, ,
. . 3.9 ,
( $80 $160) , -
L1 L2, L2 L1. -
-
. , ( $80 $40),
, L1 L3.
. ,
, ? -
-
, = (I / PC) (P F / PC)F . -
, , $1 $0,50.
, -
PF/PC = $1/$2 $0,50/$2=1/4. . 3.10
L2,
L1 .
, ,
, , -
, ,
. 3.9.
, .
(
)
80


(L1).
$80 ( 60
L1) $160,
,
L2.
$40, 40
,
L3.

20 L3 L1 L2
(I = $40) (I = $80) (I = $160)

40 80 120 160
,
.
 3. 85

, .
(
)


40


.

$1 $0,50,
L3 L1 L2
: L1 (PF = 2) (PF = 1) (PF = 1 )
2
L2.
$1
40 80 120 160
$2, ,
: .
L1 L3.
. 3.10.

. -
, , .
, , $1
$2, L3 - -
. -
, .
, , ,
, ? -
,
. ,
. , , -
.
, .
, -
, . -
,
, . , -
-
, - , , , .
, , ,
, . ( -
.) ,
; , -
. ,
, ( -
), . -
. ,

, .
86 II. ,

3.3.
, , -
, -
. , -
,
.
-
:
1. . ? , -
-
, , ,
. ,

. -
, -
.
, , .
, -
.
-
, .
2. M
.
-
.

, .
3.11 . -
-
. , U3
, U2 -
, U3
.
, U1 -
. ,
,
. , , -
, , -
U2. , ,
U2, , D
U3, ,
. , -
.
, , -
, ,
 3. 87

. U2
. -
. MRS (C / F) ,
, , -
( ) ,
MRS = PF / PC . (3.3)
: , 
(F ) . ,
, -
F , MRS .
, (3.3), -
, . -
, (marginal benefit) ,
,
(marginal cost)
. MRS. -
1/2 ( ), , -
1/2 , 1 -
.
; 1/2, -
1/2
(PF = 1 PC = 2 ).
MRS , , -
. ,
. 3.11 . 20
30 . ( ) 1/2,
$1, $2. MRS
( ) , 1/2: 1. ,
1 1
. ,
,
. 1 , -
$2 2 , -
1 , .1

, ,
MRS 1/2. , -
1
, , MRS , -
. , -
. ,
, ( -
) MRS. -
, .
,
, MRS .
88 II. ,

, .

40
.

B
30
D
U2 10C

; A
20

+10F
U3

( U2

U1
D)
40 ,
20 80
. .

MRS .
, MRS=(10/10)=1 , (1/2).

. 3.11.

1 2 .
MRS = = PF / PC , -
.

3.1


. -
,
-
. , , -
.
?
, .
, , -
,
. -
,
.
, ,
. , ,
, , , ,
. -
PQ . 3.12 . -
 3. 89

, $ , $
T
T

P
U B
A
R
B
U3
W
A C
U1
U3

U2
U1
0 S Z Q V 0 X Q R
, $ , $

) )
)
.
,
, . . ,
. )
.
, ,
. ,
.

. 3.12.

,
( ), (
).1 U1,
, , OR -
, OS . -
,
.
, -
,
.
: PQ TV . 3.12 ,
PT = QV . -

, (OU
OZ ).
1
-
(, $10 000), (, 50 000).
90 II. ,

,
. ,
$1 $2,
. -
. . 3.12 , -
: PQ PR.
, . ,
,
.
,
. ,
, .
, OW -
. . -
, ,
, -
.1

, -
. , , -
.
, ,
.
. 3.13 ,
, (IC) -
(Y). : -
, -
.
, -
. , , MRS
, -
. ,
, , -
. -
-
,
.
, MRS 
. ,
(3.3), -
1
, , ,
, , -
. -
. , -

.
 3. 91

,


, U1 U2 U3
A
.


.


U1,
MRS
,

.

B ,

. 3.13.

, -
:1
MRS PIC / PY. (3.4)
, , -
, B. ,
,
, ,
.
? ,
,
-
, .
MRS ,
, . 3.13, -
:
. -
, .

3.2
G
- .
18- - , -
. ,
, ,
1
, , -
,
.
92 II. ,

- , $
,

,


( ).
- C
-,
,
P
. B U3
U2
A

U1

Q , $

. 3.14. 

. , -
, . 3.14. -
, .
, -, -
PQ. -
, . -
, , -
U1 U2.
, ,
, -
. -
. -

U3, (,
),
, .
. -
, , ,
, , , -
.

3.4.
. 3.1 ,
. . 3.3 , -
. -
 3. 93

, , .
l1,
l1

,
.
,
l2,
, l2

A

D.
B

, , D
,
.
,
.
. 3.15. :

? ,
?
, -
, . -
.
, , ,
.
, ,
l1 . 3.15, . -
D. (
l1), , ,
.
,
D , D l1. , -
,
l2, . D
l2, , , D (
l2). , , -
, D, , , D. ,
. 3.15 , ,
.
, , ,
,
, , . , -
, , .

, -
. . 3.16. , , -
94 II. ,

, , .
l3
l3,
, ,
,
(
, ).
,
l1
l4, E
G,

G . l4
,
l2 A

, B G

.

,
.
. 3.16. :

l3 ( ,
), . ,
( ),
, . -
, , l3,
, G. G, , G
, G.
, , -
. , ,
. 3.16 .
, ,
,
. -
AG -
. ,
.
-

. 3.3, -
, -
.

3.3

, .
,
 3. 95

. -

? .
, $100
, -
, , .
$4 , 10 . -
$30 , -
$1 .
? -
. . 3.17 l1 -
. -
, 10 $60
. ,
l2, .
U1 l2, -
, 25 $45 . -
, ,
, . , -
, . (,
, , .)
, , -
, .
, ,
. , , :
.
11, -
, , ,
.

. 3.17.

, , $
l1,
10 100
,
. 80
,

l2. , 60
A
B

40 U2
U1
,
,
20

l2
. l1
0
25 50 75
,

96 II. ,

3.5.
. 3.3 , -
.
, -
.
-
, -
.
- , -
. -
, , , -
.
(marginal utility, MU) , 
. , -
, 0 1 ,
9; 1 2 7; 2 3 5.
,
: -
,
. , -
, ,
.

.
. 3.7. F
MUF. -
MUF (F). -
MUC,
MUC (C).
-
, ,
F, , - -
:
0 = MUF(F) + MUC (C).
:
(C / F) = MUF / MUC.
(C/F) MRS F , -
,
MRS = MUF / MUC . (3.5)
(3.5) , MRS -
F C. -
, F,
F , .
 3. 97

,
F
:
MRS = PF / PC . (3.6)
MRS -
F ( 3.5), , :
MUF/MUC=PF/PC

MUF/PF=MUC/PC . (3.7)
(3.7) . , -
,

. ? ,

. -
. ,
-
, -
-
.
-
, -
( ).
(equal marginal principle) . . 
,
.
.
.

3.4
( )

. 1974 1979 ., ,
. -
, ,
.
. , -
,
. -
,
, , -
.
-
: , , ,
, . -
98 II. ,

, , $

A
, 20 000
.
18 000
D
.
C
15 000

20 .
(
).
U2
U2,
U1
5 .
. E B

2 . 0 2 000 5 000 20 000
( ) ,

D

U1.

. 3.18.

, -
, .
- ,
.
(.
. 3.18). -
$20 .,
. , -
$1 . $20 ., -
, 1. $1 , -
, 5000 $15 .
, . -
, U2, -
$20 .

2000 . ADE,
, 2000 .
, D
U1, -
(U2), ,
.
 3. 99

3.6.

.
,
( ) . -
-
(, CPI). (. .1.1.)


. -
? ,
(cost-living index) -
,
? -
. -
, , , -
,
.

, , .
1990 .,
( ) $500 -
. , $2
, , $20 .
100 ( $200) 15 ( $300).
, 2000 ., , , -
, , -
. , ,
, , $2,20 ,
$100 . ,
2000 . 1990 .?
3.3 , . 3.19
.
3.3

1990 () 2000 ()

$20/. $100/.
15 6
$2/ $2,20/
100 300
$500 $1260
100 II. ,

,
, .

U1
25

20
A
, 15

10 l3
. B
5
l2
l1
0
50 100 150 200 250 300 350 400 450 500 550 600
,

. 3.19.

, 1990 ., -
l1 . 3.19; , -
, U1.
,
$500, :
$500 = 100 $2/ + 15 $20/.
. 3.19, ,
, , , -
, --
, l2 (
U1), 300 6 . , ,
, , -
, .
, , -

$1260 = 300 $2,20/ + 6 $100/.
, -
$760 ( $1260 $500,
).
$1260/$500=2,52.
, ,
100, 1990 .;
2000 . 252. 252 -
152%, 100 ,
. (ideal cost-of-living index)
 3. 101


(2000)
(1990) .

, -
.
,
, . -
, . ,

, , . -
: , 
, ,
,
?
.
100 15 2000 . $1720
(100 $2,20 + 15 $100).
l3 ( ). l3
l2 ,
. , l3 ,
2000 . , -
1990 .. -
, $1720.
100 1990 .,
100 $1720/$500 = 344.
-
. ,
.
? ,
. 3.19. , ,
l3, 1990 . , ,
,
( l3). ,
, -
, -
. -
, , ,
, .
, . ? -
,
. , -
, ,
,
102 II. ,

, , -
.
, -
, , -
.
, 

, ,
. , -
,
.


. , -
, (index Paasche) -
.
: 
, ,
,
?
.
.
: ,
, ,
,
.
: , -
, ,
, -
.
(), () M
(fixed-weight indexes): -
. -
;
. ,
, (F) ().
PFt PCt ;
PFb PCb ;
Ft Ct ;
Fb Cb .
:
= (PFtFb + PCtCb) / (PFbFb + PCbCb),

= (PFtFt + PCtCt) / (PFbFt+ PCbCt).

 3. 103

, -
, , ,
-
. , ,

. -

, -
( ) , -
.
-,
-
. ( 1990 .) -

$1720 (100 $2,20/ + 15 $100/).
$500 (100 -
$2/ + 15 $20/). -
100 $1720/$500 = 344, .

$1260 (300 $2,20/ + 6 $100/). -
$720
(300 $2/ + 6 $20/). ,
100 $1260/$720 = 175. , -
, .

,
, -
. ?
1995 ., -
(chain-weighted
price index) ( )
()
. , -
, -
(
), .
, -
. ,
1970- .,
,
, . ,
, -
,
. -
.
104 II. ,

3.5


. -
,
. , -
, , -
.
,
, , -
1,1% , -
. ,
0,4% 1,1% -
-
. -
-, . .
( 0,1%), , -
, (0,6%).
, -
(, , -
-
). ,
( -
-), (
), -
. , 1%

$95 2000 .1
-
. -
, , -
,
-
, , .

1
Michael J. Boskin, Ellen R. Dulberger, Robert J. Gordon, Zvi Griliches, and Dale W. Jorgenson
The CPI Comission: Findings and Recommendations, American Economic Review 87, . 2
(May 1997): 7893.
 4

:
4.1. .
4.2. .
4.3. .
4.4. .
4.5. .

3 . -
,
-
.
,
, .
:
1. . -
, -
, , -
. , ,
,
. -
-
.
2. ,
.
, . -, -
106 II. ,

,
. -,
, ,
, .
,
.
3. ,
, .
,
.
4. ,
, , -
. -
, -
.
5. , (network
externalities), . . ,
. -

, -
, .
 4. 107

4.1.
,
. ,
, . -
,
,
, 3.3.

, -
. 4.1 -
,
.
$1, $2,
$20. , -
, . 4.1, . 12
4 , ,
U2.
. 4.1, b, -
. -
, . 4.1, ,
. G . 4.1, b
. 4.1, . G $1,
12 .
, $2. -
3.2, . 4.1,
, ,
. -
. -
,
U1. ( , -
.)
4 6 .
. 4.1, b , ,
$2 4 .
, , 50 ?
, -
, -
U3. D, . 4.1, , -
20 5 . . 4.1, b
50 20 .

, -
. . 4.1, a M
108 II. ,

-
- .

-
-

.
, -

-
( ,
$2; , $1; D,
$0,50),
.
b) ,
, ) .
- .
. ( E,
G -
, D -
.)

,
) .

. 4.1.

(priceconsumption curve) -
,
. , , -
, ,
. -
.
, ? . 4.1, a, -
, . -
, -

.
 4. 109

(individual demand curve) -

, , .
. 4.1, b -
, , . -
.
1. , , M
. , -
. . 4.1, a , -
. , ,
, -
.
2. ,
, (MRS) -
.
, MRS .
. 4.1 1 ($2/$2) (
U1 1 -
) 1/2 ($1/$2) G 1/4 ($0,50/$2) . -
, MRS
, . -
: , -
.
, MRS
, - -
. , ,
, -
4 . . 4.1, : $2. -
? , MRS
1, -
. $2, , -
, ( ),
.
. 4.1, MRS . , -
, $2 $1
$0,50.

, , -
. ,
.
-
, . 4.2, a -
, ,
,
$1, $2. . 4.1, a, -
110 II. ,

,
. . -
$10. , -
, , -
4 3 .
4 . 4.2,
D1. D1 , ,
$10, 
. , -
.
, $20? -

, , -
U2. -
, 10 5 . . 4.2,
G
D2. D2 -
$20 . , ,
$30, -
D, 16
( 7 ), . 4.2, .
,
. . 4.2, a (incomeconsumption
curve) , -
, . -
. 4.2 ,
,
. , 
. .
,
. , -
. 4.2, a D1
. 4.2, ; G D2. -
,
D1 -
D2 D3.

,
.
(. . 2.3). ,
. 
: -
.
:
. -
 4. 111

-
, - .
-
,

-
.
, -
7 D
- U3
- 5
U2
B
( , $10; , $20; D, 3 U1
$30), A
.
4 10 16 ,
) .

.
-
. ( , G -
,
D .)
E G H
$1,00

D3
D2
D1

4 10 16 ,
.
)

. 4.2.

(inferior goods).
, , -
. ,
: , -
.
4.3
. -
. -
( ).
- ,
, .
112 II. ,

,

15

C
10

U3

5 B

A U2

U1
5 10 20 30 ,

. , -
, , -
: .

. 4.3.

M
(Engel curve), -
. 4.4 ,
. 4.4, a, -
,
. 4.2, a. $10 $20 $30,
4 10 16
. , . 4.2, a -
, ,
; -
. . 4.4, a 4.4, -
. - -
.
, , , . 4.4, a,
, . 4.2, a.
, (-
3 5 7 ).
 4. 113

,
$

30

. -
20
-
, -
10
. -

-
$20 0 4 8 12 16
- ,
) .
$20 - ,
. $

30

20

10

0 5 10 ,
.
. 4.4. )

4.4, , . 4.3, -
. , 5 10, -
$10 $20. , $20 $30,
8 . , -
, , -
.

4.1

, , -
.
. ,
, -
. 4.1 -
.
, -
114 II. ,

, , -
.
, -
, -
. , ,
, -
.
,
. : -
-
.
, . -
,
, . -
, , $30 000
. , , ,
, -
, , -
.
. 4.1 , -
. 4.5. -
, -
, ,
, $30 000.
4.1

(1997, $)

, $ : 10000 20000 30000 40000 50000 70000

10000 19000 29000 39000 49000 69000

700 947 1274 1514 2054 2654 4300

1116 1725 2253 3243 4454 5793 9898
1957 2170 2371 2536 2137 1540 1266

1031 1697 1918 1820 2052 2214 2642

2656 3385 4109 4888 5429 6220 8279
859 978 1363 1772 1778 2614 3442

: , , Consumer Expenditure
Survey; 1997.

G
, 2,
, , -
. -
. , -
, -
 4. 115

$80 000

70 000

60 000

50 000

40 000

30 000

20 000

10 000

0
$0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000

. 4.5.

, . , -
, ,
, .
2.1, , -
.
, ,
, -
. , ,
-
. , , ,
, , -
. , -

.
, -
, , -
. . 4.1. ,
, -
: -
(, - , ,
). -
116 II. ,

, (-
) : -
( , -
).
;
-
. ( -
16.) , -
, ,
, . -
, , -
, . ,
, , -
. -
,
.

4.2.
:
1. , -
, , -
. -
(substitution effect).
2. , M
.
,
-
. , -
, (income
effect).
, -
.
. 4.6, RS , -
. ,
, , -
U1.
, , , -
RT.
U2.
,
, (. 3.4),
. ,
-
. -
 4. 117

,
.

A
C1

B
C2
D
U2

U1

O F1 E S F2 T ,
.

. -
RS. -
, F1F2, -
. F1E (
D) , -
() . EF2 (
D ) , -
. , -
EF2 .

. 4.6. :

, , F1F2.
OF1 , -
OF2. , F1F2
.

, . M
(substitution effect) 
, , 
.
, , -

. .
118 II. ,

. 4.6 -
, RT (
), U1
( ).
,
.
D -
. , F1E -
.
4.6 , ,
.
-
3.1 , .
, , , -
, , -
RT .

(income effect), . . -
, , -
. . 4.6
, D,
RT, . -
U2 ( -

). OF2
, , -
(
, ). -
, -
.
,
:
(F1F2) = (F1) + (EF2).
, : -
. -
, -
.
, :
, . . 4.7
. -
F2.
, . -
, ,
.
 4. 119

,
.

A B

D U2

U1
O F1 F2 E S ,
T
.

RS.
. -
F1E (-
D) F2 (
D ).
, . -
,
.

. 4.7. :

:
,
.
(Giffen good) , 
, () , 
(). 4.8 -
. ,
-
. -
,
, . -
, , -
, .
120 II. ,

,
.

A U2

U1

O F1 E F2 ,
.

,
, , -
. , -
, .
F2F1 , EF2,
.
. 4.8. :

,
, -
. : ,
, . -
(
), .

4.2.

, -
-
. 1993 ., ,

7,5 . , ,
.

,
. -
, -
 4. 121

.
?
5 . -
0,5.1 , -
1200 , -
$1 , $9000.
4.9 . ( -
, -
.) . -
( U2),
, 1200 ,
$7800. 50 ,
50%, D.2 (-
, , , -
.)
, 0,5, 25% 1200 900 -
, U1 (
1% 1/2%).
. ,
-
$450 (900 , 50 ), -
$450.
? -
$450, FJ, AD.
? . 2 , -
0,3. $450
5- ($450/$9000 = 0,05), ,
1,5% (0,3 5%) 900 ,
13,5 . ,
, . ( ,
, .) ,
286,5 1200 913,5.
,
, -
.
,
. -,
, -
. ,
$450 .

, . , -
, , -

1
2,
,
0,11 1,17 .
2
, -
.
9.
122 II. ,

F
+
A


, $

H C
E

U2
U1

900 913,5 1200 D J B

,

1200 . -
AB AD,
, , 900
. ,
913,5 .
, , -
.
. 4.9.

, .
.
4.9 ,
, -
U2. ,
(, ,
, ,
). , -
, .
? , ,
, ( -
) , -

. 9.
 4. 123

4.3.
.
. ,
, 
. , -
-
.

,
(, ). 4.2 -
. , (5),
(2), (3) (4),
. $3, , -
2 + 6 + 10, . . 18.
4.2

(1) , $ (2) , (3) , (4) , (5) ,

. . . .

1 6 10 16 32
2 4 8 13 25
3 2 6 10 18
4 0 4 7 11
5 0 2 4 6

. 4.10
( DA, DB DC). -
-
. , -
,
. , $4,
(11 ) (
), (4 ) (7).
,
.
,
. . 4.10, ,
, ,
( $4).
:
1. ,
.
124 II. ,

,
$ .
5

1 DA DB DC

0 5 10 15 20 25 30

-
DA, DB DC. -
. , $4 -
11 ( ),
(4) (7).
. 4.10.

2. , , M
. , ,
,
, . -
,
.

. ,

, . ,
, -
:
;
;
.

2.3 , -
,
 4. 125

1%. Q, , , -

= (Q/Q)/(P/P) = (P/Q)/(P/Q). (4.1)
. (. . < 1
), -
. ,
. , , 1000 -
$1 ; , -
0,5. $1,10 (
10%), 950 ( 5%).
$1000 (1000 $1
) $1045 (950 $1,10 ).
. , ( > 1
), -
. , , 100
$2 ; 1,5.
$2,20 ( 10%),
85 ( 15%). -
$200 (100 $2 ) $187 (85 $2,20 ).
. -
, ,
(isoelastic). . 4.11

. 4.11.

1,0 , -
D.


,$

,. .
126 II. ,

. , . -
,
2.3. ,
.
; ,
, .
.

: ,
1,0, . 4.11. -
. , , -
,
. , , -
, , $5,4
.
$5,4 . , $6 -
900 . ; $9, -
600 . , . 4.11.
4.3 .
,
. (, ,
.) ,
; , -
. ,
, .

. (, 20%) -
,
.
.
4.3

, ,

.
. ,
2. -
-
P/Q . (
P/Q, -
 4. 127

, .)
(4.1) :
: = (/Q)/(1/). (4.2)
-
, . , -
$8 $10 ,
6 4. ?
25% ( $2, $8) -
20% ( $2, $10)? -
33 1/3% (2/6) 50% (2/4)?
.
, . ,
= (33 1/3% /25%) = 1,33.
= (50%/20%) = 2,5.
, -
.
. ,
, . ,
. -
, , P ;
Q. , -
:
: = (Q/P)/( P /Q ). (4.3)

$9, 5 -
. , :
= (2/$2)($9/5) = 1,8.
-
, , -
.
, -
.
,
.

4.3


,
.
,
. , -
. -

.
128 II. ,

, -
.
, (
) ,
, . ( - -
.) 4.4 -
.
,
.
. , , -
, 0,22; , -
, . ,
, , , -
; , . -
. .
, .
,
. , -
. . -
, ( ,
)
, .
4.4

0,14 0,19
,
30 ,
1 0,22 0,07
,
3039 ,
2 0 0,11
,
50 ,
1 0,08 0,18

4.4.
, -
. (consumer surplus) , -
,
. - , -
-, , -
, .
,
, , . , -
$13 -, -
 4. 129

$12. $1 1.
,
- , .

, .
,
, -
. 4.12. ( -
,
.)
, -
.
, , , ,
. $14, $20. -
,
$ 20

19

18

17

16

15

14

13

0
1 2 3 4 5 6 

. 6
( $14 ) .
. 4.12.

1

, : , -
, -
. . -
.
130 II. ,

$20 , , -
,
($20 , -
). , $6 -
, . ,
$5 ($19$14). $4. -
, , $3, $2, $1.
(
) , -
-
. . 4.12 
, .

$6 + $5 + $4 + $3 + $2 +$1 = $21.
,
, , -
. 4.13 -. ,

. 4.13.

, . -
1/2 ($20
$14) 6500 = $19 500.

, 20
$
19

18

17

16

15


14

13

0 1 2 3 4 5 6 7 , .
 4. 131

, -
,
. , -
6500 $14 = $91 000. ,
,
1/2 ($20 $14) 6500 = $19 500.
,
.
, .
, -
, .
.

. ,
,
. ,
,
, -
, .

4.4

, -
. , -
. -

1963 . . -
, 1970 . .
? -
, ,
?
, -

. -
, .
,
, , , -
.
. -
. -
, , , ,
. -
, . 4.14.
;
. , -
, ,
() 10 100 -
(/100 ). -
132 II. ,

$1000 1 /100 ,
, 5 /100 .
50-, 5 /100 ,
? ,
, .
$1000 , $5000.
, , -
$1000. . 4.14
( ).
, -
, $1000 ($2000 $1000),
5 /100 . ,
$2500.

, -
. , - ,
.
18, ,
1990 .

. 4.14.

, , -
5 /100 $1000
. ,
, $1000, .

,
$ /100

2000

A
1000

0 5 10 , /100
c
 4. 133

4.5.
, - -
. ,
, , , .
. -
.

. , -
, .
, (network externality).
. 
,

. , 
.

M
(bandwagon effect), . . -
, , - , -
.1
(, Sega).
.
.
. 4.15, -
- -
. , , 20 .
. ,
, , -
. - , , (
), . -
D20.
, : 40 . -
. ,
. D40, -
D20. , ,
60 . , D60, . . -
, , ,
.

1

(Harvey Liebenstein) Bandwagon, Snob, and Veblen Effects in the
Theory of Consumers Demand, Quarterly Journal of Economics 62 ( 1948), . 165
201. . / . -
. . .: , 1993. . 304326.
134 II. ,

, , -
. , ,
. . 4.15 , $30 40 . ,
D40. $20,
80 . , D80. -
, , D20, D40,
D80 D100, 20 ., 40 ., 80 . 100
. .
(D20 )
. , -
,
$30 $20 D40.
, 40 000 48 000.
, ; -
80 000. ,
, . . -
. ,
.

. 4.15. :

,
, ,
. , $30 $20,

D40 D80.
D20 D40 D60 D80 D100
,
$ .

30

20

20 40 48 60 80 100 ,
.


 4. 135

-
, -
. -
,
. , -
, -; -
CD-, , . -
, ,
.
. , -
-
.

. , , M
(snob effect),
. ,
, . , -
, -
. , -
, , -
, - , -
.
4.16 . D2 , -
, , 2000 -
. , 4000 ,
, .
, , D4.
, 6000 , -
, D6. , -
. ,
D2, D4, D6 . .,
2000, 4000, 6000 . .
. , -
, , $30 000,
2000 , . ,
$15 000? , -
14 000 ( D2). -
, , -
. , 8000
; 6000 . -
,
(, Rolex). ,
.
-
. , : -
136 II. ,

,
$ .
30 000

15 000
D2

D4

D6

D8

2 4 6 8 14 ,
.

,
, ,
. , $30 000 $15 000,
,
D2 D6.
. 4.16. :

, ,
, ,
. -
, . , , . -

;
.

4.5


1950- 1960- . -
. 1954 1965 ., ,
78% ,
 4. 137

20% . , -
,
, . IBM, -
, , .
-
(Gregory Chow, Technological Change and the Demand for Computers, American
Economic Review 57, no.5 (December 1967): 117130). ,
, -
, , . , ,
, , -
, . . -
:
, -
. ,
. ,
-
, . .
-
. , 1954
1965 . .
(
1,44) , -
, .
,
.
.
-
Windows PC Microsoft,
1999 . 90% .
-
Microsoft Office, Word Excel. 1999 . Microsoft Office
90% .
.
e-mail, . -
.
-
, e-mail ,
. 1990- .
, e-mail
.
138 II. ,

. ,
.
, ,
.

,
. 3 -
, , -
-
. ,
, -
. ,
,
.
, ,
U(X, Y) = log X + log Y, , Y
. , , -
.
, MUX, ,
U ( X , Y ) ( log X + log Y ) 1
= = .
X X X

, 3, , -

, . -
Y :
U(X, Y) (4.1)
, :
PXX + PYY = I, (4.2)
U( ) , Y -
, PY , I .
, ( -
) .
 4. 139

,
Y, (4.1) (4.2).
,
Y.
U(X, Y), , , -
,
.

-
, . -
-
,
(4.1) (4.2).
1. .
. , -
( -
), , , ( -
).
. , :
= U(X, Y) (PXX + PYY I). (4.3)
, PXX + PYY I = 0, . .
,
.
2. .
X Y , -
(4.3) 0. , -
U(X, Y). , Y , -
,
. ( , -
.
, -
.) :

= MU X ( X , Y ) PX = 0,
X

= MUY ( X , Y ) PY = 0,
Y (A4.4)

= PX X + PYY I = 0.

, , MU ;
, MUX (X, Y) = U (X, Y)/ X,
.
3. . (4.4)
:
140 II. ,

MUX = PX,

MUY = PY,

PXX + PYY= I.
. -
Y : -
, .

-
, . , -
,
() .
, , 
:
MUX ( X, Y ) MUY ( X, Y )
= = . (4.5)
PX PY

, ,
, .
,
Y. , -
.
-
, (4.5) :

MU X ( X , Y ) PX MU X ( X , Y ) PX
= . = . (4.6)
MUY ( X , Y ) PY MUY ( X , Y ) PY

, .

(4.6), 3
. -
,
. U*,
, ,

U (X, Y) = U*.
-
Y, -
. ,
MUX(X, Y)dX + MUY(X, Y)dY = dU* = 0. (A4.7)
 4. 141

,
dY/dX = MUX(X, Y)/MUY(X, Y) = MRSXY, (A4.8)
MRSXY Y
. (4.8)
,
( -
) , ,
, (4.6).1
, -
-
. . 3.11 3.

-
, ,
$1. ,
, U(X, Y) -
I:
dU/dI = MUX(X, Y)(dX/dI) + MUY(X, Y)(dY/dI). (4.9)
,
dI = PXdX + PYdY. (4.10)
(4.5) (4.9),
dU/dI = PX(dX/dI) + PY(dY/dI) = (PXdX + PYdY)/dI. (A4.11)
(4.10) (4.11),
dU/dI = (PXdX + PYdY)/(PXdX + PYdY) = . (4.12)
, , -
$1.
, -
(4.5), , ,
, ,
, .
, ,

.

1
, -
. , ,
. , -
. , , d(MRS)/dX < 0
dY2/dX2>0, d/dY . : -
,
.
142 II. ,

(4.4), -
, Y .

. .
M, ,
:
U(X, Y) = a log(X) + (1bba) log(Y)

U(X, Y) = XaY1 a.
,
Y. -
, -
.
Y
, :
= a log(X) + (1 a) log(Y) (PXX + PYY I).
, , Y
, :

/ = / = 0,
/Y = (1 a)/Y PY = 0,
/ = PXX + PYY I = 0.
,
= /. (4.13)

YY = (1 a)/. (4.14)
( -
), :
/ + (1 )/ I = 0

= 1/I. (4.13)
(4.14), :
= (/)I,

Y = [(1 a)/PY]I.

, . , -
0.
 4. 143

. -
Y -
,
U( ), ,
. . .
,
(duality). , -
, -

PXX + PYY

U(X, Y) = U*.
:
= PXX + PYY (U(X, Y) U*), (4.15)
. X, Y -
0, -
:
PX MU(X, Y) = 0,

PY MU(X, Y) = 0

U(X, Y) = U*.
, ,
= [PX/MUX(X, Y)] = [PY/MUY(X, Y)] = 1/.
,
MUX(X, Y)/MUY(X, Y) = MRSXY = PX/PY,
Y -
U*.
,
, , ,
, .
,
-. , -
-,
U(X, Y) = XaY1 a. :
= PXX + PYY [XaY1 a U*]. (A4.16)
X, Y 0,
:
144 II. ,

PX = aU*/X,

PY = (1a)U*/Y.
, Y ,
PXX + PYY = U*.
I ,
( , U*, U*
). , = I/U*.
,
= I/PX Y = (1 a)I/PY .
, .

,
.
,
, ,
(, , ).
, ,
. . 4.2, 
( -
) (
). -
,
,
X/PX|U =U* .
, ,
PX ,
X/PX = X/PX|U=U* + (X/I)( I/PX). (A4.17)
(4.17) -
( ); (-
).
, I = PXX + PYY, -
,
I/PX = X. (4.18)
, Y,
(4.18) , $1 ,
, $.
, ,
. (4.18) ,
,
, . ,
 4. 145

( ), -
. (4.17) :
dX/dPX = X/PX|U = U* X(X/I). (A4.19)
, (Slutsky equation),
. -
: ,
. 
: , -
,
.

, , -
. . 4.1
RS. ,
( RT)

. 4.1.

.
RS RT.
, -
, :
BT RT (
RS ),
, .
R
,
.

S T T ,
.
146 II. ,

, (
), . , , -
RT. , -
, : -
, .
(Hicksian substitution effect), , -
, , RT , -
RT RS , .
,
BT . ?
RB ,
RS, . (,
.) -
, BT -
, . , -
,
. -
-
, . 3.1.
 5

:
5.1. .
5.2. .
5.3. .
5.4. .

, ,
. , -
, . , -
, , , -
, .
.
; , -
. -
, ,
. -
?
,
. , , ?
- , -
, - , -
, ?
. , , -
, ? , -
( ),
, ?
148 II. ,

, -
. -
:
1. -
, .
.
2. .
, -
, .
3. , .
, -
.
4. ,
.
. , -
,
.
 5. 149

5.1.
, -
, -
.1 , -
, .
, $30 $40 ; ,
$20. , :
$40 $20 .

(probability) , -
. , -
, , , 1/4, 3/4.
(, 1.)

,
. ,
. , ,
100 25
, 75 .
1/4 ,
.
,
?
, . 
, - .
, ,
. -
, -
. ,
,
,
, , : ,
, , , -
. -
-
.
1
-
, 60 . 
(uncertainty) ,
, .
(risk) ,
. -
,
.
150 II. ,

,
, -
, . , 
.

(expected value), ,
(payoff) -
. , ,
. . , .
-
: $40 , $20 .
Pr, -

= Pr()($40/) + Pr()($20/) =
= (1/4)($40/) + (3/4)($20/) = $25/.
, , -
1 2 ,
Pr1 Pr2 ,
() = Pr1X1 + Pr2X2.
n ,
() = Pr1X1 + Pr2 ++ PrnXn.

(variability) ,
. , -
, , -
($1500). -
, .
: $2000 -
$1000 .
. ( 0,99),
$1510, 0,01, ,
$510. 5.1 -
, .
, . -
0,5($2000) + 0,5($1000) = $1500; -
0,99($1510) + 0,01($510) = $1500. 
. ,
, -
( ) -
. (deviations).
5.2
.
 5. 151

5.1

1 2
, ,
$ $ , $
1:
0,5 2000 0,5 1000 1500
2: 
0,99 1510 0,01 510 1500

5.2
, $

1 2

1 2000 500 1000 500

2 1510 10 510 990

. ?
, , , -
. 5.2, 0: -
0,5($500) + 0,5($500) = 0; 0,99($10) + 0,01($990) = 0.
, ,
.
(standard deviation): -

. ( ,
(variance), .)
5.3 .
,
0,5($250 000) + 0,5($250 000) = $250 000.
, ,
$250 000, $500.

0,99($100) + 0,01($980,100) = $9900.
$9 900, $99,50.
, -
, -
.1

1
, 1 2, -
Pr1 Pr2 (), -
, 2 = Pr1[(X1 E(X))2] + Pr2[(X2 E(X))2].
152 II. ,

5.3
, $

1 2

1 2000 250 000 1000 250 000 250 000 500

2 1510 100 510 980 100 9 900 99,50

, -
, . , -
$1000 $2000 $100, -
. $1300 $1700 (
$100), . 5.1
. ( , -
0,5.)
. 5.1 , , -
. ,
. ,
, , .
. ,
, . -
, , . 5.2 -
, .

.

. 5.1.

0,2

0,1
1

1000 1500 2000 , $

, 1,
, , 2. -
, .
 5. 153

0,3

0,2
2

0,1

1000 1500 2000 , $

, 1,
, , -
2. ,
, , .
. 5.2.

, , -
, . ?
, ;
, , .
, $100, -
$1500 $1600. 5.4
.
5.4
, $

1 2

1 2100 250 000 1100 250 000 1600 500

2 1510 100 510 980 100 1500 99,50

:
1: = $1600 = $500
2: = $1500 = $99,50
, ,
. , -
. , -
, ,
154 II. ,

. , ,
.
-
. 5.1 , -
,
. . 5.2
, -
.

5.1

, ,
, , -
, .1 -
, , ,
, .
,
. ,
,
$1000,
$1000. ,
$1000.
. -
,
( , ),
, -
. , , -
, -
.
,
,
. $5,
, ,
, . -
,
$5 , $6.
($5 $6 ) . ,
. -
, $5, -
(, , - -
), .
. ,
. -
$50 10 (, ,
$500 ).
$5, . . [$50][0,1] [$500][0,1]. ,

1
., .: . . //THESIS,
1993. 1. . .
 5. 155

, ,
. ,
. $50
0,1 .

5.2.
, ,
, ,
.
,
. , -
, , , -
. ,
, .
5.3 . -
, , -
( ) (
). 10
16 18 , $10 000 $20 000 $30 000.
, , 10,
0 $10 000, 6 ( $10 000 $20 000) 2
( $20 000 $30 000).
, $15 000 -
, ,
$30 000, $10 000.
0,5. . 5.3, , ,
$10 000, 10 ( ),
$30 000 18 ( ). -
$15 000, 13 ( ).
, -
.
, (expected
utility) E(u), . 
, ,
.
(u) = (1/2)u($10 000) + (1/2)u($30 000) = 0,5(10) + 0,5(18) = 14.
,
, (14 ) ,
, 13.

$15 000 13. , -
($20 000) , ,
.
, .
156 II. ,

E
18
D
16
C
14 F
13
A B
10

0 10 15 16 20 30
, $1000
)

E E
18 18

C
12

C
8
A
6
A
3

0 10 20 30 0 10 20 30
, $1000 , $1000
) )
.
. ,
$20 000 ( 16)
$10 000 0,5 $30 000
0,5 ( 14). : -
( 10,5)
( 8). , -
-
.

. 5.3.
 5. 157

. , -
, . ,
(risk averse),
, .
( .) -
.
, , -
.
. 5.3, , . -
, $20 000, , -
$30 000 0,5 $10 000 -
0,5 ( $20 000). ,
14
(10) (18), F.
,
, $20 000 .
, 16, D . 5.3, .
, , (14).
, -
, . . 5.3, :
$10 000, $20 000 $30 000, ; -
$10 000, $20 000 $10 000, -
6 .
, (risk neutral),
-
. . 5.3, , , $10 000
$30 000 , 12, -
$20 000. , -
. ( ,
, -
. , , -
. , -
,
. -
, -
.)
, , (risk loving), -
,
, , . 5.3, .
, $10 000 -
0,5, $30 000 0,5, , ,
$20 000. ,
(u) = 0,5u($10 000) + 0,5u($30 000) = 0,5(3) + 0,5(18) = 10,5 > u($20 000) = 8.
, ,
. , -
158 II. ,

-
, .
, -
, . -
, , ,
, .
. (risk premium)
, , -
. -
, . , -
. 5.3, . 5.4 $40
000. , ,
$20 000, 14 . -
,
F, (, , -
$10 000 $30 000). , 14, -
$16 000,
, . ,
$4000, F, ($20 000
$16 000), , -
.

. 5.4.

, F, , , -
, , -
. $4000, -
$16 000 ( ) (14),
( 0,5 -
0,5 ) $20 000.

20

18 E

C
14 F

A
10

10 16 20 30 40
, $1000
 5. 159

.
. -
-
. , $10 000 -
$30 000, $4000.
, $40 000 0,5 -
20. 0,5 -
$0 0, . 5.4.
$20 000, 10:
= 0,5u($0) + 0,5u($40 000) = 10.
$20 000 16,
6 , -
. $10 000,
$10 000 10: $10 000 $20 000 -
, $10 000 -
. , , -
, .
.
,
, -

. 5.5.

,
: -
, . -
, :
-
, .


U3
U2
U1

U3

U2

U1

) )
160 II. ,

. . 5.5
, , -
. -
, -
. ,
: ,
, ,
.
. 5.5, , -
. , -
, -
. 5.5,
.
.

. 5.4, . -
, , .

5.2

, -
? , -
, , ?
, , ,
- , -
464 .1 -
, -
. ,
. -
( -
):
1. , .
2. , .
3. .
4. .
,
. -
: , , -
.
, .
, -
. 20% -
; 40% ; 20%
(20% ). -
, ( , )

1
Kenneth R. MacCrimmon and Donald A. Wehrung, The
Risk In-Basket, Journal of Business 57(1984): 367387.
 5. 161

, ,
.
, (-
, ), -
(, ).
, , -
. , -
, . (, -
.) ,
, ,
.

5.3.
-
, ,
, . ,
, -
. , -
: , 
.

: .
: , . -
(diversification), . . -
,
.
, , , -
.
,
. , , -
. , -
, ?
-
, -
, -
. , ,
, 0,5, 0,5. 5.5
, ,
.
, -
$12 000 $30 000,
$21 000 (0,5[$30 000] + 0,5[$12 000]).
, $21 000
. , $15 000
$6000 ; , $6000 -
162 II. ,

$15 000 . -
.
, . -
(negatively corre-
lated) .
, ,
. :
-
, , -
.
5.5
, $

30 000 12 000
12 000 30 000

. , -
.
, -
, . ,
(. . ),
, .
10 12 .
, (mutual
funds) , ,
.
.
, , -
(positively correlated): -

. , , , , -
, . -
,
.

, , , ,
. ,
(, $1000 $1000),
, -
, .
? -
. ,
.
, -
 5. 163

.
-
,
, .
, ,
10- , ,
$10 000. , $50
000. 5.6 -
$1000 .
, ($49 000) .
. , -
$3000,
0. , -
$1000 .
$9000 -
. :
( ), . ,

.
5.6
, $

(PR = 0.1) (PR = 0.9)
40 000 50 000 49 000 3 000
49 000 49 000 49 000 0

. -
, . ,
, , , -
, . -
-
, ,
, ,
. , -
, , ;
, , 50:50.
, , -
, ; -
, ,
.
. , -
,
.
. ,
10%; ,
164 II. ,

$10 000. , , -
$100 (0,1 $10 000).
- 10- . ,
,
. 10-
$10 000,
$1000. $1000 -
$100 000, . -
, , -
, , $1000 .
, $100 000, -
, .
, -
, ,
(actuarially fair).
, -
,
. ,
,
. -
, -
.
9 10 .

.
, -
. -
, . (value
of complete information)
, , ,
.
, , ,
, -
. 100 , -
$180. 50 , $200
. , $300, -
. ,
.
, 0,5 -
100 0,5 50 . 5.7 -
, .
100 ,
, , $12 000,
$1500. , 50 :
, $5000.
 5. 165

5.7
, $

50 100

50 5 000 5 000 5 000

100 1 500 12 000 6 750

, , -
. 50 , 50
$5000. 100 ,
100 , $12 000.
, -
$8500. :
$8500
$6750
$1750
, $1750, -
. , ,
,
.

5.4.
.
,
.
, , -
. -
, , ? (

, . , ,
, , -
, .
.)
, ,
? , -
.

(asset)  ,
. , , General
Motors . , ,
, ,
, .
166 II. ,

, -
. (
), , , .
, ,
, , -
: -
.
: General Motors
.
:
.
(capital gain); -
(capital loss). , -
. -

. ,
, .
,
. General Motors -
. , ,
, .

(risky asset) , , 
, . , -
. General Motors
. ,

( ) .
, .
. ,
, -
. -
: -
, .
, 10 20 ,
. -
, -

, .
, ( ) (riskless,
risk-free active) , . -
, -
, . -
,
.
 5. 167

,
(. . , -
). -
.

- ,
. , -
. (return) 
, , 
, . , ,
$1000, $100 ( ),
10%.1 $10
$11 , (
) $0,5 , 15%. General
Motors, $80 , $72
$4, 5% ( 5%
10%).
, , -
, ,
. , -
, . , -
. .
. (real return) ( -
) . , -
5% , General Motors -
5%, 10% 10% .
.
, , -
. , , -
, ,
. -
. (expected return)
, . . , . -
(actual return) -
, , .
.
. , . 5.8
,

1
. (
) , ( ), 10%.
, , -
, ,
. 15,
.
168 II. ,

1%,
- 9%. (
, , . -
(7 , NASDAQ) -
-
.) - ,
? , -
, :
,
. ,
, 20,2% , 8,3% -
3,2% .
. 5.8 , -
, . , -
, .1
. -
.
5.8
(19261999 .)

, % (
, %)
(S&P 500) 9,5 20,2

2,7 8,3
0,6 3,2

, -
, , -
( -
,
, -
). , :
, - .
-
.
1
.
, ,

. , - ,
() ,
. -
, 15.
 5. 169

Rf.
, .
, Rm,
rm. .
, ,
.
, (Rm > Rf). , -
,
.
. , -
, , , -
, b, , -
, (1 b). , Rp,
:
Rp = bRm + (1 b)Rf . (5.1)
, 4% (Rf = 0,04),
12% (Rm = 0,12), b = 1/2. Rp = 8%.
?
. -
m. , -
, p (
) ,
, :1
p = bm. (5.2)

, b.
, ,
, .
, , (5.1) -
:
Rp = Rf + b(Rm Rf).
(5.2) , b = p/m,

RP = R f +
(R
m Rf )
p. (5.3)
m

1
, , . 151,

2p = E[brm + (1 b)Rf Rp]2.
(5.1) Rp,
p2 = E[brm + (1 b)Rf bRm (1 b)Rf]2 = E[b(rm Rm)]2 = b22m.

, p = bm.
170 II. ,

. ,
(P) (Rp). ,
: Rm, Rf m , -
, (Rm Rf)/m, , -
Rf . , Rp 
, p.
(Rm Rf)/m ,
, ,
.
. 5.6. -
, (b = 0)
Rf . ,

. 5.6.

,
, . -
, -
. , , (Rm Rf)/m.
,
, . -
() ,
, . ,
, , U2 -
.

U3

Rp U2
U1

Rm

R*

Rf

* m
p
 5. 171

, , (b = 1),
Rm m. -
, -
Rf Rm , m, .
. 5.6 -
. , -
, -
. , .
, -
, . U3
, U1 :
U3,
U2, U2, U1.
U3. , -
, , U3 . U1
, . -
,
, ( U2)
. -
R* *.
, - . -
. 5.7, , .
. UA
, -
RA,
Rf . . -
,
RB,
.
, 
(on margin), . . ,
, . , -
, , 100%
, .
. 5.8, . ,
, . -
, -
,
. , , -
, 100% ,
. (leve
rage): -
, .
3 4 -
, ,
. ,
172 II. ,

UA UB

Rp

Rm

RB

RA

Rf

0 A B m
p

. -
, RA -
. .
. -
. RB , -
.
. 5.7. :

.
(, , -
), . -
(
, -
, , -
15). ,
,
. ,
.

5.3

1990- . -
. -, -
. 1989 . 32%
 5. 173

UB

UA
Rp
RB

Rm

RA

Rf

0 A m B

p

, -
. -
. UB ,

. , , 100% -
, . , , . . -
.

. 5.8.

( ) -
( ,
). 1995 . 41%, , -
, 26% 40%.1
.
35 23% 1989 . -
39% 1995 . 35 ,
.
, , -
? - , -
.
, 1990- . , -
, . -
: , , -

,
.

1
Federal Reserve Bulletin, 1997.
174 II. ,

1990- . . -
, 1999 . -
. 5.9
/
(price/earnings ratio) S&P500 ( 500 )
19801999 . , ( ,
) 5% 1980 . 1,5% 1999 .
/ ( , ) -
8 35. , -
,
. , 1990- .
/ -
.

. 5.9. / (/) S&P500

( , )
1980 1999 ., / ( ,
) S&P500 .

7 35

6 30

, %

5 25
/

4 20

3 15

2 10
/

1 5

0 0
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000
 6

:
6.1. .
6.2. .
6.3. ( ).
6.4. .
6.5. .

,
. 
. ,
-
. ,
,
, , .
, -
.
, ,
, -
, -
.
. -
,
. , -
General Motors. -

? , -
, ?

176 II. ,

? GM -
? , , -
? -
, ,
.
-
, ( -
) ( ). -
. ,
-
, , , -
. , ,
,
. -
. , , -
-
?
 6. 177

6.1.
( ).
, ,
, . ,
, , , -
, , -
, , , -
.
: ,
, . -
(, ), -
( ); -
.
, , , ,
. ,
, - .

. M
(production function) -
Q,
. , ,
L K.
:
Q = F(K, L). (6.1)
-
, : . ,
,
10 000 . -
, .
, , -
.
, -
. ,
,
.
, , -
.
,
. , , -

.
178 II. ,

-
, -
. (6.1) -
,
. ,
, , -
.
, (6.1) , . . -
, -
. , -
,
. , , -

.
, ,
, . . -
, .
, ,
, , , ,
.

6.2.
,
-
. ,
, .
6.1
.
6.1

1 2 3 4 5
1 20 40 55 65 75
2 40 60 75 85 90
3 55 75 90 100 105
4 65 85 100 110 115
5 75 90 105 115 120

,
. ( -
) , -
, . , -
4 2 85
 6. 179

.
( ), -
.
, . 6.1, -
. (isoquant) , 
,
. . 6.1 . ( -
.) -
. 6.1,
, .
, Q1 , -
55 . , D,
. 6.1. 1 3
55 ; D
3 1 . Q2
, 75 -
,
. 6.1 ( , 2 3 -
). Q2 Q1,
. ,
Q3 , -
90 ( , ).

. 6.1.

-
, , -
. , , -
.

- 5
,
-
Q1 ( - 4
, , ,

55
3
) Q2
(75 -
, , 2 3 = 90
) -
Q3 (90
2 = 75
1
, ).
1= 55

1 2 3 4 5

180 II. ,

. -
, . 6.1, (isoquant map).
.
, -
.

, -
: -
, .
. , -
.
-

. , ,
. 7 8, -
, -
, .

. 6.1 -
. , , -
. ,
. -
, . ,
,
, , , -
.
, -
, , , -
-
. ,
. ,
, , ,
; (fixed
input). , ,
.
, ,
, . -
-
; . -

, -
.
, ,
, .
 6. 181

. ,
, -
.

6.3.
( )
,
, , .
, -
, -
. -
,
. -
.
, ,
. ( -
, .) -
. ,
.
, -
. , -
. , , -
Q ( ) L.
6.2 . -
,
10 -
. , . -
, -
8 . :
-
, -
-
. ,
, 10 .

, ,
, (. . ) . -
. 6.2 (1) (average product of labor),
. -
Q -
L ,
, .
, , -
, .
182 II. ,

6.2

(L) () (Q) (Q/L) Q/
( L)

0 10 0
1 10 10 10 10
2 10 30 15 20
3 10 60 20 30
4 10 80 20 20
5 10 95 19 15
6 10 108 18 13
7 10 112 16 4
8 10 112 14 0
9 10 108 12 4
10 10 100 10 8

. 6.2 (marginal
product of labor, MPL) ,
1 . , -
10 , 2 3 , -
30 60, 30 (60 30)
. Q/L, , ,
Q, L 1 -
.
, -
. 10 20 ,
, , . ?
, , ,
. ,
, ;
.
:

= / = Q/L.
=
= / = Q/L.

. 6.2 . 6.2. ( -
.) 6.2, , -
,
112 ; .
 6. 183

112

60

0 1 2 3 4 5 6 7 8 9 10

a)

30


1
20

10

0 1 2 3 4 5 6 7 8 9 10
)

-
. ( -
. 6.2) .
20,
20. 20, -
, .
0. -
, ; -
, . -
, ,
.

. 6.2.
184 II. ,

, ,
, , 8 -
; , -
, .
. 6.2, . ( -
.) -
, ,
, , .
-
. ,
, , -
, -
.
.
, .
4 . 6.2, .
, -
(. . ), -
.
. 6.2, 30 , 15
. 30 ( 60
), 15 20.
, ,
. ,
4. . 6.2, 6 108 ,
18. -
, 4 ( ),
16.
, ,
, , ,
, ,
,
. 6.2, .

? .
, 10. 10 15
, .
, -
.
20, , , .
,
( ), , -
. 25-
, , .
30
, ( , -
 6. 185

, ). 40
(
).

,
. 6.2, .
, . , -
20 (60 : 3 = 20). -
,
. 6.2, . ,

.

,
. , -
20,
, 20. , 
. . 6.2, ,
,
3 , ,
, D. D,
,
0, .
.
. -

. 6.2, . ( -
) , (-
). , -
B . :
,
,
( -
. 6.2, ). , D,
; , -
D ,
, .

( -
)
. (the law of dimi-
nishing marginal returns) ,
(
186 II. ,

), ,
. , -
, -
, - , -
.
: -
, ,
.

, .
. -
, -
,
. ,
, , -
. ,

.
-
,
( , , -
, ). -
, ; -

(, ), -
. ,
.
,
.
-
.
. 6.2, -
,
. 6.3 .
Q1,
Q2, Q3.
,
. , -
,
.
( 6 Q1) (
7 Q2) ( 8 Q3).

, -
, . -
, ,
 6. 187

C
( 
)
 Q3
100
 B
, 


A Q2
.  50

Q1
Q2 Q1
Q3,

.
0 1 2 3 4 5 6 7 8 9 10

. 6.3.

. 
, 6.1,
. , 

.
6.3

19481952 100
1960 115
1970 123
1980 128
1990 137
1995 135
1998 140

6.1
.

(Thomas Malthus (1766
1834)), . ,

188 II. ,

- , -
.
, ,
, . , -
(
).

( -
, ).
. -
, -
. . 6.3, -
,
.1
. 6.4,
1970 1998 . -
. ,
.
, , , -
1970- ., .
-
, . , 1961 1975 . ,
, 32,9% 33,3% , 19,6%
22,4% 21,9% 22,6% .
,
, 26,1% 25,5%, -
46,3% 43,7%.2 ,
, -
.
,
, - . -
, -
- -

.

, , -
, . ,


.
. ,
- .

, ( -
1
:
(), Production Yearbook World Agricultural Situation.
2
. Julian Simon, The Ultimate Resource (Princeton: Princeton University Press, 1981).
 6. 189

350 3,0

2,8
300

,
(1990 = 100)

2,6
250

2,4
200
2,2

150
2,0

100
1,8

50 1,6
1970 1975 1980 1985 1990 1995 2000

. -
1970- ., .

. 6.4.

). -
-
. -
, ,
.
. -
.
, ,
, ,
. ,
,
. -
-
.
-
. , -
,
. . , -
. -
,
.
190 II. ,

, . . ,
( )
.
6.2, -
,
. , , -
.

6.2

,
, -
?
,
.
. 6.4,
1997 . , .
. -, -
,
. -, -
19741997 . . -
. 6.4 . 6.5. -
, 1997 . , ,
. , 1960 . -

, ,
. 1997 . .
6.4

, 1997
$54 507 $55 644 $46 048 $42 630 $60 916
, %
19601973 4,75 4,04 8,30 2,89 2,36
19741986 2,10 1,85 2,50 1,69 0,71
19871997 1,48 2,00 1,94 1,02 1,09

19601997 .
, . -
, , .

.
, -
. , -
,
, .
 6. 191
(1996 U.S.$ )

70 000

60 000


50 000


40 000

30 000

20 000

10 000

0
1960 1965 1970 1975 1980 1985 1990 1995 2000

19601970 . , , -
, , . 1980-
1990- . .

. 6.5.

, -
. ,
.
(, -
) , -
.
. 6.4 ,
. ,
-
. ,
1990- ., ,
. -
, -
.

6.4.
,
,
. -
192 II. ,

, . -
-
.
, ,
. . 6.6
. 6.1; () , ,
. -
; , -
,
, -
.

, , -
, -
, ,
, . -
. 6.6, -
. -

. 6.6.

, ,
.
, ,
D , .

5 E

3
A B C

2 Q3 = 90

D Q2 = 75
1

Q1 = 55

1 2 3 4 5

 6. 193

, , -
, , 3 .
,
, -
. , 1 2 -
( ), 20 ( 55 75).
( ), -
15 ( 75 90). ,
-
.
,

.
. -

. , 1 2 ,
, 3 , -
20 (7555), 15 (9075), 2 3.

,
.
,
,
.
, M
(MRTS, marginal rate of technical substitution). 
,
,
, . -
(MRS) -
. . 3.1, MRS ,
,
. MRS, MRTS -
:
MRTS = / =
= K/L ( Q),
K L .
. 6.7 MRTS 2, 1
2, 75 . MRTS
1, 2 3, 2/3 1/3.
, ,
, . -
, ,
, .
194 II. ,

=2
4

=1
3

=1

= 2/3
2
=1 =1
3 = 90
1
= /3
1 2 = 75
=1

1 = 55

0 1 2 3 4 5

, . -
-
,
. Q2 MRTS 2 1,
2/3 1/3.
. 6.7.

MRTS. MRTS, -
, .
, , , -
, .
. MRTS , -
.
, -
. . -
.
MRTS L . -
,
, .
, , -
(
), :
= (L)(L).
, , -
, -
 6. 195

( ),
:
= (K)(K).
-
, 0. ,
(L)( L) + (K)(K) = 0.

(L)/(K) = K/L = MRTS. (6.2)
(6.2) , 

. , -
,
, 7.

-
. ,
. 6.8, 
. MRTS .
(, Q3)
( ), -
( )

. 6.8.

, MRTS
.
, -
,


, -
-
,
-
. ,

-
,
-

Q3.

196 II. ,

( ). ,

.
6.9
(fixed-proportions production function).
.

: ,
. -
L- , ,
.

.
, -
. -
.
,
.
, , -
, . -
.
. 6.9 , -
. ,
Q1 L1 K1 .
K1, -

. 6.9.

L- , -
-

-

Q
( C

Q1,
Q2 Q
B
Q3).

- K Q
- A
.

L
 6. 197

.
L1 . , -
L- ,
0. -
,
.
-
, . , -
(, -
.) (, , .).
, -
. ,
, -
( , , -
). ,
.

6.5.
, ,
, -
. , -
,
.
, 
, . ,
100 , -
, ,
? ,
? (returns to scale) -
, -
. : -
, .

, , -
, (increasing returns to
scale). , , ,

,
.
.

.
,
( ), -
198 II. ,

( ).
, , -
. , -
,
, -
.

, ,
, . -
(constant returns to scale).

: , -
, ,
. , -
-
( ) ( ), -
, .

, -
, . (decreasing return to scale)
.
-
-
, . -
, .
, , -
.

. 6.10. -
, -
, -
5 2 . . 6.10,
.
5 2 10 .
, 10 20 ;
, : 10 30
. , 20 ,
, 30 ,
.
. 6.10, -
.
, . -
 6. 199

, ,
 

30

20 4

2 30
2 20
10
10
0 0
5 10 15 5 10 ,
,
) )

-
, ,
. -
, ,
.

. 6.10.

, , 10
20 , , , 30
. ,
( -
). -
.
.
, , -
.
,
,
.
,
.
 7

:
7.1. : ?
7.2. .
7.3. .
7.4. .
7.5.
.
7.6. .

-
, -
. ,
.
, ,
. ,
, -. ,
-
,
; - -
. , , . .
, .
, -
, , .
, . -
, , ,
, , -
. ,
 7. 201

,
, ,
.
, ,
-
. ,
, -
.
202 II. ,

7.1. :
?
, ,
, .
, , ? ,
, ,
, .
? -
, - ( )
()? -
, -
.

, ,
, -
, .
,
.
(accounting cost) , -
, ,
, ,
. , -
, -
-
.
, , -
. -
. , ,
,
. ,
(economic cost), . . ,
.
, , , -
.


. ,
(opportunity cost), , , -
- ,
. ,
-
. , ? -
, ,
 7. 203

, -
. -

.
,
, (cash flows). -
, -
; ,
. -
, ,
, ,
- .
, -
-
. , -
, .
(. . ), -
,
, - .
- .
, -
.
-
, ,
. -
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,
,
. -
, -
.

;
,
(sunk cost) , -
. , , -
, -
.
,
. , , -
. , -
, , -
.
.
,
204 II. ,

, . . .
.
, .
,
, ? -
,
-
.
.
, , -
. .
, 
, . . , -
, . 15 -
, .
, -
.
$500 000 .
$5 000 000, ,
$5 500 000. , -
$5 250 000. ?
. $500 000 , -
, .
, $5 000 000 -
$5 250 000.
,
$5 000 000. -
, $5 250 000. ,
$4 750 000, .

,
, -
. ,
,
. , -
(total cost, TC ) -
:
(fixed cost, FC): ,
;
(variable cost, VC): , ,
.

, , , -
. -
 7. 205

. , -
, , -
.
-
, . 
.
, ?
. -
, -
.
, -
. , , -
, . -
, , -
, , , -
.
, ,
. -
Delta Airlines. ,
Delta, 10%. -
. -
, 6 , -
.
-
- . -
, . Delta
, ,
, . -
, -
10% .

.
,
, . , -
, ,
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-
. ,
. -
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.
, . ( -
, .)
,
, . , -
206 II. ,

, , -
, .
, .
-
.

7.1
, : ,

, ,
, -
, . -
, -
, , .
-
.
( ),
( ) -
( ).
, Dell, Gateway, Compaq IBM, -
.
, , -
. -

. -
: , -
; , ; -
. .
, .
-
, -
. , -

. , -
, -
. , Dell Compaq ,
-
. . .
, -
? Microsoft Windows,
, Word, Excel PowerPoint. -
-
, .
, . -
.

.
.
, , , -
( )
 7. 207

.

CD-, .
.
, -
. ,
, ,
.
, .
. -
, ,
, , . -
,
(, ,
$1) , , -
, , .
-
( 6070 ),
. -
( $10 , -
$3) .

7.2.
.

. , -
,
. -
. , ,
.
, -
6.
. 7.1 $50. -
, ,
( 1)
( 2). 1 2 -
, .
(). (marginal cost)
, -
.

,
, -
. , -
:
= VC/Q = TC/Q.
 7.1

208

, , , , ,
$ $ $ $ . , , ,
$ . $ . $ .
(FC) (VC) (TC) (MC) (AFC) (AVC) (ATC)
(1) (2) (3) (4) (5) (6) (7)
0 50 0 50
1 50 50 100 50 50 50 100
2 50 78 128 28 25 39 64
3 50 98 148 20 16,7 32,7 49.3
4 50 112 162 14 12,5 28 40,5
5 50 130 180 18 10 26 36
6 50 150 200 20 8,3 25 33,3
7 50 175 225 25 7,1 25 32,1
8 50 204 254 29 6,3 25,5 31,8
9 50 242 292 38 5,6 26,9 32,4
10 50 300 350 58 5 30 35
11 50 385 435 85 4,5 35 39,5
II. ,
 7. 209

,
. . 7.1 -
( 2), ( 3).
, 2 3
$20, $78 $98. (
$20 $128 $148; -
, -
.)
(). (average total
cost), -
, , -
, /Q. ,
5 $36, . . $180/5. -
.
. (average fixed
cost, AFC) , ,
FC/Q. , 4 -
$12,5 ($50/4). ,
. M
(average variable cost, AVC) , -
, VC/Q. -
5 $26 ($130/5).

7.1 , -
. -
, , ,
. , 6 -
, -
. , -
? ,
. ,
(
), ,
. , ,
. ,
-
, . (
, , -
,
.)
,
,
, , w. , -

(. . VC/Q).
210 II. ,

w,
, -
L. VC = wL, ,
= VC/Q = wL/Q.
6 , MPL
,
, Q/L. , , -
, L/Q = 1/MPL. -
:
= w/MPL. (7.1)
(7.1) ,
, .
3, $30. 1
3 , 1 -
1/3 $10. -
$10, -
$30 3.
: ,
,
. , ,
, . ,
,
, .
, :
, ,
.
. -
, -
.
.
. 7.1. 0 4 -
; 4 11 -
.

7.1 , -
. -
, ; -
.
. 7.1 -
.
. 7.1, , FC -
$50.
VC 0, 0,
 7. 211

FC -
VC.
AVC AFC. -

.
. 7.1.

. -

. -
, -
$50.
7.1, . (
. 7.1.
,
212 II. ,

, ,
1/2; 1 1/2 . .) -
$50, -
AFC $50, 1, -
.
. -
, . -
, . -
, .
-
, 6
. , 5 , . 7.1, -
, 18, , $26;
,
. $29,
($25,5), -
. , ($25)
($25) , -
( $25).
. -
-
, AFC , -
AVC .
AVC -
, . , = AVC
, = .
AVC, ,
AVC.

,
. 7.1, .
( $175,
7 , $25).
VC (
),
VC
7 . $25 -
$25,
.
, :
. , -
, , ( -
).
-
. ,

 7. 213

. -
() . -
, , 
() .
. -
8,
. , -
, .
, -
, ,
, -
.

7.3.

. ,
, -
. -
. -

. , -
.

, -
, . , .
,
, . ,
, . -
, Delta Airlines Boeing 777
$150 . ,

. -
, . , -
30 ; $5
. $5 (
) .
, ,
$150 .
, . -
, (user cost of capital) -
-

(. . ), ,
 . (
214 II. ,

; ,
, 15.)
:
= () +
+ ( ) ( ).
$5 . -
, Delta 10% , .
$5 + (0,10)
($150 ). ,
, ,
. , $5
+ (0,10)($150 ) = $20 . -
$50 $100 ; -
$15 .

(rate) :
r = + .
1/30 = 3,33%
. Delta 10% ,
r = 3,33 + 10 = 13,33% .

. ,
, -
.
.

,

,
: ,
.
: (
) (
).
, , , ,
. ,
,
. ( 14 , -
.)
, w. ?
. -
. ( -
,
;
, , .) ,
 7. 215

,
. -
, , . .
. , ,
, ,
.
, , , 
. -
, r = + .
. , -
. .
(rental rate), . .
.
,
, -
? . ( -
), r. -
? ,
(, , ),
, , ,
, ,
.
.
,
r. , -
. , : , 
, ,
, .
, -
, r, ,
, w. ,
, , .

,
. (isocost line) -
,
. , , ,

wL rK:
= wL + rK. (7.2)
(7.2) -
. . 7.2, , 0 -
, 0.
216 II. ,

, -
. 0 Q1 -
, Q1
L1 K1. L2, K2 L3,
K3 .

. 7.2.

K = /r (w/r)L.
, K/L = (w/r),
. ,
, -
( -
, ). -
, (
w ), w/r r
, . -
, $10, $5,
-
.
 7. 217

, Q1. -
? -
Q1 . 7.2. , -
, .
7.2 . , -
0 . , -
0 ,
Q1. -
2 K2 -
L2 , K3 L3 .
1 K1
L1 . 1
, Q1. -
Q1 1 L1 K1,
.
.
, -
.
. , .
(w/r) , -
. . 7.3. 1 -
Q1 , -
L1 K1 . ,
. 2 -
. -
Q1 , L2 K2 . -
, .
? , -
, -
MRTS -

:
MRTS = K/L = MPL/MPK. (7.3)
, K/L = w/r. -
, -
, :
MPL/MPK = w/r.
:

MPL/w = MPK/r. (7.4)

MPL/w , -
.
218 II. ,

$10. -
20 .
, , 20/10 = 2 .
MPK/r ,
. ,
(7.4) ,
, , -
,
, .
? -
, $10
$2. , 1 -
20 . -

20/$2 = 10 . ,
, , , ,
. -
, -
, . -
,
,
. -
.

, -
.
, ,
. , -
, , ,
.
, . 7.3, .
, L w =
= $10/ K r = $20/.
. -
:
= ($10/)(L) + ($20/)(K).

$1000; $2000; $3000.
, , . 7.3,
. , ,
200
100 50 ; -
$2000.
100 300 .
 7. 219

( ,
) ,

, . . . -
( D, E
F) ,
.

. 7.3.

220 II. ,

, , 
. (ex-
pansion path) ,
, -
. ,
, (-
) . 100 200 , -
25 50 , 50 100.
. -
, ,

K/L = (5025)/(10050) = 1/2.

-
, (q).
. 7.3, .
:
1) , . 7.3, .
;
2)
;
3) - . 7.3, .
, 100 .
. 7.3, , 100
, . , $1000:
, 100
$1000. 100
$1000 D . 7.3, .
, (200 $2000 ) -
F (300 $3000 ), -
. , -
, ..
, . 7.3, .

. ? :
,
. , -
, -
.

7.4.
(. . 7.1),
U- .
 7. 221

U-, .
-
.

,
. -
, -
. -
, .
, , , -
, , .
7.4 . 
-
. 7.3. -
,

. 7.4.

, -
- .
Q1. Q2
L1 L3, K1.

L1 L2 K1 K2.
222 II. ,

K1. Q1 , -
L1, . -
, Q2 -
. ,
, K2 L2.
CD.
, -
K1 L3 .
EF, , -
D. ,
? -
-
. ,
, -
, K1, -
.

. , -
,
.
, -
, -
, , -
. , ,
-
.
.
, -
.
-
:
?
,
. , -

.
: ,
. 7.3, , , -
. ,
: -
$10 . -
,

$10/.
 7. 223

,
$ .
, LMC

A

, LAC

LAC , -
LMC , LAC. , LAC -
, LMC , LAC. , LAC
.

. 7.5.

,
, -
, . 7.5 M
(long-run average cost curve, LAC) -
,
,
. M
(short-run average cost curve) -
,
U- ,
,
.
(long-run marginal cost curve,
LMC) ;
, -
1 . LMC -
LAC , LAC .1 -
,
. , LAC , LAC LMC .

1
, = /Q. , A/Q = [Q(TC/Q) TC]Q2 =
= (MC AC)/Q. , , /Q > .
, , /Q < .
224 II. ,

, .
, -
;
. ,
(economies of scale), -
, . ,
(diseconomies of scale) , -
.
,
, ,
, .
U-
, -

.

. , -
1%:
= (C/C)/(Q/Q). (7.5)
, -
, (7.5):
= (C/Q)/(C/Q) = /. (7.6)
, 1, .
,
, ( ,
). -
( -
, ) ( -
) < 1. , ,
> 1.

7.6 7.7 -
. ,
. -
SAC1, SAC2 SAC3 . 7.6. -
, , ,
.
. 7.6
. Q1 -
. $10;
,
 7. 225

SMC SAC , -
$10. Q2,
.
$10. -
Q3, . -
, -
Q1 Q2 ,
Q2 Q3.
?
. , -
Q1 Q2 Q3,
. ,

-
, -
.
, -
.
, -
,
, $10. -
. . 7.6 LAC.
,
( ),
$10.
,
. . 7.7
, ; -
-
.
, , , -
.
, .
-
, , -
Q1, . 7.7. ,
, SAC1. -
$8 ( SAC1).
,
$10 ( SAC2). , ,
, -
.
-
Q2 $8 , -
.
226 II. ,

LAC, -
LMC, (
SAC1, SAC2, SAC3). -
.

. 7.6.

,
-, . 7.7 LAC U--
. , LAC
. , -
,

. , , -
, , -
-
, .
, ,
LMC .
;
.
-
,
. SMC1 . 7.7 LMC -
, Q0, SAC1 LAC.
 7. 227

LAC
SAC1, SAC2, SAC3. -
-
.

. 7.7.

7.5.

- .
, , : -
,
. .
. -
. -
-
,
.
-
, - . , -
, -
.

-
, ,
, .
228 II. ,

( )
. , -
, , -
. 7.8
(product transformation curves), -
, -
. O1
, .
2 -
.
,
, , -
. , ,
,
. . 7.8 2 ,
1, -
.
1 , -
, . , -
, ,
, , .
, -
, -
,
, . -
-
. , ,
, ,
.

(economies of scope) , -
, , , ,
, -
( -
, ).
, , -
(diseconomies of scope). -
, -
.
-
. -
, . , ,
-
, . -
, -
 7. 229

-
, -
. 1 2 , -
.

. 7.8.

. , , -
,
. , , , -
,
, - -
.

.
, -
,
, ,
. , ,
, , -
, . (7.7)
(degree of economies of scope,
SC), :
C (Q1 ) + C (Q2 ) C (Q1 , Q2 )
SC = , (7.7)
C (Q1 , Q2 )

C(Q1) Q1, (Q2)

Q2, C(Q1, Q2)
230 II. ,

. ,
, (Q1 + Q2).
,
, SC 0. SC -
. SC, -
.

7.2

, ,
. -
, ,
. -, -
. -
, ,
. , -
. .
,
. , -
,
. ,

, ( ) -
.
.
, ,
,
. ,
, -
.
,
. , 105 -
4 : (1) -
; (2) ; (3)
(4) .
, SC 1,576
0,104,
. -
,
.
, , . , -, -
, , -
, . -

.
, , -
, -
.
: Judy S. Wang Chiang and Ann F. Freidlaender, Truck Technology and
Efficient Market Structure, Review of Economics and Statistics 67(1985): 250258.
 7. 231

7.6.

,
, ,
. -
, ,
, .
. -
- , -
-
.
-
,
:
1. -
. , -
.
2. -
, -
.
3. , , -
, ,
. -

.
4. -

.
, -
.
. -
7.9 (learning curve)
,
,
.

7.9
. -
, .
, . -
,
, -
.
232 II. ,

. 7.9 :
L = A + BN, (7.8)
N , L -
. , , -
, 0 1. N = 1, L = + , +
, .
= 0,
; . > 0 N -
, L . ,
, .
, . ,
= 0,5 -
. -
, -
.
= 0,31.

( ) -
20%. . 7.9, , -
20. 20 -
.
. 7.9.

, -
-
. , , -
,
.

 7. 233

20 , -
, .
, -
( -
) -
, .

. , ,
,
, -
, . ,
-
.
7.10 . 1 -
,
. ,
1 - . -
1 2 -
, .
-
. , , -
, ,
10 1,0,

. 7. 10.

( 1) -
( 1 2).
234 II. ,

0, 0,32. . 7.2 -
80 .

7.2

, N 10
, L*
10 1,00 10,0
20 0,80 18,0(10,0 + 8,0)
30 0,70 25,0(18,0 + 7,0)
40 0,64 31,4(25,0 + 6,4)
50 0,60 37,4(31,4 + 6,0)
60 0,56 43,0(37,4 + 5,8)
70 0,53 48,3(43,0 + 5,6)
80 0,51 53,4(48,3 +5,1)

* log(L) = 0,322log(N/10),
L , N .

-
. -

. , ,
, -
. ,
, 10 . -
10.
,
. , -
. 8 , 10 ,
5,1,
. , -
,
.
 8

:
8.1. .
8.2. .
8.3. ,
.
8.4. .
8.5. .
8.6. .
8.7. .
8.8. .

,
. ,
, :
? , -
, -
. , -
.
6 7 -
, . -
, , -

, -
.
, , -
, .
236 II. ,

, 
. , ,
( ) .
, , -
, . , -
.
, ,
. ,
. -
, . -
, ,
. -
, ,
. , -
- , -
.
 8. 237

8.1.
2 -, , -
.
, -
. -
. -
,
, , , .
-
, .
: (1)
; (2) () (3)
.
; .
(price taking). , , -
, -
.
, 
. , 
. ,
(price takers).
,
. -
. ,
. -
, ,
- . , -
. -
.

, .
, -
, , -
.
,
,
, .
. -
, .
, . .
,
-
. -
: .
, ,
238 II. ,

. , , , , , -
, . -
(commodities).
, ,
,
. Haagen-Daaz, -
, ,

.
, -
, 
.
. () -
, ,
, , .

, .
, , , -
, , -
. , -
, , Merck, Pfizer
, , -
. -
(), -
,
.

.
, -
.
-
. , -
, .
, ,
, , .
, ,
, ,
.
, -

. , -
. , , , -
. .

, -
.
 8. 239

, , 
,

.
,
.
, , -
, . , .
( , 1020), ,
.
; -
, -
. , -
. , ,
. , -
, , -
, ,
. ,
(
13). ,
, , ,
, .
, ,
12 13.

8.2.
.
, . -
. 8.3 , ( -
) , , -
.
. ,
, , -
, -
.

?
,

. ,
, .
, , , ,
. -
, ,
240 II. ,

( ). -
.
, -
.
, , -
, .
(,
) -
,
. ,
, ,
, ; -
-
. ( 17.)
,
, . , -
, , ,
. , -
, . , -
, -
.
,
. , ,
, . -
, , ,
.
,
.

8.3. ,

,
, , -
.
(profit) () -
(), , ,
: . ,
q, R. , -
: R = Pq.
.
:
(q) = R(q) C(q).
( , , R ;
.)
 8. 241

, ,
. -
. 8.1. R(q) ,
,
.
(marginal revenue): ,
.
(q). -

. , -
(q) , 0, -
.
, . 8.1,
,
, .
, ,
. , -
q*. -
, AB -
. , q*
, , . .
. , -
, q*.
, ,
, ,

. 8.1.

,

, C(q)
,
q* , $
, . . R(q)
A
R -
,
. B


( -
) -

( -
).
0 q0 q*

p (q)
, .
242 II. ,

. .
= R C ,
(. . /q = 0):
/q = R/q C/q = 0,
R/q MR, C/q . -
, , MR = 0,

MR(q) = MC(q).

, , ,
. -
. ,
. ,
.
,
. , ,
, , $4 -
. -
.
-
, . -
(Q D),
(q d).
, ,
, . . 8.2, -
$4 . -
, ,
.
, ( -
) . 8.2, D . 8.2, .
, -
. () , -
.
,
. 100 200 . -
,
100 . -
, - .
, -
.
-
, ; , $4, -
 8. 243

, ,
$ $

$4 d $4

100 200 q 100 Q

,
a) , )

. ,
, ,
. -
, .

. 8.2.

$4. , $4.
, , $4, -
$4. :

d,
, -
. , ,
, .

-
, MR = ,
.
, :

(q) = MR = P.

,
, .
244 II. ,

, -
, ,
. -
, .

8.4.


? , -
, ,
.

;
( ), -
. 8.3
.
$40. -
, AVC
, .
, q* = 8, -
$40, -
. , q* = 8 ,
? ,
, , q1 = 7, , . .
. -
q1 = 7 q* , -
q1. , , q2,
;
, .
q* q2 = 9 , q2.
MR , q0,
q*. q0 .
q0 , -
. ,
: ,
. ,

, . -
:
:
- , -
, .
 8. 245

,
$ .
MC
60

50
q2 > qq*

q1 < q*
D A AR = MR = P
40
ATC
C
B AVC
30

20

10

0
1 2 3 4 5 6 7 8 9 10 11
q0 q1 q* q2
,
q*,
( MR). ABCD.
q1 q2 -
.

. 8.3.

8.3 .
q*,
. -
.
ABCD, , .
. 8.4, -
. . 8.3, -
. -
, .
q* . -
, . -
ABCD .
246 II. ,

, , ? -
, , -
,
,
.
: -
.
, . 
, 
. 
.
, , ,
. 8.4. ,
q*. , . 8.4 -
, ,
. ,
. , ,

. 8.4. ,

, . -
, ,
, -
.

, MC
$ .
ATC

B
C

D P = MR
A

AVC

F
E

q*
 8. 247

. -
, . . ,
. ,
- , -
.
: , -
. ,
, , 
, .
: -
, .
CBEF . 8.4 -
, , . (-
, .)

. -
, , 
, , 
.
,
-
, :

: -
, ,
, .

8.1

,
, . -
,
.
-, , M
. -
, . -
,
.
, :
: 100 ; 80
, 20 .
: $8 .
: $30/. ; $50/.
.

80 , , -
248 II. ,

, 20 . 80

($2400 =
= $30/. 80 .) ($640 = $8/. 80 .),
80 .: ($2400 + $640)/80 = $38/. -
, $38/.
100 , -
. : -
$160 (20 . $8/.)
$1000 (20 . $50/.). -
, ,
($2400 + $1000 + $640 + $160), -
100 , $42 .
? -
- $8/.,
$50,
$58 . -
, , -
, -
.
-, M
, . -
, .
. -
, , -
, . , -
,
.
.
,
.
-, M
. -
, ,
. $90 -
1 . , , -
. -
, .
-
. , , -
, .

8.5.

, -
. ,
, -
, , -
. , -
 8. 249

, ;
, , -
, -
. , 
, .
8.5 , -
.
, AVC, -
, , . -
, 1 q1; 2
q2. , AVC,
, , 0. . 8.5

, -
.
-
, -

. - ,

. 8.5.

, -
, -
. -
,
.
,
$ . MC

P2

AC

P1 AVC

P = AVC

0 q1 q2
250 II. ,

, -
. ,
, -
.

, -
, . -
-
. ,
.
. 8.6 , -
1, $5.
, q1. ,
. -
, -
, 1 2. , -
, q2, = 2. ,
.
q1, -
. , -
q2, .
(, , ),
q1 q2.

8.6.
, -
.

. 8.6.

, MC2
,
- $/
- MC1
1
2, -
, $5

,
q1 q2.

q2 q1
 8. 251

. , -
. 8.7 , -
, -
.
, -
. ( , ,
.)
1 , -
1
. 1 2 3. -
,
3. 2
. 1
2 , 2 5 , 3 8 . -
, 15 . 3 -
4, 7 10 ; 21 -
. , ,
2, ,
. -

. 8.7.

-
. ,
, S 1 -
3 ,
2, . , 2 ,
.
,
MC1 MC2 MC3
$/.

P3

P2

P1

2 4 5 7 8 10 15 21
252 II. ,

. , -
, .

, -
.
, . -
-
. . 8.6, -
. ,
, ,
, ,
.
.
(
)
, .

. S
Q
1%:
S = (Q/Q)/(P/P).
, -
. -
,
. , -
.
, -
; -
.
, 
-
, , -
( ).
,
.

4
, , . -
. ,
-
. ,
, . (producer surplus)

 8. 253

. -
, -
;
, ,
.
. 8.8 . -
q*, = . -
, , -
.
-
, .
, -
, ,
q*, .
0 q*, -
, q*.
-
; -

. 8.8.

,
,
0 q* ( ). ,
ABCD,
0 q* q*.

, MC
$/.
AVC


A B P

D
C

0
q*
254 II. ,

, -
( 0 q*
(q*) (0) = FC = VC). , -
-
. . 8.8 -
ABCD, (0q*)
(0DCq*).
.
, .
,
. , ,
, , :
= PS = R VC.

= = R VC FC.
, ,
, , .
,
, . -
, -
. . 8.9.
,

. 8.9.

0 q*.

, S
$/.

P*

0 Q*
 8. 255

.
,
0 Q*.

8.7.

-
, . (. . )
(. . ).
, 
. , ,
-
- , . ( . 8.1
.) -
, -
,
.
, .

8.10 , -
, .
, . ( . 8.10
$40 .)
() SAC SMC
, ,
ABCD, q*, SMC = = MR. -
LAC -
, q2,
.
LMC
, . . q*.
, $40, -
, q3,
, . . $40. -
, EF, -
ABCD EFPG. q3 -
. (, q2)
, , -
, . , q3, -
. ,
, . ,
, ,
.
256 II. ,

,
$/. LMC
LAC

SMC
SAC
D A E
$40 P = MR
B
C
G
F
$30

q1 q2 q3
, -
LMC.
ABCD EFGD .
. 8.10.

, , , -
. , $40 $30,
. $30 , , -
q2, . -
, = .

, -
.
,
. , -
? , -
.
. 7,
. -
,
, , . -
. -
, -
- . , ,
; . -
R wL,
 8. 257

. -
R wL rK:
= R wL rK.
7, -
: , ,
, - -
, .
. , -
, . M
(zero economic profit) , , . . -
, . ,
,

- . , , 
, , ,
,  ,
. ,
. ( , -
, ,
.)
. . 8.10 , $40 -
.
,

, .
-
.
, -
, .
, . -
8.11 . () -
S1 S2, - 1
($40) 2 ($30). (), ,

q2.
,
, . M
(long-run competitive equilibrium) ,
:
1. .
2. ,
.
3. ,
.
258 II. ,

, ,
$/. $/.
S1
LMC

$40 P1 P1
LAC
S2

$30 P2 P2

q2 Q1 Q2
a) )

$40 ,
, D S1 .
, , -
$30 ( q2). -

S2, .
$30, ,
, .
. 8.11.

, -
, . , ,
- .
.
, ,
? ,
-
.
- , ,
. ,
, . ,
,
. ,
, , , . -

, -
.
 8. 259

. , -
, , -
. , , ,
, .
. 8.11, ,
$30 , $25.
. -
, -
S2. ,
, .
. , -
. , ,

.

, .
, ,
, . ,
-
, .
-
. ,
. -
, , -
, .
, 0.
, , -
. -
, .
. -
, ,
. ,
.
, -
. ,
, , ,
.
,
.
, , ,
.
-
. -
, , -
, , ,
.
260 II. ,

,
, , , -
; , , -
.

. , -
,
. (economic rent) , -
, -
, . -
,
, .
, , -
; , 0.
,
$10 000 , , .
$10 000
$10 000 , . -
- , ,
. -
$10 000.
$10 000 -
$10 000. , -
.
,
.
,
, -
. ,
, ,
. ,
,
, , .

, -
,
. . -
? ,
,
. , -
, , -
. ,
, 
 8. 261

, , 
. ( -
, -
.)
, , -
. , -
,
. , -
, . -
, -
, , , .
, -
, .
, ,
( ).
8.12 , , , -
, , -
. () -
, . $7,
, .
() ,
.
, -
$10 , $3
. , ,
,
.
.
. 8.12.

LMC LAC
LAC
LMC

$10

$7 $7

1,0 1,3
, ,
a) )
262 II. ,

.
-
, ($7) .
$10 - . , -

. , ,
.

8.8.

-
, ,
.
:
, .
, -
, .
, -
-
, . -
, ,
. -
, .
, , ,
, . ,
-
.
-
: , 
.

8.13 ,
(constant-cost industry) ,
.
, -
. , -
D1
S1.
( ) SL,
, Q1 -
1.
, -
, (, - -
). :
 8. 263

$/. $/.

MC S1 S2
AC
P2 P2 C

A B
P1 P1 SL

D1 D2

q1 q2 Q1 Q2
) )

SL. -
( ),
q1 q2, .
.
, -
, ( ).

. 8.13.

q1 -
, 1.
, -
.
D1 D2. D2
S1 . 1 2.
() . 8.13 ,
. 2,

q2. ,
,
. ,
.

, .
. 8.13,
, S1 S2.
264 II. ,

D2 S2. -
, -
,
.
,
,
, -
,

. ,
. ,
. 8.13, , 1, , -
.
,
,
.
,
;
, . ,
-
, . -
-
.

(increasing-cost industry) -
, ,
. , -
, , -
, . -
, ,
-
. 8.14 -
, -
.
. D1 D2,
2, -
Q1 Q2. , ,
q1 q2 , -
. ,
, .
, -

. -
, , -
3, 1.
 8. 265

$ $
. .

S1
MC2 MC1 S2
P2 AC2
P2
SL
P3 P3 B
AC1

P1 P1 A

D2

D1

q1 q2 Q1 Q2 Q3
) )

-
SL. , -
, q1 q2,
. -
. ,
, ,
.

. 8.14.

-
, , -
, . -
8.14 . , 1
2, ,
1 2. 3
. ,
,
, , -
, .
. 8.14, , ,
. 
. -
, ,
, . -
266 II. ,

-
, .

.

, . ,
,
. ,

.
( ),
.
-
.
, (decreasing-cost industry)
.

6 , ( -
)
. ,
.
, -
. -
, , , -
, , ;
.
-, ,
; , . ,
. 8.15 -
, -
q1 -
1.
, 1 -
2 = 1 + t, t .
t.
.

, -
,
. q1 q2,
( ).
-
, .
 8. 267

$ . MC2 = MC1+ t
MC1

P1

AVC1 + t

AVC1

q2 q1
-
. ,
.

. 8.15.

$ . S2 = S1 + t

S1

P2
t
P1

Q2 Q1

, ,
.
.

. 8.16.
268 II. ,

, ; -
.
, -
, , . 8.16.
S1 S2 = S1 + t
1 2( , ). -
, .
,
.
, -
, , , . -
-
.

-
, :
(Q/Q), (/).
-
;
. ( -
.) -
-
, .
, , -
, .1 -
,
. , ,
,
, ,
.

1
. -
, . 2,
, -
, .
 9

:
9.1.
.
9.2. .
9.3. .
9.4. .
9.5. .
9.6. .

2 , -
. 3 8 ,
. ,
-, ,
. -
- , -
, , , -
,
.
, -

, ,
. ,
, . . ,
-
-
.
270 II. ,

- .
-
, , , -
. , -
, , ,
,
. , , , , -
-

.
 9. 271

9.1.


2 ,
(
), (-

). , . . . , -
, , , -
. ( ,
.) , -
, ? ,
? ,
, ? -
, -
, -
, .
,
, .
4 ,
, . 8
, -
. ,
.

. , -
;
, .
, ,
.
, , $5 ,
. 9.1. , ,
, $5. , -
$10. $5,
$510, , $5, -
, . . -
$7; , $2. -
$5, . . . ,
, 1% , -
. , .

(. . . 9.1).
,
272 II. ,

-
.
-
.
, . -
, ,
, . ,
-
. -
, , -
.
-
, ; ,
. . 9.1 -
. -
, -
, .
. 9.1.

$10 , $5, , -
, $5. $2, , -
, . -
, ,
. -
. -
. -
.

 9. 273

, M
(welfare effects) .
, ,
. , ,
, 2.
,
, , , -
. , ( )
- .
9.2 . 2.17 ,
, -
. -
.
1. . -
,
. , -
- Q0 Q1.

. 9.2. , 

max, -
0. -
. -
. .
274 II. ,

(, - ,
). -
,
(max 0).
? ,
, ,
. -
,
,
. , ,
, ; -
.
, -
- Q0 Q1.1
, , . . 9.2
, , -
.
2. . -
(,
) ,
, .
. , -
Q1,
. -
, .
. -
,
, , ,
. , -
. -
.
3. . -
? . . 9.3,
, -
(deadweight loss). , -
, -
. , , () +
()= . , . 9.2.
. -
:
.

1
, , , -
. , -
, .
 9. 275

, -
. ,
.

. 9.3.

,

. ,
, . 9.3.
, ,
, , , -
, .
, , , -
.
( -
). 1979 . -
,
, .
, . -
, , -
.
276 II. ,

9.1

1970- .
. , -
, ,
. ,
.
? ? -
? , -
.
1975 .,
, . -
:
: QS = 14 + 2PG + 0,25P0;
: QD = 5PG + 3,75P0,
QS QD ,
. (Tcf), G . .
($/mcf), ($/). -
, QS QD $8 ,
$2/mcf 20 Tcf.
$1/mcf.
. 9.4 ,
. -
, ,
.
, .
, 1 Tcf = 1 mcf. ,
18 Tcf , ,
18 Tcf $2,40/mcf. -
:
= (18 mcf) ($1/mcf) = $18 ;
= (1/2) (2 . mcf) ($0,40/mcf) = $0,4 ;
= (1/2) (2 . mcf) ($1/mcf) = $1 .
1975 .,
, , , = 18 0,4 = $17,6 . -
= 18 1 = $19 . ,
= 0,4 1 = $1,4 . , -
$4 .

9.2.
, ,
-
. , -
. , -
: -
. (, , -
; , ,
.)
 9. 277

, , $2/mcf, -
$1. 2518 = 7 Tcf.
, -
.
. 9.4.

. - , ,
, -
. , .
(market failure):
, -
, . . -
. -
:
1. (externalities): -
, -
.
, -
.
, -
.
. -
18.
278 II. ,

2. : , -
, , -
.
(, )
. -
17.
, -

. , , -
, ,
.
(,
). . 9.2,
( Q0 Q1),
( ). -
, .
, ,
, , , 2 1.
. 9.5,
(Q2 Q0), (Q3
Q0). , , -
, Q3,
. . 9.5
, -
, .
- (-
, ), -
( ,
).
. 9.5 -
, -
, .
, 2, , -
, -
. ( , -

.) , -
, , -
Q2 . ( -
.)
.
,
. -
,
, , -
.
 9. 279

, -
2, -

Q3.
Q3,
-
. 2

, Q3,
,
.

. 9.5. ,

9.3.
,
, . -
-
,
. ( -
, . 9.5.)
, ,
-
.
. 9.5. ,
, Q3, -
. , , -
Q3. ,
,
, ?
. 9.6, min ,
. Q2, -
Q3; , .
, -
.
, ,
, -
. 9.6. -
- , -
280 II. ,

, min.
Q2, Q3. -
Q2, Q2 Q3 -
, D.
.

. 9.6.

. , -
,
CS = A B.
.
? -
, , , -
. ( -
.) Q0 Q3
, . , -
, Q0 Q2.
Q3, -
Q2 Q3 . ?
, -
. , -
.
, Q3 Q2 -
Q2 Q3, D.
, -
,
PS = F C D.
 9. 281

, D ,
, ,
! ,
- , -
.
-
. . 9.7,
. -
wmin, w0, -
. ,
, . ,
, .
, L2 L1.
14.

9.4.
, -
. -
(price supports),

,

. 9.7.

w0, wmin.
L2 L1 , .
282 II. ,

. 
, . -
, , , -
.

,
, , . .,
. -
S, -
, ,
, . 9.8. ,
, .
. S Q1, -
Q2. -
, -
Qg = Q2 Q1. ,
Qg , -
S.
, ,
S 0, -
, . - -
-
, .
, ,
,
CS = A B.
. ,
( ). -
Q1 Q2, S. .
9.8 ,
CS = A + B + D.
. (-
-
). (Q2 Q1)PS
, . . 9.8
. -
, , . . -
. , , -
,
.
? -
, -
, . , -

 9. 283

S,
0,
,
Qg.

+ + D. -
+ . -
-
,
S(Q2 Q1).

. 9.8.

CS + PS = D (Q2 Q1)PS.
. 9.8
, D.
,
. , -
. -
, + + D, , -
, .
+ , -

D.
? ,
, , , -
.1

( -
),
. , , . . -
.
.

1
-
.
. ,
( , -
) .
, .
284 II. ,

-
. , , -
, -
. (, - 1995 .
11 800 , 1937 .)
- ,
( ), . -
.
, , -
, ,
, , , -
.
. 9.9.
Q1 -
Q0. Q1
S . -
( , ,
) ( -
- ). -
, ( -
), (
Q1 Q0). , -
.
.
,
.
, -
. 9.9 -
. ,
, -
Q1,
0 1.
,

CS = A B.
Q1,
. -
, Q0 Q1,
, . ,
. -
,
PS = A C + .
, , -
Q1. -
 9. 285

S
0,
, -
Q1
-
(
), -
-
( -
).
,
,
+ + D, . . -
,
S.
, -
,
+ + D.
. 9.9.

, + + D, , -
S. (,
S ,
.) ,
+ + D,

PS = A C + B + C + D = A + B + D.
,
, -
(. . 9.9). ,
,
. .
? , -
+ + D . 9.9 ,
(Q2 Q1)PS ( ) . 9.8. -
+ + D ,
( ) ,
, .

, .
(CS + PS )

= + + + D D = B C.
, -
+ + D, , .
286 II. ,

++D, ++D,
+. -
-
.

9.5.
( -
, ) (
),
, -
, . ,
, -
.
,
,
. 9.10 . S D
.
,
0 Q0, .
w 0, -
- , . -

. 9.10. ,

-
w.
-
Qd,
QS -
,
-
. -
, -
0.
-
.
-
+
+ , -
+ .
 9. 287

? -
w;
QS, Qd. ,
, -
, Qd QS.
, ,
, , -
, . . . -
?
, 0. ,
( Q0), ,
. , -
,
-
. ,
CS = A B C.
, (Q0 QS),
(0 w). -
:
PS = .
, CS + PS, .
, -
.

. 0 w. -
, , , -
, -
, .
, ,
. ,
. 9.11.
w, Qd QS. ,
. -
* ( ), -
, .
. 9.11 ,
CS = A B C D.

PS = A.
, , ,
, D. -
CS, S , A B
C D + + D = B C.
288 II. ,

= *w,
w *. -
. + + + D. , -
D, + .
, D -
, + + D.

. 9.11. ( )

. ( ,
.)
, -
. -
(Qd QS . 9.11),
* . -
,
; , D, -

.
, , D, -
.1
1980- . -

, -
. -
1
,
- .
.
, w,
*. , -
, D. , -
, . -
, , .
 9. 289

-
. ,
.

9.2

4 , -
2025 . ?
,
$3 , ,
. -
.
, ,
. , -
, .
, , 1997 .:
, : 15,6 .
, : 21,1 .
, : 21,9 .
: 11,1 .
-
1,5, 0,3.
, -
. ,
:
: QS = 7,83 + 1,07.
( , .)
:
: QD = 27,45 0,29.
. 9.12. 11
4,0
, 24 ,
. , ,
5,5 ,
22 .
?
, -
D. , ,
$1078 , $638 , $171 ,
D $600 . 1997 . $2,4 .
? -
(. . $1 ). $600 -
D , -
,
.
$800 .
(: Morris E. Morkre and David G. Tarr, Effects of Restrictions on United
States Imports: Five Case Studies and Theory, U.S. Federal Trade Commission Staff
Report, June 1981; F. M. Scherer, The United States Sugar Program, Kennedy School
of Government Case Study, Harvard University, 1992.)
290 II. ,

11,1 1997 . 24,2

, 4 .
5,5 21,9
. , + + + D, $2,4 .
, $1 . -
D, $600 , ,
. -
$800 .

. 9.12. 1997 .

9.6.
, $1
? , -
, -
, . .
. 50 -
. -
, (50
, ) ,
. -
(50 , ) -
. ?
, , .
( ) , -
. , ,
 9. 291

( )
. , ,
, , , ,
.
, $1 ,
, , . , -
, . -
, ,
.
. M
(specific tax)
. (. . -
) (ad valorem tax), , , -
. (
.) -
.
, t .
, , t -
. , , 
, , ,
t . 9.13
. 0 Q0
. b , ,
S , . -
, b PS t. . 9.13 -
Q1.
? . 9.13
. (, -
) . ,
, .
. 9.13,
:
1. b
( ,
).
2. S
( , -
).
3. (Q1 ).
4. , , , -
, t.
:
QD = QD(Pb). (9.1, a)

QS = QS(PS). (9.1, )
292 II. ,

QD = QS. (9.1, )

Pb PS = t. (9.1, )
Q (Pb), Q (PS) t
D S

, b,
S .
, .
9.13 , .
,
,
CS = A B.
, -
,
PS = C D.
tQ1, D. -
, CS + PS + , ,
D + A + D = .
.
. 9.13
, .
, , -
. 9.14, -
: ,
, , -

. 9.13.

b , . S , -
.
. + , D + , -
+ D . + .
 9. 293

, . , -
,
( 0,3),
. 9.14,
: , -
, .
-

, ,
. ,
-
. , Ed/ES 
, , d/ES .
, -
, :
= ES/(ES Ed).
, -
. , d
, 1 .
, 0, -
. ( , -
, Ed/(ES Ed).)

. 9.14.

) ,
. )
, .
294 II. ,

(subsidy) ,
.
,
. , -

.
9.15 .
0 .
.
, . , 
, Ed/ES , 
, d/ES .
, , -
s, -
. , , -
,
. -
:
QD = QD(Pb). (9.2, a)

QS = QS(PS). (9.2, )

QD = QS. (9.2, )

PS Pb = s. (9.2, )
. 9.15.

. ,
-
.
 III

10. : .
11. .
12. .
13. .
14. .
15. , .

III , -
, -
.
10 11
. , , -
,
. ,
, -
.
12 13 , .
,
- ,
, -
. , , -
. -
, ,
. ,
.
296 III.

14 , , -
. -
, -
. 15 .
, , -
, , -
.
 10

:
10.1. .
10.2. .
10.3. .
10.4. .
10.5. .
10.6. .
10.7. :
.

,
. -
. , -
, , , ,
.
, ,
.
, , . ,
, -
. , -
.
.
, -
. , -
, , -
298 III.

. ,
,
, ,
.
, ,
. ,
,
. , -
. -
,
. , -
.
,
, .

; 12
13. , -
, .
. -
, .
. , ,
, ,
. , -
, . . , ,
, . , -
.
.
,
, .
.
. , General Motors, -
,
, .
, -
.
M
(market power)
. , -
- , , -
.
 10. : 299

10.1.
, -
. , ,

. : -
, .
, , -
, , .
.
Prentice Hall, Inc., , ,
. -
$500 ?
, Prentice Hall .
, -
. -
-
. ,
. , ,
. ,
,
, .

(average revenue) ,
, .
, ,
(marginal revenue) -
, .
, ,
, :
= 6 Q.
10.1 ,
. , ,
$6: . $5 -
, ( ) $5. -
1 2 $5 $8; ,
, $3. 2 3, -
$1, 3 4 ,
. ,
,
, .
, ( ) -
,
. , . -
300 III.

, , -
. . 10.1: 1 2 -
, $4, $3, . . $4 ( -
) $1 (
$4 $5). , ($3) ,
($4).
. 10.1
. 10.1. ,
,
( ).1
10.1
,

() (Q)
(R) (MR) (AR)

$6 0 $0
5 1 5 $5 $5
4 2 8 3 4
3 3 9 1 3
2 4 8 1 2
1 5 5 3 1

. 10.1.

-

= 6 Q.

1
,
, = a bQ, PQ = aQ bQ2.
d(PQ)/dQ = a 2bQ. = 6 Q,
MR = 6 2Q. (
Q , , . 10.1.)
 10. : 301

? 8 ,

, .
, . . 10.2 -
D .
, ,
.
MR , .
Q*. *, -
Q*, .
, Q* ?
, Q1 -
1. . 10.2, -
. -
, Q1,
(MR MC) .
,
Q*, -
, , 0. -
, Q1 , -
.
Q1 Q*, ,
, MR,
Q1 Q*.
. 10.2, Q2 -
.
. ,
, Q2, MC MR.

Q*. , Q* -
Q2, , , -
MR Q* Q2.
, Q* , -
. -
, Q:
(Q) = R(Q) C(Q).
Q 0 , -
, . ,
Q* , , -
Q, 0 (. . /Q = 0).
/Q = R/QC/Q = 0.
R/Q , C/Q . -
, , MR MC = 0,
MR = MC.
302 III.

Q* , MR = MC.
(, Q1), , , -
( Q1 Q*),
. ,
Q* Q2 - ,
.
. 10.2. ,

, . -
,
(Q) = 50 + Q2.
, $50 -
, Q2. ,
(Q) = 40 Q.
, -
, Q = 10, . .
 10. : 303

, $30. , -
(Q)/Q = 50/Q + Q,
C/Q = 2Q. R(Q) = P(Q)/Q = 40Q Q2,
MR = R/Q = 40 2Q.
, 40 2Q = 2Q, Q = 10.
, . 10.3, . -
, -
. Q , -
$150 Q* = 10, .
. (,
rr .) R/Q, -
. ,
, .
. 10.3, -
.
Q*=10.
$15, $30 . ,
$30 $15 = $15 . -
10 , 10 $15 = $150, -
.

, , -
, -
? -

.
. ,

, .
,
:
MR = R/Q = (PQ)/ Q.
, ,
(PQ)/Q, :
1. -
1() = .
2. ,
-
/Q, -
(. . Q[P/Q]).
,
MR = P + Q[P/Q] = P + P(Q/P)(P/Q).
304 III.

R, , . .
. ,
. ,
.
Q* = 10, -
. 0,
. -
$15, .
10 , $150.
. 10.3.
 10. : 305

, Q[P/Q],
. , -
d = (P/Q)(Q/P). , (Q/P)( P/Q) , -
, 1/d, -
,
MR = P + P(1/Ed).
, , -
, :
+ (1/d) = .
, , :

( )/ = 1/d. (10.1)

. , ( )/, -
. ,
, -
. ( , -
.) ,
:

= /(1 + (1/d)). (10.2)

, 4, $9
, $9/(11/4) = $9/0,75 = $12
.
, , -
? 8 ,
. , -
,
. (10.1), -
, d
, . -
.

.

-
. , , -
8, -
. ,
.
306 III.

. -
, -
. , -
,
. -
, -
.
,
.
. 10.4.
D1, -
MR1, 1
Q1. . 10.4, .
D2 MR2. , MR2
, MR1. -
. 2.

. 10.4.

,
, . . .
D1 D2. -
MR2 , -
MR1. , , -
, , 1 2.
MR2 -
Q2. -
, .
 10. : 307

. 10.4, .
MR2
Q2 Q1. , -
.
, -
. , . 10.4,
.
.
, , -
,
.

, . 9 ,
(. . ) , -
, ,
.
, .
. ,
t , -
t
. , ( )
t. ,
-
:
MR = + t.
t
,
. 10.5. Q0 0 , Q1 1
.

. , -
, ; . 10.5 ,
. ,
, -
. , ,
2 -
. (10.2) , -
. t -
+ t, 2( + t) = 2 + 2t, . .
. ( -
.)
308 III.

t
-
-


-
t -

+ t.


,
, -
t.

. 10.5.

, -
, . -
-
.
, ,
.
, .
, ?
.
1. ,
,
. -
. ,
1 , 2,
, ,
1 2.
2. , , 
.

. , -
, . -
, , , -
 10. : 309

, -
. , -
, ,
, 
.
. Q1 1
1, Q2 2 -
2, QT = Q1+Q2 .

= PQT C1(Q1) C2(Q2).
,

. , 0 -
1:
( PQT ) C1
= = 0.
Q1 Q1 Q1

(PQT)/Q1 -
, . . , MR, .
, C1/Q1, 1,
1. , MR MC1 = 0,
MR = MC1.
0 2:
MR = MC2.
, ,
,

MR = MC1 = MC2. (10.3)

. 10.6 -
. 1 2 . (,
1 , 2.) -
, . ,
1 2 (
,
8). -
Q1, Q2 QT .
MR; QT . -
, , -
; MR* . -
1 2 Q1 Q2
, (10.3).
310 III.

-
-


-
Q1 Q2
,
-
MR
( -

)
-

-
, MC1 2.

. 10.6.

, QT
(, , *). Q1 Q2
. -
1 2,
, Q1 + Q2 = QT . , -
, MR = MC1 = MC2.

10.2.
. ,
, . , -
, 12 13.
, , ,
, , -
, .
, , , -
,
. 10.7, . , 20 000
(5000 ) $1,50
. , ; -
, $1,50 1,5.
, , ,
. , ,
 10. : 311

. , -
,
. . 10.7, ,
DA ,
( $1,50 6,0). ,
$1,5 $1,6 , 5000
3000, . (
$1,60,
4500 .) 0,
. -, -
,
. -, .
, ,
$1,50 $1,40, , , 7000
5000, . , ,
, .
, ,
-

. 10.7.

.
. $1,50 -
1,5. (DA) - -
. $1,50 -
6. : ,
, $1,50, .
312 III.

.
12 13.
: ,
, , 
.
, -
? : , -
, .
. 10.7, 5000 .
$1,50, . ,
, -
, . -
, , -
,
.
:
1. ,
? ( -
.)
2. ,
, ?
, -
12 13.

,
: 
; 
. ,
, , -
, . , -
( )
, -
. , 1934 .
(Abba Lerner),
(Lerner Index of Monopoly Power). -
, . ,
L = (P MC)/P.
0 1. -
= , L = 0. L,
.

. (10.1), ,
L = (P MC)/P = 1/Ed . (10.4)
 10. : 313

, d
, . , -
, 6,0,
1/6 = 0,167.1
, -
. -
. , , , ,
- .

(10.2),
:
= /(1 + (1/d)).
, -
. , , , d -
, .
, , -
. ,
, -
, , 1%.
-
.
,
.
, ( ,
). , -
( ).
. 10.8 .

10.1
:


. .
( 1),
,
,

1

. -, ,
. --
, (, -
), . --
, ,
.
314 III.

( )/ , -
. , , -
.
, , .
. 10.8.

. -
, 10. d
(10.2), = /(1 0,1) = /0,9 = (1,11).
, 11%
. -
( -
) -
, ,
. . -
1011%.
,
7 24 , ,
. ? -
. -
. ,
. -
5; ,
25% , .
()/ , -
, ?
. ,
, , -
, .
 10. : 315

, . -
,
. (,
, ) ,
, -
, (
, , , ).

3 4. , 3350%
, . $12
$18 , $18$27.

10.3.
,
? , -
,
, , -
.
(10.3), ,
. , -
. , -
: (
) , (
)?
:
1. . ,
, , ,
.
2. .
, , -
.
3. .
,
, -
, -
.
.

,
.
.
; -

. -
316 III.

, . 10.7.
, .
( . 10.7 1,5, -
6.) -
, .
, -
, 1,5.
( , -
), 1970- 1980- .
.
, , , , ,
-
. -
.

, , ,
, . -

. -
,
.
, , ,
, . ,
90% , 20
10%, , , -
.
, .1
( ),
. , . ,
,
.
.
( 13)
(barriers to entry) , -
.
. , -
,
. ,
, . , -
, (copyright)

1
, (concentration
ratio), , , ,
, , .
, .
 10. : 317

, -
,
, -
. , -
. -
,
-
. -
.

( )
. ,
. , -
, . -
. , ,
, . -
.
,
( ),
.
, ,
.
12
13. , -
, ,
, .
, ,
( ), -
. , , -
. ,
,
. ( ,
-
, .) ,
-
. -
,
.

10.4.
. ,
, , . -

, , -
318 III.

. ,
, -
. -
?
-
, , -
, , ,
. ( ,
.)
, -
. 10.9 -
. -
, ,
, m
Qm. -
, c Qc -
() . -
, ,
.
, . - -
, , -

. 10.9.

-
-

-

-
-

, Pc Qc,

Pm Qm. -


+ , -
.
-
( + ).
 10. : 319

. , m,
, , , ,
. -
, , + .
, ,
, , Qc Qm .
, , .
, -
, + . (deadweight loss) 
.
, -
, , -
. -
.

-
C . 10.10.
(rent seeking), . . -
-
, .
(, , -
) ,
.
,
. -
, , -
,
, . , -
, -
, -
(. . ). ,
( ), -
.1
. 1996 . Archer Daniels Midland Company
(ADM) -
, , ( ), -
, . ( -
,
.) , -
, , - . -

1
(Gordon
Tullock). ., ., Gordon Tullock, Rent Seeking
(Brookfield VT: Edward Elgar, 1993).
320 III.

, ? ADM
,
.

-
.
. -
, ,
.
9 , -
. ,
-. , -
, - .
10.10 . Pm Qm
, -
. ,
1. 1 -
, Q1,
1. Q1
: -
, 1, -
.
-
. 10.10 - .
Q1 .
Q1, , -
.
, 1 Q1
.
,
, . ,
, -
;
. , 3
. -
. Q3 Q3,
. ,
, . -
, 4 , -
.

,
. (natural
monopoly) ,
 10. : 321

, Qm
m. 1,
1
Q1. -
. -
, Qc. ,
, ,
Qc. ,
. 3
Q3 , Q3 Q3.
. 10.10.

, ,
. , -

.
,
, . 10.11. , -
, , -
,
, .
,
, .
, Qm -
322 III.

,
( ) -
. , .
r -
, , .

. 10.11.

m.
.
.
, r,
. -
, ,
.

, ( . 10.10) ,
()
. :
(r . 10.11) ,
. ,
, -
.
.
, .
 10. : 323

,
. -
(rate-of-return regulation): -
(), -
.1
, -
. -, -
. -, -
,
, , (
, -
).
,
, -
( -
). -
,
. (regula
tion lag): , -
.
1950- 1960- .
, .
( ,
, ). , -
, , ,
, ,
. 1970- . -
,
. , ,
.
, , -
.
1990- . -
. -
, .
, ,
, . -
.

1
-
:
= AVC + (D + T + sK)/Q,
AVC , Q , s
, D , , K
.
324 III.

10.5.
.
. , -
, -
, , .
.
(monopsony) , ,
.
(oligopsony) -
.
,
(monopsony power):
. -
, , -
.
, , .

, -
, , -
. , -
.
-
. (marginal
value) -
. ? 4,
, -
, . -
, .
,
, , -
, .
-
(marginal expenditure). -
, -
. ,
, . -
, , , -
, ; .
. 10.12, . ,
, (average expenditure), -
.
? ,
, , ,
.
 10. : 325

* . -
,
;
(). . -
;
, .

. 10.12.

(. . )
. 10.12, . ? , -
-
. , Q*,
.
, -
, , .
, , -

. 10.12, ,
, . -
,
. , ,
.
, .
, , -
, -
.
,
? .
, ,
.
326 III.

. -
, . -
Qm*, ()
. m*
(). Pc Qc . ,
() ().

. 10.13. 

, ,
, -
.1 , -
. -
, , ,
. , 
. ,
. -
, -
, .2
10.13 .
Qm

1
NB NB = V E,
V , .
, NB/Q = 0.
NB/Q = V/Q /Q = MV ME = 0,
MV = ME.
2
,
, : = (Q).
, , = (Q)Q,

= E/Q = P(Q) + Q(P/Q).
, P/Q
.
 10. : 327

. , ,
: m*, Qm*. -
, , Qm* , m* , Qc
, .

, . . 10.14 -
. ,
,
, , , -
. -
Q*, , , ,
*, , .
. . 10.14, ,
,
, -
. , -
. , -
Q*, ,
, *, .

. 10.14.

. ) -
, .
, -
. ) , -
. ,
.
328 III.

10.6.
, , ,
,
. , -
.
, -
. ,
General Motors, ( -
) .
. ,
, -
. , ,
, . (
(10.1) (MV P)/P = 1/ES.)
(S ), ,
. ,
, ,
. . 10.15.

?
. ,
: , -
.
: ,
, .
. ,
, . . -
. ,
, -
.
( ), -
. ,
, .
.
, -
. ,
. , -
, -
. , -
.
. , ,
. ,
, , -
. , -
 10. : 329

. -
, , -
, , . ,
, .
. 10.15. :

, -
,
, .
, ,
-, . -
,
.
, .

-
, , ,
. , -
.
?
-
, ,
, .
10.16 -
. -
Qm m,
330 III.

-
-
, Pc Qc, , m Qm.
, (),
. + , -
.

. 10.16.

. -
. , , c Qc, -
.
, , -
, Qc, , Pm Qm.
, . -
. -
, - -
. () + . -
, ,
. , Qm Qc, -
, . -
. ,
+ . . -
-
, - , ,
. -
.

, ? -
. -
(bilateral monopoly). , -
, .
 10. : 331

, , -
. , ,
, , . - , -
, , -
, , .
. , -
, , -
, , -
. ,
: 
. ,
-
, . ,
; , , ,
, -
. -
, .

10.2

-
, , ( )/.
, -
0,4 0,5. -
:
, ; -
; -
. -,
, --
.
327 -
, 1970- .
, -
.
-
, , -
, ( -
, - )
.
, -

. , ,
. ,
- ,
10% , -
.

, .
-
332 III.

, . -
, ,
, -
. , General Motors Ford,
.
510 ,
. , -
, .
-
.
,
. , -
-
.
-
. , ;
- ,
, . -
, -
.

10.7. :

, (, ) -
, -
. ,
. -
: ,
.

,
. , -
, -
.
-
? , , , -
, , -
.

, . -
(antitrust laws):
,
, ,
.
,
. 1
, 1890 ., , -
 10. : 333

.

/ . -
. :
1983 . -

.
1996 . Archer Midland Company (AMD) -
( ) -
. 1999 . AMD
2 3
.
1999 .
Roche A. G , BASF A.G. , Rhne
Poulenc Takeda Chemical Industries -

, .

$1 .
,
1 ; M
(parallel conduct)
. ,
( )
, (-
),
.
2
, ,
. (1914) -
, . , -
-
, ,
.
(predatory pricing) -
, , -
( ,
, ).

, -
.
, -
.
-
. , , -
334 III.

- (1936), -
, ,
, .
, , -
, . ( -
, .
, -
, .)

(1914, 1938, 1973
1975), (Federal Trade
Commission, FTC). -

, , -
, -
, . .
FTC,
,
.
-
. ,
, FTC
. , -
, , . -
(. . ,
)
(, FTC ).

.
1. . -
,
, .
-
, -
.
-
. , ,
,
(felony) , , -
, -
-
!
, ,
.
 10. : 335

2. 
. -
.
, ,

, .
3. . -
(treble (threefold)
damages), . -
-
.
, -
.

, -
. , -
-
. , ,
.
: -
, -
, .

10.3
Microsoft
Microsoft Corporation , -
.
Windows 90% -
. Microsoft
: 1999 . MS Office,
Word ( ), Excel ( ) PowerPoint (
), 90%.
Microsoft
(Bill Gates) -
.
? . ,
, -
, . -
Microsoft , ?
, ; Microsoft .
1998 . ()
. ,
,
20 . 1999 .,
Microsoft
.
Microsoft.
336 III.

: Microsoft
,
.
Microsoft: -
, -
,
, Windows.
: Microsoft - Nets
cape (Netscape Navigator)
. - , Netscape -
, Java Sun, -
, -
, Windows , Apple, Unix
Linux. 1 , Microsoft -
, --
- Netscape
, .
Netscape Internet Explorer -
Microsoft .
Microsoft: .
Microsoft .
: 2 Microsoft -
, -
. ,
Windows 98, -
, . -
, -
Netscape .
Microsoft:
. -
-
. -
.
: 2 Microsoft -
Netscape -
Apple Computer Intel.
Microsoft: Microsoft Netscape, Apple Intel
.
-
.
, -
,
,
. ,
: www.usdoj.gov/atd www.microsoft.com.
 11

:
11.1. .
11.2. .
11.3.
.
11.4. .
11.5. .
11.6. .

10, . -
,
. , ,
, - -
.
, -
. ,
, -
, -
.
, , -
, , . , -
, .
, -
, -
, . -
, , .
338 III.

,
, ,
( ). ,
-
, . -
, -
.
, , , -
. :

. , -
, -
,
.
, , .
, -
(
).
, ,
, . , -
;
: Gillette,
Gillette; Polaroid,
Polaroid; -
,
, .
,
, ,
;
, , ;
, , -
.
, ,
. , -
-
. -
.
 11. 339

11.1.
, ,
: -
. , . 11.1.
, .
, *
Q*, -
. , -
, .
, ( ) -
, *. ,
. -
, *
. ,
. (
.) ,
. ,
, .

. 11.1.

, *,
Q*. -
, , *, -
.
, ,
*, . -
.

340 III.

(, ,
) , -
? , -
. -
. ,

1, 2, ,
, *. M
(price discrimination): -
. ,
. , , -
.
, , -

, -
.
, ,
. ( , , -
, -
, .)
.

11.2.
,
, .
.

-
. , -
, .
(reservation price).
-
(first-degree price discrimination).1
, .
-, , ,
* (. . 11.2).

Q*. -
. . 11.2 -
,

1
, .
- , -
.
 11. 341

, -
Q** . *,
-
.
, .

. 11.2.

. -
, . ,
0*,
.

, (variable profit): -
. . 11.2 -

.1 -
1
10, R
, = R C = MR MC. -
s, MR
. ,
, . , -
.
342 III.

*, -
.
, -
? ,
,
. , -
, ,
; , .
, -
-
. ,

. , -
, -
. ,
Q**. Q** -
, .

.1 . 11.2 , .
( , - , -
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.
-
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). -, -
. ,
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, .
,
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. ,
. , -
, -
,
. , -
, , , -
.

1
= R C, R
(. . ), = AR MC.
, . . , AR .
 11. 343

, 15%
. -
, , ,
, .
, . ,
- ( ,
, - ), -
, , . -
, , -
!
.

. -
, -
. , , -
,
(, , )
. , , -
, , .
. 11.3
. , -
4. , 6
,
. , , 4
,
- . ,
, -
, -
, .

,
, -
. , -
. -
,
. 100
-
. , -
. -
.
(seconddegree price discrimination) -

.

. Kodak $5,
344 III.

,

. -
. -

;
. *4 -
. -
, 5
6, .

. 11.3.

$14, . . -
$3,50.
, -
.
(block pricing)
, , . -
, , -
, . -
,
, -
: , -
.
. 11.4 -
.
, 0, Q0. -
.
1, 2, 3.

, ,
. ,
-
. Three Star Golden Crown ( )
$16 .
Old Sloshbucket, $8 .
?
?
 11. 345

, ,
. 1, 2 3.
, ,
, , . -
-
.
. 11.4.

; ,
(third-degree price discrimination),
, . -

. -
, : -
;
; ;
. .
. ,
, -
. , -
, (
); -
. ,
, (
), -
, -
346 III.

. -
,
, . -
,
( -
,
).
;
?
.
1. ,
-
, .
. ,
, MR1
MR2,
.
, . ,
, ,
.
2. , , -

. , , -
-
( ). ,
, -
, -
.
, .
(
) (-
).
. 1
, 2 , (Q)
QT = Q1+Q2. -

= P1Q1 + P2Q2 C(QT).
, Q1
Q2, ,
0. -
:
/Q = (P1Q1)/Q1 (C/Q1) = 0.
(P1Q1)/Q1 -
(. . MR1). ,
 11. 347

C/Q1,
, . . 1. ,
MR1 = MC.

MR2 = MC.
, ,
,

MR1 = MR2 = MC. (11.1)

-
.
. ,
,
. . 10.1,
:
MR = P(1 + 1/Ed).
, MR1 = P1(1 + 1/Ed), MR2 = P2(1 + 1/Ed), 1 2 -
. ,
MR1 MR2, (11.1), -
, :

1/2 = (1 + 1/E2)/(1 + 1/E1). (11.2)

, -
. , -
1 2, 2 -
4, 1/2 = (1 1/4)/(1 1/2) = (3/4)/(1/2) = 1,5.
, , , 1,5
.
. 11.5. ,
D1, , -
, ; , -
, , . ,
QT = Q1 + Q2, -
MR1 MR2, MR,
. -
MR1 MR2, -
, Q1 Q2.
. -
, ,
,
. . 11.6
348 III.

. ,
. 1 D1 1,
2 D2 2.
QT. , Q1 Q2
, MR1 = MR2 = MC.

. 11.5.

* : -
-
, .

11.1

-
-. , -
$3000, ( )
$1800, (
/ ) $400.
, -
, , -
.
?
 11. 349

,

,
.

D1
. -
, -
, -

.

. 11.6.

.
, -
. -
11.1 ( )
: , -
. (
.)
, - -
, .
?
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, ;
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. , -
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. -

. , -
, -
.
-
. ,
, , -
, , -
. (
; -

.) ,
-
. : -
$69, $400.
$69,
.
350 III.

11.1

0,3 0,4 0,9
1,2 1,2 1,8

11.3.

-
. M
(intertemporal price discrimination): -

.
(peak-load pricing): , -
-
. -
, .
.

, -
-
, . -
, ,
, :
, 1970- .,
- 1980- ., DVD.
. 11.7 D1 () -
, , (-
, , -
). D2
, ,
. , -
1;
D1. ,
, 2, -
D2.(,
,

.)
 11. 351

. . -
, . -
, .
. 11.7.

. ,
, . , -
:
, , ,
. ,
- ,
. , -
-
, $1. -
, , ,
, , . -

.

-
. ,
, , -
, , -
.

: ,
352 III.

, .
- -
. -
.
. 11.8, D1 ,
D2 , -
.
1 2
. Q1 Q2 .
,
. : -
, .

. - (, -
) , -
1 2 , -
D1 D2, .
.

. 11.8.

, -
. 1
, . ,
.
 11. 353

, -
.
-
. ? -
. , -
, :
.
(
) . -
-
.
-
. -
, -
.
,
, . -
-
. -
,
.

11.2
G?
-
. -
, , . , -
,
, $25. -
, ,
$10. , $25
, $10 ?
, ?

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, -
. , ,
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? , -
, ,
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354 III.

- .
. -
. , , -
. , ,
, , -
. , ,
.

11.4.
(two-part tariff)
.
, . -
,
. -
. , , -
. ,
, , ,
, .
: -
( -
); (-

); (
).
Polaroid ( , -
, ) -
( , -
, ).
, (entry fee),
, (usage fee),
. , -
, -
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, .
. , -
. ,
( ). ,
. ,
. -
: , -
, , -
. , . 11.9,
* ( ), , * =
. , -
, .
 11. 355

D.
, -

-
,
.

. 11.9.

. , ( -
). -
. ,
, .
,
( ), -
.
,
.
11.10 . -
* , , 2* + (* )(Q1 + Q2). (
*.) ,
, . .
, = . * *,
( ) D1
D2.
, .
. -
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-
,
. :
, ,
. , ,
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, . ,
,
, .
,
. , , ,
.
356 III.

* -
. *
-
.
2* + (* )(Q1 + Q2). -
,

.

. 11.10.

. 11.11 .
, -
. a
, n(T)T, n(T) -
. (, n.)
, 0, n(T)T .
n , nT(T) . -
s ,
( )Q, Q , -
. Q , n.
, s ,
n.
, ( -
) *. , * -
, . -
, .
,
, .
. -
,
, .
, -
, -
. ,
. , -
, , -

 11. 357

, a
s. a, s , . ,
= a + s = n(T)T + (P MC)Q(n),
n , , Q
, , n. *
* . ,
, ,
. ,
.
. 11.11.

.
; -
, .
Disneyland Disneyworld ,
. ,
Disneyland . -
, ,
( ), -
.
,

. ,
Gillette, .

,
. ,
. -
,
,
,
.
358 III.

11.3


: ,
,
. -
, 1990- .
, .
() -
.
-
, .
, Bell Atlantic
Cellular One. 50 100 . -
, , -
. ,
, AT&T
Sprint.
, , .
, ,
, . ,
.
- -
( 12 13).
, -
: ,
,
, .
, -
, -
. -
.
11.2 ( 1999 .)
, . , Bell Atlantic, -
. , AT&T, .
, . -
Bell Atlantic
$19,99; 20 ,
35 . -
, ,
, .
$199,99 2500 ,
15 . AT&T ,
, Bell Atlantic.
? -
-
? ,
.
, -
.
.
 11. 359

, , -
Bell Atlantic. , DC20,
, -
. , DC2500,
, , -
, -
. -
.
, .
, ,
. ,
,
. ( . 11.9:
.)
, , -
.
11.2
(1999)

A. BELL ATLANTIC


DC20 $19,99 20 $0,35
DC90 29,99 90 0,30
DC500 49,99 500 0,25
DC1000 89,99 1000 0,20
DC2000 149,99 2000 0,20
DC2500 199,99 2500 0,15
B. AT&T
600 $89,99 600 $0,25
1000 119,99 1000 0,25
1400 149,99 1400 0,25

11.5.
, , 1939 . -
, , . -
, : $81,5
1939 . ( $947 1997 .), $601
( 1997 .). , -
Getting Gerties Garter, , -
(Loews) 1939 .
, ,
.
360 III.

, ,
Getting Gerties Garter. ( -

, .) ,
(bundled), . . .
?
, :
, ,
-
. . ,
( , ) -
$12 000 ,
$3000. , ,
$15 000, .
,
() , -
.
, , ,
. , -
, , -
.
,
, , ,
:

GETTING GERTIES GARTER

$12 000 $3000
$10 000 $4000

, , -
, $10 000,
. ,
, $3000.
$13 000 , $26 000. -
, .
$15 000 ($12 000 + $3000), $14 000 ($10 000 +
+ $4000). ,
$14 000, $28 000. , , ,
( $2000 ).

, -
? ,
. , -
, Gertie,
, ($12 000 -
 11. 361

$10 000), , ,
($4000 $3000). , ,
, , -
,
. , , ,
, . .
:
GETTING GERTIES GARTER
$12 000 $4000
$10 000 $3000

, , -
$16 000, , ,
$13 000. , , -
, , $13 000,
$26 000, . . ,
.
,
.
,

. . 11.12 r1 -
1, r2 2. -
.
$3,25 1 $6 2;
1 $8,25 $3,25 2; $10
.
.

. 11.12.

r1 r2 -
, ,
. -
$3,25 1 $6
2.
362 III.

, -
1 2 . 11.13 -
, . I,
, ,
, . II
2 , 2, 1 1;
2. IV -
1. , III , ,
; .
,
. , . 11.14.
,
. , -
= r1 + r2, , , r2 = PB r1.
I , ,
. II,
, , .
II . 11.14, -
, , . ,
, .
, .
-
. ,
,
1 2, . . 11.15

. 11.13.

, 1 2,
. II IV -
, III .
 11. 363

-
r1 + r2 -
. -
,
r1 + r2, .

. 11.14. ,

.
. , -
,
1 2.
= 1 + 2, -
, 1 2. -
, , -

. 11.15.

,
.
. -
, -
.
364 III.

: 2,
1.
. , ,
.

, : -
, . ,
(mixed bundling). -
, -
, ,
. ( , -
(pure bundling).)
,
/
. ( , -
0.)
. 11.16 -
. ,
. (
1 $20, 2 $30.) 4 -
, D. :

. 11.16.

-

, -
.

1 -
1,
-
D 2
-
2.
-


2,
D 1,

.
 11. 365

1. 1 = $50 2 = $90.
2. $100 .
3. ,
1 = 2 = $89,95 $100 .
11.3 -
. ( 1, 2 , -
, .)
, 1
, D, 2 . 3($50
$20)+1($90$30)=$150. -
, $200.
, , ,
.
? D 1
$89,95, 2 $89,95,
$100. ($89,95 $20) +
+ ($89,95 $30) + 2($100 $20 $30) = $229,90.
11.3
:

1 2
$50 $90 $150
$100 $200
$89,95 $89,95 $100 $229,90

, -
(. . r2 = 100 r1). -
? -
. ,
2 $90, 1 $10.
1 $20,
, 2, .
2 ,
, ,
.
-
, , -
1, D
2 . -
.
,
, , -
. (: -
. 11.16 -
366 III.

.) . 11.17,
. 11.16, ,
. .
11.4
. ( ,
1, 2, .) -
, 1 D, 2 -
; $320.
$100,
$400. , , -
, -
.
. 2, D -
1, $120. -
$420.
, -
, ? -
, -

. 11.17.

,
, , -
. $20
, D. $100.
$120,
D $90.
 11. 367

: ( ) -
, D. , -
$100 $120
, $90 .
11.4

1 2

$80 80 $320
$100 $400
$90 $90 $120 $420

.
, , ,
, , -
, , .
( Lexus, BMW Infinity) -
; .
,
.
, .
.
, ,
. , -
, .
. -

, Cinemax, Home Box Office Disney Channel,
. -
,
. ,
. ? -
, 24 , ,
, Disney Channel. -
-
.
, ,
, ? -
.
, -
. ,
, .
368 III.

(tying) , -
, -
. ,
, . ,
(, ),
( ). , -
, . -
. ,
, .
,
.
?
,
-
. , 1950- ., Xerox -
( ), , -
, .
(, -
, ),
.
1950- . IBM , -
, , IBM.
IBM -

. (,
.)

. , 1998 . -
Microsoft, ,
Internet Explorer Windows 98, -
-
.
. -
-
. -
. , Mobil Oil ,
Mobil, Mobil
. . McDonalds
-
McDonalds,
. ( -
, -
, , McDonalds
, .)
 11. 369

11.6.
, , -
. -
,
: .
, , ,
, , -
. -
,
, , -
, . -
.
, -
. ,
,
, . . Q(, ). 11.18
. AR MR
, -
, .
Q0, MR = MC, 0.
0 ,
0 .
, .
; AR MR -
. ,
( ).
. -
Q1 ( MR = MC) 1. -
1, () , -
.
. 11.18 ,
, . -
, , -
:
= Q(P, A) C(Q) A.
-
, , .
, ? , , ,
,
, , -
, . . , , (, Q)/A,
1. , . 11.18,
. , 
( Q0 Q1). -
370 III.

, , -
, ,
.
, -
, -
MRADS
.
, ,
, ,
. , -
,
MRADS = P(Q/A) = 1 + MC(Q/A). (11.3)
= .
. 11.18.

AR MR , ,
. Q0
0. 0 -
. , -
. ,
. Q1 ( MR =
C) 1, 1 .
 11. 371

, -
(. . -
) . -
,
.

MR = MC, (11.3) .
10 , MR = MC -
: ( )/ = 1/,
. -
(11.3),
.
(11.3) :
( )(Q/A) = 1.
/PQ,
(advertising-to-sales ratio):
[(P MC)/P][(A/Q)(Q/A)] = A/PQ.
(A/Q)(Q/A)
(advertising elasticity of demand): -
, 1%.
. ( )/
1/, :

A/PQ = (EA/EP). (11.4)

(11.4) -
. , ,


. (, -
), , ,
.
, , -
$1 , $10 000
(1% ). , -
0,2, $10 000 $20 000 -
20%. ,
4. , ,
4 -
? ; (11.4) -
,
(0,2/4) = 5%, -
$10 000 $50 000.
372 III.

. ,
, (I)
( ), (II) ( ).
(I) . , -
? -
. -
,
. , -
, . ,
, .
-
-
. , -
. ,
( -
), ,
.
 11. 373

11

, -
, , . .
. : -
,
,
. ( ,
.) , -

, , , -
;
. -
. (transfer prices)
, -
. -
, , -
.
,
, -
. , .
, -
, . . , -
. -
, ,
.

: -
-
. Q1 Q2 -
1(Q1) 2(Q2).
Q,
Q = f(K, L, Q1, Q2).
L , Q1 Q2 -
. -
, -
374 III.

d(Q).
R(Q).
, Q1 Q2 -
( -
). :
1. Q1, Q2 Q ?
2. - , -
? ,
1 2, , 
, ?
, , :
(Q) = R(Q) Cd(Q) C1(Q1) C2(Q2). (11.1)
Q1 ? , 
Q1 , 
.
Q1 1/Q1 = MC1.
? Q1 -
Q Q/Q1 = MP1
Q1. -
R/Q = MR, -
Cd/Q = MCd. -
, NMR1,
Q1, (MR MCd)MP1.
, -
:

NMR1 = (MR MCd)MP1 = MC1. (A11.2)

, -

NMR2 = (MR MCd)MP2 = MC2. (A11.3)

(11.2) (11.3) ,
Q -
, . . MR = MCd , .
.
(MR MCd, .)
, (11.2) (11.3) -
:
,
.
1 2 -
? , -
 11. 375

, -
, -
. -
,
1 = P1Q1 C1(Q1)

2 = P2Q2 C2(Q2).
1 2 ,
, 1 = 1 2 = 2. -

(Q) = R(Q) Cd (Q) P1Q1 P2Q2.
1 2 ,
Q1 Q2 ,
(MR MCd)MP1 = NMR1 = P1 (A11.4)

(MR MC2)MP2 = NMR2 = P2. (A11.5)

, ,
(1 = 1 2 = 2), -
, (11.2) (11.3). ,
:

. , -
, -
Q1 Q2
. , -
.
. Race
Car Motors, Inc. . Engine Division
, Assembly Division -
, ( ) -
. . 11.1 AR
. (, -
.) MC -
(. . ).
, -
. , , MR MCA, -
:
NMRE = (MR MCA)MPE = MR MCA.
( ) -
NMRE -
. ,
376 III.

QE, -
MCE -
NMRE.
, NMRE -
, . . MR MCA. -
. -
.
. 11.1. Race Car Motors, Inc.

, , -

, .
, ( -
).

, -
, .
, ,
. , 
. -
,
.
, ,
, Race Car Motors, Inc.
 11. 377

, ;
, .
11.2 . QE1
; QE1
.
, *
QE1,
QE1. ,
, -
. QE2
.
QE1 , -
.

. 11.2.

Race Car Motors, Inc., MCE* -

QE1, -
QE1 .
, -
QE2, . QE2 QE1
. QE1 -
.

378 III.

, , -
, . ,
,
.
, .
. 11.3 , -
. ,
. ,
Engine Division QE1,

QE2. .
, , , -
, ,
. , : -
,
.

. 11.3.

. , NMRE,
.
QE1 , . -
QE2, , NMRE
. . 11.1, , -
, .

$/Q
NMRE
PA

MCE

AR
PE,M MCE*

MCA

MR

Q E,2 = QA Q E,1
(MR = MCA)
 11. 379

, -
, , -
. ,
.
, , Engine Division, -
, Race Car Motors, Inc. -
. , -
,
.
,
( ) ?
-
. . 11.4 DEM ,
MREM . Race Car Motors, Inc.

: MREM -
(MR MCA) -
. ,
; , NMRE.
-
QE1,
, *. -
. ,
QE2 -
. , -
MR MCA *. -
QE3 .
. -
.

*, ?
, * ( -
),

.
, -
. *
:
MREM = (MR MCA) = MCE.

, . ,
Race Car Motors Engine
Division , . -
, , -
380 III.

, ,
, . -
, , -
?
, , -
. ,
,
.

. 11.4. Race Car Motors

DEM ; MREM
; (MR MCA) -
.
NMRE .
* , ,
QE1, , MCE = NMRE. QE2 , -
MR MCA
*, . QE3 -
.

 12

:
12.1. .
12.2. .
12.3. .
12.4. : .
12.5.
.
12.6. .

, , -
, ,
. , -
, . ,
, -
: -
, .
, -
, . M
(monopolistic competition). -

:
, .
,
: -
382 III.

, , ,

. -
. -
, -
.
, ,
(oligopoly): , ,
. ,
, , -
, , .
,
. ,
, , -
.
-
, ,
. , -
, ,
. , -
: -
. -
, , ,
. -
13.
, ,
(cartel). 
: , -
. ,
, , ,
.
, .
, -
. . -
, , -
,
. -, -
, -
.
.
 12. 383

12.1.
. -
.
Crest, , Colgate, Aim .
, , -
(,
), Crest .
( )
.
Procter&Gamble -
Crest, . -
, Crest
, Crest . ,
, ,
.
25 50 , .
, -
. ,
Crest, , (
, 7). -
Procter&Gamble , , -
, .
Tide Scott.

-
:
1. , -
, -
. ( ,
, .)
2. : -
,
, -
.
, ,
. -
, -
.
, Crest
Colgate. , -
( , ,
), ,
Crest Colgate.
384 III.

. -
, , -
. , 1970- ., -
,
.
, -
: , , ,
.
.
: , -
, -
,
, . . -
, -
- , .

, -
. , -
. ,
. -
: ,
-
, .
, -
-
. 12.1,
. ,
DSR () . ( 
, , .) -
QSR, ,
. SR
, , -
.
.
, -
; ,
. 12.1, . (
; ,
.) DLR -
. -
QLR LR. ,
. -
. ,
.
.
 12. 385

) )
,
. , -
. , ,
. , -
. -
. , -
. , ,
, , -
.
. 12.1.

, , -
. -
, , , -
.

, -
. ,
, -
, . -
; -
? ,
-
.
12.2 ,
.
386 III.

1. , -
. ,
-
. -
, -
, ,
. 12.2, . . 10 ,
, -
.
2. . 12.2 ,
: -
, , . - -
-
, .
-
,
, . 12.2, . -
,
-
. ,

.
.
-
, ?
:
1.
. -
,
, .
, . -
,
.
2. , -
: .
-
, -
. -
,
- .

12.2.
-
. ,
 12. 387

) )

, , .
, -
, . -
,
. , -
. -
,
. -
,
.

. 12.2.

.
, , -
, 

.
. ,
, , , -
.
?
10. -
, -
, -

. -

. , -
,
388 III.

. ,
; -
, .
, -
, ,
. ,
, -
.
, - Ford
10% .
, GM Chrysler.
, ;
Ford -
. , Ford,
,
- . -
, GM Chrysler , Ford.
, 15%,
, , , -
. Ford
. ,
, ,
, -
,
.
. -
-
, , .
, ,
, . -
, ,
, .
,
.

, ,
. , , -

. ,
, . ,
, ,
,
.
-
, .
 12. 389

, -
.
. -
, -
?
, ,
,
.
, -
: ,

. ,
, :
-
. , -
, ,
, .
.
. -
, ,
. ? -
,
, ,
,
. , -
.
, , ,
, , -
. 
(John Nash) 1951 .
(Nash equilibrium). ,
.

:
, .

13, -
, .
.
, -
, .
(duopoly). -
, . -
, -
, .
390 III.

, -
(Augustin Cournot) 1838 . ,

. ,
. -
. ,
, -
, .
, 
, ,
. , ,
1. ,
1 , 2 .
1 . . 12.3
D1(0) 1, , 2
. 12.3 -
MR1(0). , -
1 1 . , , -
1 , 50 ,
MR1(0) 1. , 2 , 1
50 .
, 1 , 2 50
. 1 -
, 50 . . 12.3 D1(50),
MR1(50).
1 25 , MR1(50) = MC1.
1 , 2 75 ,
, 75 .
. 12.3 D1(75); -
MR1(75). MR1(75) = 1 12,5 -
. , 1 , 2
100 , 1
( ); 1
.
. , -
: 1, ,
, , ,
1, 2.
(reaction curve) 1 Q*(Q 1 2
).
. 12.4, -
, , .
2, . . -
, ,
1.
2, . . Q2*(Q1), -
 12. 391

1 , , -
, 2. , 2 -
, 1 D1(0)
. , MR1(0),
1 1 50 .
1 , 2 50 ,
, D1(50). -
25 . , 1
, 2 75 , 12,5 -
.
. 12.3. 1

2
1. 2
1, -
. , 2
. 12.4.
. ? -
, , -
.
; ,

.
(Cournot equilibrium).
, ,
.
392 III.

1 -
, , , 1. ( -
Q2 = 0, 50 75 . 12.3.)
2 , , , -
1. , -
, . -
, .
. 12.4.

, .
, -
, .
. -
, -
, ,
.
, -
, . -
, -
? ,
. -
, -
. -
,
. , -
, 13.
 12. 393

, -
? , -
, -
. ,
, -
. ,
.

:
: .
-
, , -
.
, :
= 30 Q,
Q (. . Q = Q1 + Q2). -
, :
1 = 2 = 0.
1. -
, , -
. R1 :
R1 = PQ1 = (30 Q)Q1
= 30Q1 (Q1 + Q2)Q1
= 30Q1 Q12 Q2Q1.
MR1 R1, -
Q1:
MR1 = R1/Q1 = 30Q1 2Q1 Q2.
, MR1 ( ) -
Q1, :
1: Q1 = 15 1/2Q2. (12.1)
2:
2: Q2 = 15 1/2Q1. (12.2)
Q1 Q2 -
, . . ,
(12.1) (12.2). Q2 (12.1)
(12.2), ,

: Q1 = Q2 = 10.
Q = Q1 + Q2 = 20,
= 30 Q = 10.
394 III.

12.5 -
. , 1 -
Q1 2 Q2.
2 Q2 Q1. ( ,
; -,
-
.) . -
-
.
, . -
, -
, .
, , -
. -
Q, -
, .
R = PQ = (30 Q)Q = 30Q Q2.
,
MR = R/Q = 30 2Q.

. 12.5.

= 30 Q,
-

. -

10
. -
-

Q1 Q2,

.
-
,


-

7,5 .
-
,

,
.
 12. 395

MR , , -
Q = 15.
Q1 Q2, 15,
. Q1 + Q2 = 15,
(collusion curve), Q1 Q2,
. . 12.5. -
,
:
Q1 = Q2 = 7,5.
,
, . 12.5 -
, -
, . ( -
, Q1 = Q2 = 15
.) ,
, ,
.

, -
. , ,
.
. -, - ,
? -,
?
: ,
, = 30 Q,
Q . , 1 
, , ,
2. 
1 2.
(Stackelberg Model) , -
.
2.
1, 1 -
. , 2, ,
, , , -
:
2: Q2 = 15 1/2Q1. (12.2)
1, , , Q1,
. -
, 1
R1 = PQ1 = 30Q1 Q12 Q2Q1. (12.3)
396 III.

R1 Q2, 1 , -
2. 1 , 2 Q2
(12.2). (12.2) Q2
(12.3), , 1
R1 = 30Q1 Q12 Q(15 1/2Q1) = 15Q1 1/2Q12.
,
MR1 = R1/Q1 = 15 Q1. (12.4)
MR1 = 0 Q1 = 15. 2 (12.2)
, Q2 = 7,5. 1 , 2,
. , 1 
. , , :
, , . -
?
, -
fait accompli (.: ): -
, .
,
. ( -
,
, .
, -
.) -
13,
.

. -
, , -
,
. -
, -
;
, IBM.
.

12.3.
,
. -
. , GM, Ford DaimlerChrysler
,
, .

, , -
.
 12. 397

(Bertrand model) 1883 . -
, (Joseph Bertrand).
, , -
, -
, , . ,
. , -
.
,

= 30 Q,
Q = Q1 + Q2 (-
) . ,
$3:
1 = 2 = 3.
, , -
, ,
Q1 = Q2 = 9. , -
$12, $81.
, - , -
. ,
? , , , -
,
. ,
, , ,
, . -
, , -
, 1/2.
? , -
,
, . . : 1 = 2 = $3. -
27 ,
13,5 . ,
. , -
, : -
? , 1 .
2, , 1 .
, , , ,
, .
, 1 ( 2)
: -
, .
,
, (, $5) ,
398 III.

? , -
,
. , . -
, $3.
, -
.
9 , $12.
$3. ; -
.
. -, -
, -
, . -, ,
( ), -
? , -
,
. , , , -
,
.

-
,
. , , . -
, -
. -
. , ,
. -
, .
, , -
, . ,
$20,
0, :
1: Q1 = 12 2P1 + P2. (12.5)

2: Q2 = 12 2P2 + P1. (12.5b)

1 2 , 1 2, Q1
Q2 , . ,
, , ,
, ,
.
,
, .
, .
1. 1 P1Q1 ,
$20. Q1 (12.5),
 12. 399

1 = P1Q1 20 = 12P1 2P12 + P1P2 20.

1 ? 2,
1 . ,
2, 1 , -
0. 2
, 1, ,
1/1 = 12 41 + 2 = 0.
, -
, , 1:
1: 1 = 3 + 1/42.
1 , -
2. -
2:
2: 2 = 3 + 1/41.
. 12.6. -
, ; ,
$4, $12.
,
,
.
, :
, -
. ,
$6, ,
$161. . 12.6 -
.
, , 1 , 2
,
1. ,
, 1 -
, . ( , 1,
, 2.)
? ,
, -
.

1
, . -

= 1 + 2 = 24 42 + 22 40 = 24 22 40.
, /P = 0. /P = 24 4, -
= 6. , -

1 = 2 = 12 2 20 = 72 36 20 = $16.
400 III.

, -
, . ,
.
1 , , ,
2. 2.
; -
$4, , -
, . -
: ,
$6.

. 12.6.

12.4. :
:
, , -
. , , ,
, , ,
.
,
. -
,
? ,
,
, ,
, ?
, .
 12. 401

, , ,
. ? , 
, ,
.
, -
. -
$20, -
:
1: Q1 = 12 2P1 + P2. (12.6a)

2: Q2 = 12 2P2 + P1. (12.6b)

, $4
$12, -
, $6 $16. ,
, 1 -
$6 , 2 . 2
, $16. ,
$4? 2 -
,
2 = P2Q2 20 = (4)[12 (2)(4) + 6] 20 = $20,
1 ,
1 = P1Q1 20 = (6)[12 (2)(6) + 4] 20 = $4.
1 $6, 2 $4, 2 -
$20, 1, $4.
, 2 , $4. 2 -
$6, 1 $4, 1 $20 , 2
$4.
12.1

2
$4 $6

1 $4 $12, $12 $20, $4

$6 $4, $20 $16, $16

. 12.1 -
. , , M
(noncooperative game): -
,
. 12.1 (payoff matrix)
, ( ) -
. ,
402 111.

, $4,
$12, . .
:
,
?
, $6 $4
$16 $12.
, $4, , .
, 2 $4, 1
$4. 2 $6, 1
, $4. ,
2 $4,
1. ,
$6, ,
$6, $4.
. ,
(prisoner's dilemma), ,
.
: .
.
. ,
. ,
,
( ),
. , ,
, m 1 ,
1 . ,
- ?
. 12.2 . (,
-rn- l;

.)
, .
1- , ,
. ,
, ?
,
. , ,
, non npu.
,
, . ,
, , .

,
. , ,
, -
- ,
, , , -
 12. 403

.
, ,
, , .
, , -
-, , , , ,
.
, - , -
,
.
, . 12.2, ,
-- .
-

12.2

-5, -5 -1, -10

-10, -1 -2, -2

12.5. r
r

? .
,
,
.
, .
.
, , , lli - ,
.
,
,
, .
-- ' ,
, : KOHypeHThI
,
.
,
.
,
. .
404 111.

,
, , -- .
, , , $10,
, $9. , ,
$8. - .
, .
,
, , -
1 -, .

,
,
.
, (price rigidity).
, .
, ,
,
. , ,
, .

(kinked
demand curve model) . ,
*. (. . 12.7.)
* - ,
*, .
,
. , , *,
, .
,
.
,
. (
,
.) ,
. , ,

, .
,
.
, *
. ,
. ;
,
, .

.
 12. 405

, , *,
, -
. , ,
, ,
. D *, -
MR .
, Q* *.

. 12.7.

, (
) , . -

. (price signaling) -
, . , -
(, -) , -
, .
, ( , -
) .
, -
, . -
(price leadership): -
, , (price
follower), .
406 III.

: ,
.
, ,
$10 . ,
$20, . -
$20 , .
$15 , ,
,
.
. -
$15. , $18,
. , $20,
, -
, , , -
, .
-
; -
.
, , ,
,
. ,
General Motors.
-
, , -
, .
,
, . -
,
. ;
.

, -
. M
(dominant firm), , -
. ,
, -
; , ,
. -
? ,
, ,
.
. 12.8 , .
D , SF (. . -
, ). -
 12. 407

, -
. DD -
D SF. -
QD,
MRD D. *.
QF, QT.

. 12.8.

DD. ,

. , 1
; , -
. , 2 ,
,
. 1 2
DD.
DD
MRD. MCD .
, -
QD MRD D. DD
*. QF; -
, QT = QD + QF.
408 III.

12.6.
-
.
, ;
. -
,
, -
.
. -
, -
.
, , -
, . ,
, -
10
.
.
, 1970- .
(International Bauxite Association, IBA)
,
. : 1928 . -
1970- . Mercurio Europeo -
, -
1878 1939 .
.
,
. , , -
.
. , -
? . -,
,
,
. -
, ,
. , , .
,
, ,
. ,
, -
, . -
-
.
, .
.
, ,
 12. 409

. , -
, ; -
, ,
.

.
,
,
( ) . -
, -
, . -
, CIPEC.1
, , CIPEC -
.
. 12.9 .
TD , SC -
( ) . D
, MR
. -
; ,
,
.
Q. , -
*, Q.
, ,
. -
. ,
, -
. , , , *. -
, -
, ; ,
. 1970- .
, .
2 -
. . -
, , . 12.9
- . , -
, ,
. , -
, -
. ,
19821989 .

1
CIPEC
(International Council of Copper Exporting Countries).
410 III.

TD , SC ( -
) . D -
. , ,
. Q,
,
; *.
, -
, .

. 12.9.

, -
.
CIPEC. . 12.10 CIPEC. CIPEC
: , ,
( ), -
, . -
, , , -
, . . 12.10
CIPEC , -
CIPEC. DCIPEC
TD , , SC. -
-
QCIPEC *.
 12. 411

. 12.10. CIPEC

, CIPEC . -
, *.
CIPEC ?
. 12.10, ,
. ( , , -
.) , -
. ,
CIPEC, , ( -
). , -
.
CIPEC,
. -, -
. -,
, , ,
, , . -
- , -
.
 13

:
13.1. .
13.2. .
13.3. .
13.4. .
13.5. .
13.6. , .
13.7. .
13.8. .
13.9.

12
, . -
, ,
.
, . ,
,
? ,
?
, -
?
, -
. -
.
,
, , -
 13. 413

,
. , , , -

, , -
12, . , -
,
, .
, ,
, .
414 III.

13.1.
-, , -
. (game) , (-
) , . . ,
.
, , -
, .
(payoffs) : , -
. , ,
; -
, . . , -
, , .
,
. (strategy)
. , ,
: ,
,
, . , ,
: $2000,
, ,
, $5000.
, -
.
, ,
, . ,
: ,
, ,
, ?
, , -
, , -
. ,
, .1 ,
, . -

(. . -
,
. .). , ,
,

.

1
, 80% ,
, . , -
, ,
, .
 13. 415

, , ,
. (cooperative game)
(), -
. (noncooperative game) -
() -
.

. $100,
$200, (-
) : $101 $199

, -
. , -
(,
-, -
). , -
, , -
.1
, -
,
. , ,
, , , ,
. -
, : -
,
.
, -
. -
; .
. ,
,
(, 
) .
, -
. -
, -
.

1
(constant sum
game),
.
(nonconstant sum game): , -
, ( ,
).
416 III.

.
, (Martin Shubik).1
$1, .
.
,
, . ,
?
, -
, . -
20 , 30 .
20 , , -
, 40 . -
, 90 . -
90 $1,10
90 , .
, . --
$3 !
? -
-
, . -
? , .
,
, .
,
. -
, -
, , (,
, . .). , -
,
. -
-
, 13.1.

13. 1

(),
(). -
, , . -
: -
.
,
. , -
$100 .
$0 $100 .

1
Shubik Martin. Game Theory in the Social Sciences (Cambridge, MA: MIT Press, 1982).
 13. 417

, -
,
. ,
, 50% 
. , $50 -
.
$50 , -
$75 . $100
$150 -
, . .
, -
. , -
.
. ,
,
, ,
.
, ( )
, ,
, , . , -
, ,
( ) . 
, $0 (. .
) $150 .
?
: $50 $75 -
. -
, .

13.2.
, ?
? ,
, -
. , -
, ,
.
, . M
(dominant strategy) , 
, .
-
. ,
, . -
.
( ) . 13.1. (,
, , ;
, .) -
, ,
10 , 5 . ,
418 III.

, 15 , .
.
13.1

10, 5 15, 0
6, 8 10, 2

?
. ,
,
. , 10 ,
, 6 , .
, 15
10 . , -
. :
, , , -
. , ,
, , ,
. -
, .
,
(equilibrium in dominant
strategies). , -
-
.
, -
. , . -
. 13.2 , . 13.1,
, -
2 , 20 . ,
, , -
, ;
, , .
.
, . ,
, ; -
, -
. , -
. ?
, .
, , ,
 13. 419

? : -
, , . (
, 5 0 -
; , 8 -
2 .) ,
, . ,
( 10 6).
, .
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.
13.2

10, 5 15, 0
6, 8 20, 2

13.3.
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420 III.

, .1 ,
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. 13.3.
13.3

1 5, 5 10, 10
10, 10 5, 5

1
. ,
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, .
, , .
 13. 421

, ,
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. ,
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.
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.
, .
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422 III.

(Y) () .
-
, .
. ,
, ,
. ,
.
. 13.1.

. -, -
- -
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,
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.

. -
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13.4

1 0, 0 10, 10
100, 0 20, 10

. -
, , , -
.
1 ( ,
 13. 423

-
).
.
, -
2, , (
$10 0), , 1. ,
1 , 2 . 1
( $20 ),
( $10 ); , (, -
) , -
, . , 1
, 2 -
. 2 , -
, 1.
( ,
1 $100 .)
1, ? -
, 2
, -
. , , ,
$10 , $100 . -
(maximin strategy), 
, . -
, ,
1 , 2 . -
, ( 1, ,
$10 , $20 ). , 1 
, 2 , -
( $20 ) ,
.
. -
. 1 , 2,
2,
, .
, , 1 , 10--
, 2 .
1 (0,1)(100) + (0,9)(20) = $8 , -
, , (0,1)(0) + (0,9)(10) = $9 ,
1 .
, , 1 , ,
2 , 30%. -
1 (0,3)(100) + (0,7)(20) = $16 ,
(0,3)(0) +
+ (0,7)(10) = $7 . , 1 .
, 1
2. -
424 III.

. -
( , -
) , , -
.
. -
, 12? 13.5 -
. , ,
,
. 

.
. , ,
, , .
, ,
.
13.5

5, 5 1, 10
10, 1 2, 2

, , -
, -
: , $4
$6, . . (pure
strategies). ,
.
. -
. ,
. (. .
), -
. , , -
. . 13.6.
,
. , , -
. .
, .

.
, -
(mixed strategies): , 
 13. 425

, .
, , ,
. -
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, 0 .
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13.6

1,1 1,1
1,1 1,1

, , -
, ( )
. , -
,
. , -
.1 -
, ,
. , ,
, . ,
,
. , ,
.

1
: David M. Kreps, A Course in Microeconomic
Theory (Princeton, NJ: Princeton University Press, 1990). . 409.
426 III.

.
, .
, .
. ,
. ,
. ( .)
. 13.7,
,
, , -
.
,
, , -
, . , -
, , : ,
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,
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, -
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, 1,
2/3 . , -
, ,
. -
.
13.7

2, 1 0, 0
0, 0 1, 2

1
, ,
, (1 ) .
1/3 2/3 , , , -
2(1/3) + 1(2/3)(1 ) = (2/3) + 2/3 (2/3) = 2/3. ,
,
.
 13. 427

13.4.
12 , -
, , -
. -
,
( )?
, , -
, , :
, ,
.
(repeated games): ,
. ,

.
? ,
1 , -
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,
. , -
, , -
, . ,
, -
. -
-, , -
?
13.8

2

1 10, 10 100, 50
50, 100 50, 50

(Robert Axelrod) -
, , ,
, .1 (-
: ,
. , -
, , . ..)

, , .
, . ,
, . -
1
.: Robert Axelrod, The Evolution of Cooperation (New York: Basic Books, 1984).
428 III.

, ,
, . . .
. , ,
, (tit-for-tat strategy):
, ,
. ,
, .
, .
? ,
,
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, .
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.

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 13. 429

, , ,
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430 III.

-
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.
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.

.
- ,
.
. -
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.) -
, ,
,
$50 , ,
$40. $40,

, $35. -
.

13.5.
, , -
. , ,
. (sequential games)
. , 12, -
:
, . -
: -
; -
, , ;

.
.
, , ,
.

.
, -
. 13.3. , -
, -
,
 13. 431

. .
. 13.9, -
, , 20 10 (-
, ).
, -
. ( . 13.9 . 13.3.)
13.9

2

1 5, 5 10, 20
20, 10 5, 5

, , , -
. , ,
.
, 1
. -
: 1 , 2
. ? , 1
. -
, , 2
. , , ,
2 .

. 13.9, -
, -
.
. 13.2.
1 ( ) -
2 . -

. 13.2.
432 III.

. , 1
, 2 ,
5.
, .
1 ,
20, 2 10. , -
, ,
2 , .

-
: , 1 2
(fait accompli), 2 , -
. -
, 12.
, , -
, -
.
, -
,
. 12,
, -

= 30 Q,
Q , . . Q = Q1 + Q2. ,
, .
, , Q1 = Q2 = 10, = 10,
100 . ,
, Q1 = Q2 = 7,5, = 15,
112,5 . , . 12.3,
, 1 , -
Q1= 15 Q2= 7,5, = 7,50,
112,5 56,25.
-
. 13.10. , -
, 10
100 .
, , , . , 1 -
, , 2.
, 1 Q1 = 7,5,
2 Q2 = 10.
1 93,75 , 2 125 .
Q1 = 10, 2 Q2 = 10,
100 . 1
Q1 = 15, 2 Q2 = 7,5, 1
 13. 433

112,50, 2 56,25. , ,
1, 112,50,
Q1=15. ,
1 , , 2
.
13.10

2
7,5 10 15
1 7,5 112,5, 112,5 93,75, 125 56,25, 112,5
10 125, 93,75 100, 100 50, 75
15 112,5, 56,25 75, 50 0, 0

13.6. ,
,
, , -
(fait accompli), -
. ,
, , , ,
. : 
, 
? ,
,
? -
, -
?
, , M
(strategic move).
, -
: ,
, -
,
.
.1
, -
, , , .
.

1
Thomas C. Schelling, The Strategy of Conflict (New York: Oxford University Press, 1960),
. 160. ( 1980 . Harvard University Press.)
Michael
E. Porter, Competitive Strategy (New York: Free Press, 1980).
434 III.

-, , -
. 13.9. , ,
. ?
, -
, 
. .
1 , , -
2 . , 2,
, .
1 - , -
2, 1 , -
. 1 ,
. 1
( -
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.
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, 2 ? 2 -
.
, . -
.

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,
. 2 .
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, .
2 ,
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), -
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, 2 (
), .
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2 .
, (,
).
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, -
. 1
2 , , 2 -
? , . 13.11:
 13. 435

2, 1 -
, . -
.
13.11

2

1 100, 80 80, 100
20, 0 10, 20

. ,
, . Race Car Motor, Inc. -
, Far Out Engines, Inc. -
. Race Car Motors,
. -
Race Car Motors
Race Car Motors.
, , Race Car
Motors . , -
, Far Out Engines , -
. . 13.12,
. ( .) ,
Race Car -
. , Far Out
, Race Car . Far
Out $3 , Race Car $6 .
Far Out .
, ,
, $8 . ( Race
Car $3 .) Far Out Race Car
?
, Far Out -
, Race Car; ,
Race Car.
- Far Out, -
: , -
,
$1 $3 . :
Race Car -
, Far Out .
Far Out
, -
436 III.

. , Far Out
( ). -
-
. ,
. 13.12, . Race Car , ,
, Far Out .
Race Car , Far Out
, , -
$1. Race Car ,
($1 ). , Race Car -
. , , 
, , Far Out
.
-
, -
. , , Far Out
, -
, -
. ,
.
13.12,

RACE CAR MOTORS

FAR OUT ENGINES 3, 6 3, 0
1, 1 8, 3

13.12,

RACE CAR MOTORS

FAR OUT ENGINES 0, 6 0, 0
1, 1 8, 3

.
. Far Out Engines -
Race Car Motors. ,
Far Out Engines
, . -
, Race Car Motors. ( . 13.12, .)
;
 13. 437

, ,
, .
, ( ), , -
.
-
.
. ,
.

13.2
WalMart
WalMart Stores, Inc.
, 1969.1 -
. 1960- 1970- .
-
. 1970- 1980- .
, , , Kings,
Korvettes, Mammoth Mart, W. T. Grant Woolco, . WalMart
Stores ( 153 1976 . 1009 1986 .)
. 1985 .
.
, ? -
WalMart. , -
, -
,
. 1960- . -
,
100 000 .
-; 1970 .
, 30 WalMart.
, 30 -
. , -
, -
, .
. WalMart
, -
,
.
1970- . ,
WalMart : -
, -
, .
, ,
. WalMart , 
(preemptive game) ,
. 13.13. , WalMart ,
, WalMart 20, 0. , WalMart
1
Pankaj Ghemawat, Wal-Mart Stores Discount
Operations, . 1986.
438 III.

, , WalMart 0, -
20. ,
10.

. , , 
. WalMart, , ,
, Wal
Mart 20 . , , ,

, ( Y Z) . ,
WalMart. 1986 . 1009 -
$450 .
, WalMart . 1993 .
1800 , $1,5 . 1999 . Wal
Mart 2454 729
$138 .
13.13

WALMART 10, 10 20, 0
0, 20 0, 0

13.7.
,
, . ,
, -
.
.
,
,
. , ,
, ,
. , , ,
() $80 , . ,
.
, -
.
. 13.14, , $200 .
, .
, ,
. $100 ,
. $20
: $100 $80 . ( -
 13. 439

13.14,

() 100, 20 200, 0
() 70, 10 130, 0

.) ,
, .
$20 . -
$50 ,
$70 .
$30 , $10 . (
.) , ,
,
$70 ( $200 $130 ): $50
$20
. (, , -
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. ,
, X .
, , $10 . -
. . 13.14, ( -
), ,
.
, ;
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, -
, , .
, (
), .
, . 13.14, .

.
, , -
, , -
. ,
440 III.

, -
. , , -
$150 .
13.14,

() 50, 20 150, 0

() 70, 10 130, 0

-

? ,
. ,
. ,
, , ,
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, , -

, . ?

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 13. 441

,
, .1

,
. -
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, -
.
, -
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, (deadweight losses). 16 -
,
( ) . -
, -
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,
,
.
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,
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, .
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.
. ,
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. -
.

1
. -
,
. ,
, ,
? , -
. , -
();
. , -
, . ,
, ,
- , . -
. . Schelling, The Strategy of Conflict.
442 III.

;
, -
. , Boeing Airbus (
, , , )
( -
1970- 1980- .). -
, . -
,
. , . 13.15, .
13.15,

AIRBUS

BOEING 10, 10 100, 0
0, 100 0, 0

13.15,

AIRBUS

BOEING 10, 10 100, 0
0, 120 0, 0

Boeing ,
. Boeing -
, Airbus, , , ,
. Boeing 100 .
, ,
Airbus. ?
, Airbus -
, Boeing .
20 -
, Airbus , Boeing,
, . 13.15, .
Airbus , -
Boeing. Boeing , -
, Airbus , Boeing -
. , Boeing ,
. 13.15, . 20
, Airbus 0
, , 120 .
100 . -
, Airbus .
 13. 443

Airbus,
1980- . -
. ,
. Boeing (
757 767), .
, ,
.
Boeing -
Airbus. , -
1980- . $25,9 ,
, Airbus .1
,
. ,
, , -
. ,
, . -
, -
.

13.3


: Procter & Gamble
5060% KimberlyClark, 30%. ( -
Pampers, Ultra Pampers, Luvs; KimberlyClark
Huggies.) ?

$4 ?
, .
,
. , -
,
. , . -
, , -
3000 810
, -
. , -
.
,
. -
.
. 13.16 . -
, -
. P&G 40 , KimberlyClark ( -
) 20. ,
,
. P&G 60, 40. -
1
Aid to Airbus Called Unfair in U.S. Study, New York Times, September 8, 1990.
444 III.

, , , -
.
, , :
.
? ,
,
. , -
, . -,
,
. -, , -
,
. , -
, ,
. ,
. -
.
-
.
-
,
, .
, , -
.
, -
. ,
P&G KimberlyClark , ,
, . , ,
, .
13.16

KIMBERLYCLARK

P&G 40, 20 80, 20
20, 60 60, 40

13.8.
-
, -
. , ( )
, ,
. , -
, . 13.8,
. ,
-
,
50 . .
 13. 445

13.17

1 40, 5 50, 50
60, 40 5, 45

, , ,
, -
. ,
, -
, () .
. 13.17, 1 -
2 . ,
, 1
. , 2 -
.
, , -
, : 1
, 2 , -
50 . ,
, 1 2,
. ? -
2, (, ) -
.
13.18

2

1 10, 10 10, 20
20, 10 40, 40

, 1 .

. , 1 2
, -
. 13.18
. ,
-
40 .
, 1 -
, , 2
446 III.

. 2 -
( 1 ) 1 .
, -
-
.
,
. ,
, $200 000 , $250 000.
$180 000,
, . -
, , , -
$200 000?
, $200 000.
? , , 

. , .
, (
), (, -
).
.
,
, .
, ,
. -
:
$200 000, $60 000. ,
,
$250 000 ,
.
, .
.

13.9.
(auction markets) ,

. . -
, , -
, -
. ,
, -
, -
.
: -
, ,
, .
 13. 447

, , -
, . -
, . , -
,
, , -
.

, .
:
1. ( ) : -
-
. -
. ,
;
, ,
, .
2. .
. -
, - -
. ,
, .
3. :
, ,
. , -
, -
. (first-price auction) -
. (second-price
auction) .

, ,
. ?
. -
:
1. (private-value auctions) -
, ,
. -
,
. ,
, -
, .
2. (common-value auctions) , -
,
. , -
448 III.

, -
. , -
,
.
.
-
. ,
, .

, .
. -
, .

. ,
-
$1 ( -, ,
) $600 ( St. Louis Cardinal). ,
, ,
.
,
.
, , -
. ,
, .

, .
?
;
. , -
.
, () -
-
.
. -
,
. ? , -
, , 
, . ,
$100.
, $80, ,
$85, ( , , $87)
. ,
$105, , .
 13. 449

, $1
, 
. ? ,
, ;
,
. ?
, - $1 -
. -
,
. , -
(
12 ).
, -
-
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.

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.
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, .

, ,
, -
, . -
, .
,
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450 III.

-
. , -
.
, -

.
. , , -
,
, . -
?
,
, . .
.
. , ,
620 . -
540, 590, 615, 650 690. , , -
, 690, $6,80.
? , $6,80
$6,20 . (winners curse):
,
, ,
, -
.
,
. -
, , ,
, -
, .
? , ,
.
, , , -
, . -
,
, -
( ). -
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, .
,
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.
,
,
, . ,
.
 13. 451

, -
. -
, , . -
,
,
.

.
-
,
-. ,
, . -
,
.

. -
.
1.
:
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.
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, , , -
, () -
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, ,
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.
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. -
,
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.) -
, -
, ,
, -
. ,
,
,
,
.
452 III.

13.4
G
-
. - , -
. ,
.
- www.ebay.com.
, -
. 1998 .
$34 , $40. -
18
;
eBay. : (1) -
, , -
, , -
; (2)
, n , -
, n . -
,
. , -
, .
,
-
. eBay -
,
: , ,
. -
, -
(reserve price), -
, , .
- , -
. ( ,
?)
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.
-
:
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. ,
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: ,
, .
, , -
. ,
eBay
; -
. , , -
,
, .
, ,
 13. 453

( ,
eBay). -
. , eBay
, , -
- .
( - -
),
, . -
, -
, -
. ,
-
.
 14

:
14.1. .
14.2. .
14.3. .
14.4. .

(output markets):
, , .
(factor markets): ,
. -
, , -
, -
.
,
, -
. -
. , :
1. .
2. , -
.
3. , -
.
, -
.
 14. 455

14.1.
,
,
, , . -
-
, . , -
, ,
,
. -
,
, -
, .
. -
, -
. , -
.

, -
() . -
, M
(derived demands):
. , Microsoft Corporation
, -
, , -
Microsoft .
7, -
, .
, , -
, L,
r ( ) w ( ) -
.1 , -
( ),
, .
, -
,
. ,
,
. ,
(marginal revenue product of labor),
MRPL. , ,
MRPL w.

1
, -
. 17.
456 III.

MRPL? MRPL -
, , -
.
R/L, L , R .
MPL Q/L,
MR R/Q. R/L = (R)/(Q)(Q/L),
,
MRPL = MPL MR. (14.1)
-
, ,
. MRPL
, ,
. -
. ,
. -
, :
MRPL = MPL P. (14.2)
. 14.1 , ,
MRPL . -
, , -
, .
, , ,
.
. 14.1
, .
- , , , -
,
, . -
(MR < P). , -

. , -
, -
.
, - (
) , , -
. MRPL -
,
. , -
, .
, ,
,
. , :

MRPL = w. (14.3)
 14. 457

,
,
. MRP ,
, .
,
MRP. , -
, .

. 14.1.

14.2 . DL
MRPL. , , -
. , -
, , -
w*. SL
. , ,
L*,
.
14.3 , ,
w1 w2.
- , , , -
, , (, , -
, , -
). ,
MRPL S1, L1. -
S1 S2, w1
w2, L1 L2.
.
, ,
458 III.

, ,
. , -
, , MRPL = (MPL)(MR), -
(14.3) .
MR = w/MPL. (14.4)
MPL ,
(14.4) ,
( ,
,
). (14.4) , ,
: 
, (
) ( 
). , -
.

, ,
. , -
, -
. , -
. ,
,
. ,
. ,

. 14.2. ,
( )

SL
,
-

w*. DL -
w* SL
MRPL. -
,
-
L*, -
, MRPL = DL

.
L*
 14. 459

-
S1, -
L1
w1. -

, -
S2, -
-


w2,
. -
L2
.

. 14.3.

.
, -
. -
; , -
.
. 14.4 . ,
$20 , 100 -,
MRPL1. , ,
$15 . -
, , -
. MRPL1
.
,
, -
. , -
( -
).
, , ( MRPL2).
, $15 ,
140 , ,
120 , . DL
( );
. , ,
(
). , -
, -
, -
.
460 III.

, -
. -
, $20,
. $15, -
,
. MRP MRPL1 MRPL2, -
. ,
, .

. 14.4. ( )

,
, . -
, , -
. , -
,
,
. . -

, -
.
.
. -
, ,
,
. , -
.
.
 14. 461

, - -
. , , -
.

(. (14.2)), MRPL1 . 14.5.
, $15
100 - . -
$10 . -
, 150 -
( MRPL1,
$10 ). -
, .
, -
.
. 14.5,
, MRPL1 MRPL2, .
:
120 - 150. ,
, -
. . 14.5, . -
,
. 14.5.

MRPL1 , -
. $15 $10 ,
. MRPL2.
, , ,
, , , .

, ,
$/. $/.

15 15

10 10
MRPL1
MRPL2

5 5

50 100 120 150 , L0 L1 L2 ,

) .. ) ..
462 III.

, .
,
, , -
.
$15 , L0 -. -
$10 , L1. ,
L2, ,
. -
: ,
.

( ) . -
, -
,
,
.

, -

, -
, . 14.6, .
. , . 14.6,
, , $10 . -
, ,
.
. 10.5, , .
14.6, , (average expenditure curve),
, (
). M
(marginal expenditure curve) 
. (
.) -
,
(
) -
.
, -
? , -
,
, -
(MRP) ().
,
, , -
; , , -
:
 14. 463

MRPSR ,
MRPLR .
. -
, -
.

. 14.6.

= MRP. (14.5)

, ,
(, ) , -
w,
(14.3). , -
,
:

= w. (14.6)

($10 ) -
,
. 14.6, . 14.6, , ,

. 50 ,
$10 , -
464 III.

. 50 ,
.
50 ,
.

-
. 8 , ,
, ,
, , .
, , ,
.
, ,
, .
,
.
, 4,
: ,
. 14.7. , -
.

. 14.7.

, -
, , -
, .
( ) ,
( ), -
.

,
$/

 14. 465

, ,
. (leisure) , -
, -
. (work) ,
. ,
, .
,
: , ,
. , , -
.
( )
( ). -

- . - ,
-
. , , ,
. ,
.
,
.
- , .
14.8 , -
-
. , -
, . ( ,
.) -
$10 , PQ. , -
, , 24 ,
$240.
, ,
16 ( 8 ), $80.
$20 , -
RQ
. ( 24 .)
, 20
( 4 ); $80. -
,
12 ( ) 8.
. -
8 4.
-
, ,
. , -
. , -
, -
.
466 III.

480 R

,
$/. w = $20

240 P
w = $10

A B

Q
8 12 16 20 24

$10 $20 ,
PQ RQ. ,
8 , 4. ,
. -
.

. 14.8. ,

14.1

.
. 1950 .
29% , 1999 . 60%. -
. -
: ,
, .
, -
94 -
397 .2 -

2
. Janet E. Kohlhase, Labor Supply and Housing Demand for One and TwoEarner
Households, Review of Economics and Statistics 68 (1986): 4856; Ray C. Fair and Diane J.
Macunovich, Explaining the Labor Force Participation of Women 2024 ( ,
1997).
 14. 467

. -
,
, . . 14.1.
-
, : , -
, , -
.
. 14.1 , -
, -
( ), ,
0,002 0,078.

0,106 ( ).
( ), , -
-
0,028 0,086.
14.1
( )

( ) 0,026

( ) 0,106

( ) 0,011

( ) 0,078

( ) 0,007

( ) 0,002 0,086 0,004

( ) 0,107 0,028 0,059

14.2.

,
. 14.9, -
.
wC, LC.
,
.
468 III.

- , , -
.
,
,
.

. , . 14.9,
( MRPL)
( w).
, -
, ,
. , -
,
( MRPL), -
, , -
, P MPL.

. 14.9.

, , -
wC (
) ( ).
. , -
, vM wM. -
. ( , -
, , .)

SL = AE

vM
SL = AE

wM
B
wC
A P MPL

DL = MRPL DL = MRPL

LC LM

) )
 14. 469

,
MRPL = P MPL . , . 14.9, , -
, (P MPL),
(MR MPL). -
wM -
LM.
, ( L) ,
. ,
LM , wM ,
vM. ,
, -
, . -
,
. ( -
.)

, -
. 8 -
, ,

. 

, , 
. 14.10
.
w*, L*. -
,
. -
, -
, ,
L* , AL*0B,

L*.
, w*.
,
, ,
, , -
. -
0wAL*, , , -
Aw*.
, , -
. , -
. ,
,
, .
470 III.

S L= AE
A
w*

B
DL = MRPL

0 L*

, ,
, , .
,
. () , -
w*. -
ABw* , .
. 14.10.

. 14.11 -
. , -
( ) -
, , . -
.
D1, s1. -
() . D2,
s2;
, .
, ( )
.

14.3.


. , 10 , -
-
. General Motors, Ford
DaimlerChrysler , -
, ,
, . -
 14. 471

,
$/

s2

D2
s1

D1

, -
. -
. D1, -
s1, D2, s2.
. 14.11.

IBM , -
.
-
. ,
, , -
, .

. 10.5, , ,

, 
(marginal revenue)
(marginal expenditure).
, ,
(average expenditure), . -
, ,
, . 14.12.
-
. ( , -
, .) -
,
472 III.

20 ()
,
.

15 SL = ()
C
wC
w* =13

10
D = MRPL = MV

1 2 3 4 5 6 .
L* LC
, -
,
, ,
. L*,

. w* , wC.
. 14.12.

. ,
,
, . ,
,
. 10 -
, :
,
, ,
.

? ,
, -
. -
(MRP) (). 14.12 -
. , L*
; = MRPL. w*, ,
-
L* .
10, ( -
) ,
 14. 473

, MV -
:
MV = ME.
, , MV -
MRP. , (
),

ME = MRP. (14.7)

, . 14.12 ,
, . -
LC :
( ) -
( ). ,
- w* ,
wC, .
. -
. -
, ,
.
:
. ,
, ;
, . (,
10, .)
. (
) -
, .
, -
, .
, -
, .
,
- ,
. -
, .

14.2

(
$4,50 1996 . $5,15 1999 .) .
, ,
, . (.
1.1,
, . 9.3, .)
474 III.

-
- .

. 1992 . -
$4,25 $5,05 . 410 ,
(David Card) (Alan Krueger) , -
13% , .
?
, ,
,
. ,

, , .
- ,
-
. , , 9, . -
,
. ,
$4,25 , -
,
. ,
,
$5,10. . 14.12,
, ( L* LC).
-
, ?
, .
,
,
. -
,
. -
, -
.

. , - -
; , , -
, 9.
? ,
(, , -
17).
.

14.4.

,
, . -
, ,
,
 14. 475

, . -
, -
. , -
, ,
, -
.

14.13 ,
: , -
. ,
, -
. -
, L* w*,
DL SL.

. 14.13.

, -
DL. -
L*, , w*. -
L1, ,
;
w1. , -
, L2 w2.
. (15.6),
, . ? -
, .
,
.

w1

w2 SL

A
w*

DL
MR

L1 L2 L*
 15

:
15.1. .
15.2. .
15.3. .
15.4.
.
15.5. .
15.6. .
15.7.
.
15.8. ?

14 ,
, , -
-
.
, ,
. , ,
, . ,
: -
, .
, , -
. , -
, -
.
, .
 15. , 477

, .
, ,
, , ,
. ,
: ?
-
. , -
, -
,
.
, -
.
.
, ; ,
, -
. , ,
. , -
.
,
. , ,
, ,
. ?
,
?
, -
, , -
, .
, , ,
, -
.
478 III.

15.1.
, -
, .
(stock), . . ,
. ,
$10 , , (capital stock)
$10 . , ,
(flows), . ,
20 000 - 50 000 ,
8000 . ( -
;
: , 240 000 -
- , 600 000 96 000 .)
. -
, .
, $15 ,
80 . (20 000 $15) +
+ (50 000 $0,80) = $340 000 .
( ):
$340 000 /8000 . = $42,50 .
, $52,50 .
$52,50 $42,50 = $10,00 ,
$80 000 . (,
.) , -
, . . , $10 . 
, $10
$80 000 .
$10 ? ,
, $80 000 , ,
, $10 .
, 20 . -
: $80 000 20 ?
$10 , .
$80 000 20 $80 000 20 12 = $19,2 .
, -
. $80 000 20
$80 000 ? ,
, -
. , $19,2 , -
20 , , $19,2 .

15.2.
. 15.4, -
:
 15. , 479

$1, ? (interest rate):

, . ,
R. (
; .) -
$1 , (1 + R) -
. , (1 + R) -
. , . .
(present discounted value, PDV), $1, ?
: (1 + R) (1 + R)(1 + R) = $1 , $1
$1/(1 + R). ,
$1 , R.
$1, ? $1
R, (1 + R) (1 + R)
(1 + R) = (1 + R)2 . (1 + R)2
$1, $1 $1/(1 + R)2. -
$1, , $1/(1 + R)3 ,
$1 n $1/(1 + R)n.1
:

$1
PDV $1 1 = .
(1 + R )
$1
PDV $1 2 = .
(1 + R )
2

$1
PDV $1 3 = .
(1 + R )
3

..
$1
PDV $1 n = .
(1 + R )
n

15.1 $1, 1, 2, 5, 10,

20 30 , . , -
, 67%, $1 20 30 .
. , R 3%,
PDV $1 20 55 . , -
55 3%, 20 $1.

1
, R . ,
: R1 , R2
. . $1, , (1 + R1)(1 + R2),
PDV , , $1/(1 + R1)(1 + R2).
PDV $1, n , $1/(1 + R1)(1 + R2)(1 + Rn).
480 III.

15.1
(PDV) $1,

1 2 5 10 20 30

0,01 $0,990 $0,980 $0,951 $0,905 $0,820 $0,742
0,02 0,980 0,961 0,906 0,820 0,673 0,552
0,03 0,971 0,943 0,863 0,744 0,554 0,412
0,04 0,962 0,925 0,822 0,676 0,456 0,308
0,05 0,952 0,907 0,784 0,614 0,377 0,231
0,06 0,943 0,890 0,747 0,558 0,312 0,174
0,07 0,935 0,873 0,713 0,508 0,258 0,131
0,08 0,926 0,857 0,681 0,463 0,215 0,099
0,09 0,917 0,842 0,650 0,422 0,178 0,075
0,10 0,909 0,826 0,621 0,386 0,149 0,057
0,15 0,870 0,756 0,497 0,247 0,061 0,015
0,20 0,833 0,694 0,402 0,162 0,026 0,004

.
, . 15.2.
$200: $100, , $100 . $220: $20,
, $100 $100 .
? .
15.2

1 2
$100 $100 0
$20 $100 $100

,
:
PDV = $100 + $100/(1 + R).

PDV = $20 + $100/(1 + R) + $100/(1 + R)2.

15.3
5%, 10%, 15% 20%. , -
, . 10% -
, 15%
. ? ,
.
 15. , 481

15.3
(PDV)

R = 0,05 R = 0,010 R = 0,15 R = 0,20

PDV $195,24 $190,91 $186,96 $183,33

PDV 205,94 193,55 182,58 172,78

15.3.
(bond) , -
() . , -
(, ) -
$100 10 , ,
,
$1000. ( -
, -
, .) -
? , ,
:
PDV = $100/(1 + R) + $100/(1 + R)2 +
+ $100/(1 + R)10 + $1000/(1 + R)10. (15.1)
. 15.1 -
-
20%. , , -
. 5% $1386,
15% $749.

(perpetuity) ,
.
, $100 ? -
:
PDV = $100/(1 + R) + $100/(1 + R)2 + $100/(1 + R)3 + $100/(1 + R)4 +
, , -
; -
:1
PDV = $100/R. (15.2)

1
PDV $1 , = 1/(1 + R) +
+ 1/(1 + R)2 + (1 + R) = 1 + 1/(1 + R) + 1/(1 + R)2 +, x(1 + R) = 1 + x, xR = 1,
= 1/R.
482 III.

2,0
1,9
1,8
1,7
PPDV ,$ .

1,6
1,5
1,4
1,3
1,2
1,1
1,0
0,9
0,8
0,7
0,6
0,5
0 0,05 0,10 0,15 0,20

, -
, . -
, 5%, PDV 10- , $100
$1000, $1386.
. 15.1.

5%,
$100/(0,05) = $2000, 20%,
$500.

-
(bond market).
, , -
, . , -
-
, Wall Street Journal New York Times, web-,
www.thesteet.com www.schwab.com.
, , -
, -
, .
. (15.1) (15.2) , -
,
. ,
. , -
, . ,
 15. , 483

( , ) .
(15.2) = $100/R, R = $100/P.
$1000, R = $100/$1000 = 0,10, 10%.
(effective yield) 
(rate of return). ,
, .
10! (15.1)
.
, (15.1) :
= $100/(1 + R) + $100/(1 + R)2 + $100/(1 + R)3 + +
+ $100/(1 + R)10 + $1000/(1 + R)10.
, R.
, R , ,
R (
). . 15.2 , . 15.1, !
, R 10! . ,

. 15.2.

,
.
.
, , ,
. , $1000, !
10%; $1300,
6%; $700 16,2%.

2,0
PDV ( ), $ .

1,9
1,8
1,7
1,6
1,5
1,4
1,3
1,2
1,1
1,0
0,9
0,8
0,7
0,6
0,5
0,4
0 0,05 0,10 0,15 0,20

484 III.

$1000, 10%. -
$1300, 6%. $700,
16%.
. -
, ,
, -
. ,
. , -
( -
) , , -
. ,
, ,
. 5, , -
. ,
.

15.4.

,
, . -
,
. , -
, . -
, ,
, .
, -
? -
,
, . -
(net present value, NPV):

NPV: ,
,
.

, ,
10 1, 2, , 10.
:
1 2 10
NPV = C + + + ... + , (15.3)
(1 + R) (1 + R)2
(1 + R)10

R () (discount rate), ,
( R
, - ; ,
 15. , 485

). (15.3) -
. ,
, . . NPV > 0.
.
NPV? , -
. ,
, -
. -
, . R
() (opportunity cost of capital).
,
- . , 
R , 
.

. 5, ,
, . , -
,
, .
, . -
, , 
(, , -
1, 2 . .).
(riskfree) , . . ,
. 10 , -
10- -
, NPV
(15.3).1 NPV ,
, ,
. NPV 0, -
, .2

. 15.1 $10
.
8000 20 $42,50
. $52,50,
$10; $80 000. , 20

1
NPV .
, ,
1, 2 . .
2
NPV , , -
. , .: Avinash
Dixit and Robert Pindyck, Investment under Uncertainty (Princeton, NJ: Princeton University
Press, 1994).
486 III.

, $1 . -
? -
, .
, , $42,50,
$52,50 , , -
$80 000 , $960 000 , . -
, $1 . , -
,
, . -
, NPV
0,96 0,96 0,96
NPV = 10 + + + +
(1 + R ) (1 + R ) (1 + R )3
0,96 0,96 (15.4)
+... + + .
(1 + R ) (1 + R )
20 20

15.3 NPV R. -
, R*, 7,5%, NPV 0.
( R* 
(internal rate of return) .) 7,5% NPV
, .
7,5% NPV ,
.

, -
, . . R
, , ,
. , ,
9%. , NPV
?
, -
-
. . 1 -
. ,
, ,
. , , -
, $52,50
20 . . $52,50 -
, . . , , ? -
, .
$52,50, $42,50, -
. ,
5% $52,50 1,05 52,50 =
= $55,13 , 1,05 55,13 = $57,88 . -
, $960 000 .
 15. , 487

.
,
. ? -
.
, .
,
.
(9%) , ;
.
.1 ,
5% , 9 5 = 4%.
, NPV
. ,
, . 15.3, NPV ,
- .

. 15.3.

NPV , -
. -
PDV , -
. NPV , .
R* NPV 0.

1
, ,
.
488 III.

-
, -
, .
,
. , -
.

.
, . , -

, . (, , , ,
; ,
.) -
NPV; -
, .
, , ,
, $5 , $5
. , -
$1 , $0,5 .
$0,96 20- ,
$1 , . ( -
.) :
5 1 0,5 0,96 0,96
NVP = 5 + + + +
(1 + R ) (1 + R ) (1 + R ) (1 + R ) (1 + R )5
2 3 4

0,96 1 (15.5)
+... + + .
(1 + R ) (1 + R )
20 20

, 4%.
? , NPV , ,
.

15.5.
,
, -
.
. ,
,
, .
, -
20 . $960 000 ,
, , .
?
 15. , 489

(risk
premium) . , -
, ,
, , , . -

.
? ,
.

, ,
. , -

.1 (diversifiable risk) -

. (nondiversifiable risk)
. 
, .
5: .
, ,
. , , ,
, .
, , ,
. , ,
.
-
.
, ,
( ). ,
,
, - -
,
. , -
.
,
, :
, ,
. , , -
, , , -
. ,

1
, -
.
. ., :
Richard Brealey and Stewart Myers, Principle of Corporate Finance (New-York: McGraw-
Hill, 1999).
490 III.

, 
. , -
, -
. 
.
? ,
.
- .
, ,
, .
(, ,
) , -
.

- , .
,
. ( , , , -
.) -
( ) , , .
,
. ( )
, .
, -
, , , -
. , -
.

(, Capital Asset Pricing Model) -
-
.
, , -
(, ). -
-
. ,
. (-
,
.) ,
, .
rm, rf, -
rm rf. ,
, .
,
, . -
, (. .
) .
 15. , 491

, -
. -
, -
. , ,
, .
. , , -
. -
, , .
rm.

:
ri rf = (rm rf), (15.6)
ri . ,
, ( -
), , . -

(asset beta). -
, , .
1% 2%, 2. 1--
1%, 1.
1% , . -
(15.6), , . ? -
, .
-
, .

. ,
, :
= rf + (rm rf). (15.7)
60 (rm rf)
8%.
4%, 0,6,
0,04 + 0,6(0,08) = 0,09, 9%.
, -
.1 , -
.
() . M
(company cost of capital) -
(
) , .
,
1

rm rf. , , Intel Corporation
1,4, Eastman Kodak 0,8, General Motors 0,5.
492 III.

. ,
, , -
.
, -
.

15.1


13.3 , -
Procter&Gamble, 60% , KimberlyClark
30%. ,
, . -
, -
.
, . -
, -
, $60 ,
.
, 2,5 .
16 , $400
. , -
$290 , $110 .
. -
, $60 -
,
$20 ,
. , , -
$50 , ,
$40 . -
15 , .
? , -
. . 15.4.
, 33% -
; 2001 .,
, 2016 . , NPV
:
NPV = 120 93,4/(1 + R) 56,6/(1 + R)2 +
+ 40/(1 + R)3 + 40/(1 + R)4 ++ 40/(1 + R)15.
15.4 NPV 5%, 10%
15%.
, 5% NPV ,
10% 15% .
? -, ,
. -, -
: ,
, ,
.
 15. , 493

15.4
NPV, $

2001 2001 2002 2003 2016

133,3 266,7 400,0 400,0

96,7 193,3 290,0 290,0

20,0 20,0 20,0 20,0

,
, 50,0 50,0 50,0 50,0

33,4 3,4 40,0 40,0

60,0 60,0 60,0

60,0

120,0 93,4 56,6 40,0 40,0

: 0,05 0,10 0,15

NPV: 80,5 16,9 75,1

. -
, = 1, -
. -
4% 8%
, :
R = 0,04 + 1(0,08) = 0,12.
NPV , -
. ; P&G KimberlyClark -
. ,
, . ,
( $60
, )
, .
494 III.

15.6.
, , -
,
. , -
, , -
. , , -

.
, , .
67 ,
( ) . -
, -
(
, ) . -
, ,
(-
,
).
, -
,
. , -
,
. , -
, .
-
, . -
. , S
. , (-
, ) ,
$20 000, 6 $4000.
-
:
NPV = 20 000 + (S E) + (S E)/(1 + R) + (S E)/(1 + R)2 +
+ +(S E)/(1 + R)6 = 4000/(1 + R)6. (15.8)
R ? -
, : -
. $20 000,
, , -
,
. -
, -
, . , ,
-
, NPV .
 15. , 495

-
. , . -
, Toyota Corolla $15 000,
6 $6000.
$300 , . -
? , -
,
. , ,
.

15.7.

-
. -
, 7, -
. ,
. -
,
.
. -
, -
. , .
, -
.
. -
, -
.

, . -
1000 , -
, $10 . -
?
, , ,
- . ,
, , ? -
-
, , .
, ,
, , .
: ,
, , , .
,
, ,
496 III.

.
, .
,
? -
$10 . ( , -
, .)
, , , -
, . , -
:
, , , 
, , .
, , , 
, . , , -
, ?
, .
t , t + 1 ,
, -
:
(t + 1 c) > (1 + R)(Pt c), .
(t + 1 c) < (1 + R)(Pt c), .
(t + 1 c) = (1 + R)(Pt c), , .
,
, .
?

, ,

, . , -
, -
.
, . ,
,
.1 , , , -
, . -
. ,
. ,
, ,
.
15.4 , . -
, -
0 Q0. , ,

1
(Hotelling rule), -
The Economics of
Exhaustible Resources, Journal of Political Economy 39 ( 1931): 137175.
 15. , 497

PT PT

P0 Pc P0

c c

T Q0
) )
, .
, . ,

.
, .
. 15.4.

. ,
, . ,
, ,
.

8 , ,
.
(
). -
, 8?
, ,
, . -
, -

. M
(user cost of production). . 15.4

. , , , -
498 III.

, -
.

, ,
? , , -
?
, , -
. 
. ,
, , ;
, , -
, .
, ,
(. . -
) , :
(MRt + 1 c) = (1 + R)(MRt c).
, .
.
, , -
. , -
, , -
, . ,
: 
, . , -

.

15.2
?
, , , , , , , , ,
, :
, .
, .
,
50100 .
, ,
.
, ,
.
.
, -

-
. , -
, -
.
 15. , 499

15.5

0,40,5
0,40,5
0,10,2
0,20,3
0,050,2
0,10,2
0,10,2
0,050,1

15.5 , -
. , -
. -
, .
, -
. ,

, -
, - , -
1970- ., - .
, -
. -
.
. -
.

15.8. ?
, -
-
. ?
? , ,
, -
. , -

.
,
, (
). , ,
, .
.
, ; , -
500 III.

, .
, . ,
, -
S . 15.5.
. -,
: ,
; , ,
; (, ),
.
, . -
,
, .

. . 15.5 DH.
,
. , -
NPV,
, -
. , . .
, NPV,
, , . -
, . -
, , .
,
.
, , , NPV -
. , ,
NPV, -
, , . -
,
, .
-
; . 15.5 DF.
;
. 15.5 DT. -
. . 15.5 -
R*.
15.5 , .
, . -
-
. NPV ,
, . DF, DT, -
, . ,
,
, . . . -
, , -
 15. , 501

R
-

- S
. -
,
; -
-
,
.
,
, - R*
, .
-
DT
.
DF
DH
Q*

. 15.5.

DT , R . - -
-
. ,
R.

15.5 ,
. , -
.
.
, -
-
.
(Treasury Bill Rate). -
( ) , -
.
(discount bond). , -
; , -
. , 3- -
$98. $100;
, 2%,
8% ( ,
(100/98) 1 = 0,0204,
(100/98)4 1 = 0,0842, 8,42%). -
.
502 III.

(Treasury Bond Rate).

-
10 30 . -
.
(Discount Rate).
().
(discounts), , -
, .
(Commercial Paper Rate).
( )
, -
. -
, ,
1%.
, M (Prime Rate). (-
(reference rate)),
-
. ,
.
(Corporate Bond Rate).

( 20-) , -
(, (high-
grade), (medium-grade) . .). -
,
.
-
.
 IV

16. .
17. .
18. .

:
-
. IV .
, , -
, , -
, .
16 -
. , -
, , ,
. 17
.
, -
, , -
. ,
, -
. , 18 -
: . -
,
, -
. -
,
.
 16

:
16.1. .
16.2. .
16.3. .
16.4. .
16.5. .
16.6. .
16.7. .
,
. :
,
, ,
.
, -
, .
,
9, -
. ,
.
, , , -
. ,
.
, -
, .
,
. , -
 16. 505

-
. ,
. -
(
17 18) -
.
506 IV. ,

16.1.
,
(partial equilibrium analysis).
-
, , -
. ,
,
, .
, -
. -
. 2, , ,
, -
. 8 ,
-
.
,
(general equilibrium analysis)
.
, -
. , -
, .
(
), . -
. , -
. , , -
( ), .
, -
, -
.
,
, . ,
, .
, , -
, .

, , -
.
,
,
. ,
, , , , ,
.
16.1 -
. $6,00; -
 16. 507

, $ , $

S*M
SV

6,82 SM
6,75 3,58
6,35 DM* 3,50
DV*
3,00
6,00
DM
DV
DM
DV

QM QM Q*M QM QV QV QV*


) )
, .

SM S*M, . -
($6,35 $6,00)
( DV DV), ( $3,00 $3,50),
. -
, DM DM,
$6,35 $6,75. , -
, D*M S*M ,
$6,82, D*V S*V -
$3,58.
. 16.1. : ) )

DM SM.
$3,00.
, $1 -
.
. 16.1.
$1, SM S*M. -
$6,35, -
QM Q M. .
: (1) -
, ,
(2) , -
.
,
( ).
DV DV . 16.1, . ,
508 IV. ,

$3,00 $3,50. ,
-
, ,
.
?
,
$3,00. $3,50, ,
DM DM, . 16.1, .
( S*M DM) $6,75 $6,35,
Q M Q M. ,
. -
, -
.

.
, -
, . .
, . -
, . 16.1,
(S*M D*M), $6,82. -
. 16.1. -
(SV D*V).
, -
, 
$6,82. ,
, $3,58. -
, ,
,
.1
, ,

.
, ,
$6,00 $6,35. , -
. $6,82.
-. ,
. 16.1, , -
, 
. , .

1
, -
,
.
( , , -
, ).
 16. 509

, , -
.

16.2.
9 , ,
. -
, (exchange
economy), ,
. (
.) , ,
, ()
.
. (effective allocation)
, .

(Pareto efficiency) (Vilfredo
Pareto), . -
, -
().

, -
.1 , ,
. -
:
1. .
2. .
, 10 (F) 6 -
() . 16.1 ,
7 1 , 3 -
5 . , -
- , -
. , ,
(MRS) 3: -
1 , 3 . MRS -
1/2: 1/2 -
, 1 .

1
,
. -, ,
, . -
, -
, . -, 13,
-
.
510 IV. ,

, , -
, ,
, .
, 3 .
1 1/2 . -
.
1 1/2 3
.
, 1 1
, . . -
, ,
, . , -
,
, -
: . , -
, MRS .

: 
, ,
.
16.1

7F, 1C 1F, +1C 6F, 2C
3F, 5C +1F, 1C 4F, 4C

, ?
-
? ? -
, -
(Edgeworth box),
. . (F. Y. Edgeworth). -
,
-
.
16.2 ,
, -
. 10 -
; 6
.
-
. OJ, -
 16. 511

10F 4F 3F OK
6C

B
2C 4C

+1C
1C 5C
1F A

6C
OJ 6F 7F 10F

-
, . ,
7 1 , 3 -
5 .

. 16.2. :

, OK. -
, . -
,
7 ,
, . ,
7F 1C. 3F 5C .
(3F) -
, OK; -
.
.
1F 1C, . -
1C 1F, . , -
-
.

B , , -
, .
? ,
512 IV. ,

, , , -
. 16.3 -
. J,
, -
1800,
. ,
; .
, ,
, U1J U2K, -
. MRS
. 1/2, 3. -

,
. -
, -
.
,
, ;
. .
. 16.3 , , -
U2J U2K . MRS

. 16.3.

,
.
, -
.

10F OK
6C

D

C
U J3

U J2
A
UK3
UK2 U J1
UK1
6C
OJ 10F

 16. 513

, . . . :
, -
, -
.
, ,
,
, -
. . 16.3 . MRS
, -
. ,
, -
. , .
,
. , -
, D,
U3J U3K. -
,
. ,
D . , D
, D -
, , . ,
, , -
.

, -
-
.
,
. 16.4 -
, -
; ,
(contract curve).
, -
. 
, 
, ,
. . 16.4 , , F
G, , -
-,
, .
-
. , (, -
), (,
F), ( ).
,
514 IV. ,

OK

G


F

E

OJ

, -
. -
, -
, .

. 16.4.

F . ,
. -
: ,
, , -
. -
. , -
.
, -
. -
, , -
,
. , , -
.
-
,
. -
,
? -
(
), .
.
 16. 515

.
. , - -
, , -
. , ,
,
. ,
, , -
. , .
,
.
16.5 ,
. 1. (-
;
.) ,
1 .
, 1, ,
.
, 2 2 -
.
U1J U2J .
2 2 -
, ,
U1K U2K.
, -
, -
. ,
, ,
. -
. , 
. ,
, -
.
. , -
1, 3,
3 1. -
- ,
, MRS 1/2.
, , , -
, . ,
(disequilibrium),
.
.
(excess demand) -
( , -
516 IV. ,

10F OK
6C

P

U J2
A
UK2 U J1
UK1 P 6C
OJ 10F

-
. ,
,
, . ,
.

. 16.5.

), (excess supply) (
). -
,
, ,
.
-
.
-
. , -
. -
2; ,
, -
. (, ;
, 2 , 1
.)

. ,
.
,
.
 16. 517

-
. . 16.5 , 
.
, .
,
; - , -
.
, -
, . -

(Adam Smith), , -
.
, -
, -
. ,
, .
-
; ,
. , -
; , ,
.
,
-
.
(welfare economics). (-

.) :

, , 
, 
,
.

,
:
1. ,
.
2.
, MRS -
.
, PC PF,

MRSJFC = PC/PF = MRSKFC. (16.1)

518 IV. ,

-
( ) .
, . -
, -
, -
. ,
. -
, ,
, -
. -
, .

16.3.
, -
, ,
.
, . , -
? ,
, , 
(equity) .
, -
, .
, , ,
-
.

, -
,
. . 16.6
. -
, .
. 16.6,
. . 16.6 -
, -
.
(utility possibilities frontier)
, .
, -
. J ,
, , ; OK -
, . ,
, F G, ,
,
. ,
 16. 519

. L ,
L , , -
, .
,
, .
F . F, , -
,
. , , , -
F , ,
, , .
, G -
. G , ? . -
G
. - G , ;
. ,
, , 
.
, ,
. ,
, -
. 
, , ,
- .

. 16.6.

,
, , -
. , F G
. ,

.


OJ

E L

F
H

OK

520 IV. ,

.
(social welfare function), -
,
, . , 
(utilitarian)

. -
.
, , -
. , -
, -
, ,
. , , -
,
, F, .
,
.
(Rawlsian view),1 , -
, -
, , -
. ,
. ,

.
(egalitarian)
, . , ,
, -
. -
,
,
.
. 16.2 -
. ,
;
( - -
, ).

. , , ,
.

- , -
, . -

1
.: John Rawls, A Theory of Justice (New York: Oxford University Press, 1971).
 16. 521

16.2

1. .
2.
.
3. .
4. 
.

, . , ,
-
. J . 16.6.
. , J -
,
.
-
, ,

. -
. , , -
,
, . -
, -
( Medicaid), -
(Food Stamps).
,
, -
. ,
: ?
, , -
,
? , , ,
-
. :

,
( ) -

.

, , ,
, , -
, -
. , -
522 IV. ,

-
. -
, .
-
. , -
, -
,
.

16.4.
,
, -
. ,
,
, , -
. , (
) , ,
.
-
. , -

. , ,
,
- . ,
, , -
. -
, .

, , -
, ,
, . . 16.7 -
, ,
. -
50 30 .
; -
. F, -
. -
, ,
, , .

. ,
35 25 .
-
.
 16. 523

-
. -
,
. -
, 50, 60 80 -
. , ,
6, -
1800, . -
, 50F -
50 , 25
25 .
, 10, 25 30 .
, , ,
, - , -
. ,
50 25 ,
-
.

. 16.7.

-
,
. -
, ,
-
. , D (
) , , .

50L 40L 30L 20L 10L OC
30K
80F

10C

D
20K 25C 10K

30C

C
10K B 20K

A
60F
50F
30K
OF 10L 20L 30L 40L 50L

524 IV. ,

, -
, , -
. -
,

. , -
,
. -
; 6
, ,
.
.
16.7 , -
,
. , , ,
, , , -
-
. ,
-
. , -
-

.
(50 ),
(30 25).
. . 16.7 -
, , ,
OF .
, -
. M
(production contract curve) -
. ,
, ,
, , .
, , -
,
. ,
-
; , .

, -
. , .
, -
w . -
 16. 525

r , ( -
) . 7,
, -
,
:
MPL/MPK = w/r.
, -
MRTSLK.

MRTSLK = w/r. (16.2)
MRTSLK , -
, -
,
. 
, 
.
, ,
. ,
, , ,
. . 16.7
D. 80 -
, 43 -
20 . 10
7 10 . -
,
1. -
.
,
, ,
, , .
. 16.7 , -
. -
-
, .

(production possibilities frontier) -
,
, -
. . 16.8 -
. 16.7.
-
.
, -
. J
526 IV. ,

,

.
-
OF
60
.
, D - B
- 1C
B 1F

. 16.7. -
C
- A D
, 2C
( D 1F
)
-
OC
-
0 100 , .
.

. 16.8.

, ,
, . , D -
, . 16.7.
, , -
. -

. - , -
, -
.
?
, -
, ,
, . ,
, , -
.
.
( ), . . ,
. -
, (marginal rate of trans-
formation) (MRT) -
. MRT , ,
. ,
. 16.8 , ,
, MRT 1, 1 , -
1 . D MRT -
2, , , -
2 .
 16. 527

, , . . -
, MRT .1
,
, -
. , -
OF, . -
,
, , -
. , -
, (MRT
1). -
, ,

.
, MRT 1. , -
, ,
, , MRT
1.

. F, -

,
( -
). , -
, ( , -
). , MRT ,
F
.

.
-
,
.
:
MRT = MCF/MCC. (16.3)
, MRT 1. , -
,
1 , 1 -

1

MRT. , , -
. ,
,
, , -
, .
528 IV. ,

. 1 -
$100, $100/$100, 1.
(16.3) D ( -
). , , 1 -
, $160. $160,
$80 ($160/2 -
). , 2, MRT.

, -
; 
, .
, 3, ,
(MRS) -
-
. -
.
, -
:
MRS = MRT. (16.4)
, -
, , MRT 1, MRS 2. -
, 2 1 -
,
1 . ,
. , -
, MRS , MRT ,
. , MRS = MRT
.
. 16.9 .
-
. 16.8. ,
, -
. -
,
. -
MRS ( )
MRT ( ).
, -
. ,

.
. ,
-
, MRS? ,
 16. 529

- , MRS = MRT
, - .
-
60
MRT
( -
-
) -


C
MRS (-


).

0 100 , .

. 16.9.

- , .
, ,
, . , -

, .

, -
,
.
, ,
MRS = PF/PC.
, ,
,
.
PF = MCF PC = MCC.

, ,
MRT = MCF/MCC = PF/PC = MRS. (16.5)
-
, , MRT MRS.

, 4. ,
,
.
, -
530 IV. ,

; -
.
16.10 , -
, -
. ,
P1F /P1C.
, , -
MRT, . . -
. -
, (
U2). F1 ,
F2, -
. ,
2 , 1 ,
. :
, .
PF/PC , .
, P*F /P*C . -
F* *
; . MRT
MRS , .

16.5.
, -
. , , ,

. 16.10.

,
PF1/PC1 PF* /PC*
.

,
- C1
A
.

, B
C2
-
U2
. MRS - C*
C
MRT,
-
. -
U1
-
. 0 F1 F * F2 , .
 16. 531

, .
, ,
,

.

1 (compe-
titive advantage) 2 , 

1 ,
2. , -
, . M
(absolute advantage) ,
, .
, , , ,
, ,
. ,
, ,
. , , , , -
. -
2 , -
6 3 .
. 16.3.1
-
: (
) ,
-
. ,
.
,
. -
. , -
, , ,
, .
, 24 , -
24 , 12 , -
, 18 3 . ,
. 1
, 1 . ,
2 . , -
,
. 24 , 6 ,

1
World Trade: Jousting for Advantage, The Economist
(22 1990): . 540.
532 IV. ,

18 6 , , 18
3 , .
. :
, 24 , 4 ,
8 , , 3
2 .
, 1/3 . -
. , -
. , -
8 6 ; 6
2 , 3
2 , .
16.3
,

(1 ) (1 )
1 2
6 3

,

. -
. 16.11,
. ,
. -
?
U1, MRT ( )
2. ,
2 1 .
, .
, - -
. ,
, 1/1 -
.
. -
. ( ,
.) , -
, D,
U2 . , -
-
. WD WB
B CD .
-
. , -
 16. 533

CB
B

A
CD D

U2
U1

WB WD ,

A,
1:2.
1:1 B,
D.
U1 U2

. 16.11.

, .
, , ,
. ,
. , .
, -
, , , , .

16.1

19801990 .
, -

(). -
: ( 9),
,
.
534 IV. ,

16.4 -
.1
16.4

, , ,
$ $ B $ C
305 500 29

390 525 130

22 000 27 000 4 850
3 800 6 800 330
190 420 7
550 930 130
5000 5500 1370
1600 1800 145

. 9.11.

, , D . 9.11.

. 9.11.

, ,
.
, -
, ,
- .
, -
.
, . , -
- () -

$4,85 . -
,
$1,37 .
, -
.
22%, -

1
: Cletus Coughlin, K. Alec Chrystal and Geoffrey E. Wood,
Protectionist Trade Policies: A Survey of Theory, Evidence and Rationale, Federal Reserve
Bank of St. Louis (/ 1988): . 1230. Gary
Clyde Hufbauer, Diane T. Berliner, and Kimberly Ann Elliott, Trade Protection in the United
States: 31 Case Studies, Institute for International Economics (1986).
 16. 535

27%; -
(33,3%). (3,7%),
(8,7%) (9,5%) .

16.6.
.
. -, -
, -
(, ,
) -
. , -
, -
,
.
-, , ,
,
-
. , -
( ) -
.
,
. , -
, . -
,
. -
, ,
. ,
, , -
. ; -

.
1. :
, -
:
MRS JFC = MRSKFC.
,

,
MRS JFC = PF/PC = MRSKFC.
2. :
-
,

:
536 IV. ,

MRTSFLK = MRTSCLK.
,
, -
,
:
MRTSFLK = w/r = MRTSCLK.
3. :
, -
:
MRTFC = MRSFC ( ).
, -
, , -
, :
PF = MCF, PC = MCC.

MRTFC = MCF/MCC = PF/PC.
-
,
PF/PC = MRSFC ( ).
,
MRSFC = MRTFC
. , -
, -
, .

16.7. ?
, .
, . -
, , -
. ,
. -
. , .
.
: 
, ,
(). .

, ,
. , -
 16. 537

, , -
, , . ,
, ,
, -
, . -
-
.
, . -
, MRTFC = MCF/MCC.
, ,
. 16.8. -
, , -
-
, ,
.

. , -
-
. -
, (wF).
, , -
(wC).
, MRTSCLK = wC/r. -

. , MRTSFLK = wF/r > wC/r = MRTSCLK. -
, -
, -
.

-
, . -
-
, . ,
, , -
, , -
. , , ,
, . , -
-
. , , -
, -
.
-
. -
17 ,
.
538 IV. ,

, -
, .
.

, -
, 
. . 9.2, (externality), 
, , (
) , -
.
, , -
, , -
, . , -
,
,
. -
. ,
( -
),
. -
, -
.
()
18.

()

, . M
(public good) ,
- , -
. , , ,
,
. -
, . ,
, .
, -
. 18 , -
, -
.
 17

:
17.1. .
17.2. .
17.3. .
17.4. .
17.5.
.
17.6. :
.

,
,
. -
, , ,
, . . (asymmetric
information).

. , -
. -
, . , -
, .
-
. , -

; -
, ; -
.
540 IV. ,

, -
, . , -
.
, -
, ,
.
, ,
, . , ,
, -
, .
, -
, , -
.
, , -
. , -
,
. , ,
,
, .
 17. 541

17.1.
, , 100 , ,
. :
. -
, , -
. .
? , $16 000,
, 100 , -
. ,
, , , $16 000.
, ,
? , ,
. , , -
?
, - ? -
?
,
. M
(asymmetric information) , -
.
, .
, ,
. , ,
, , :
- ?
, ,
.

(George Akerlof).1 -
.
, , -
. ,
, , -
.

, -
. , ,
, . -
, . 17.1, . SH -
, DH -
. SL DL

1
George A. Akerlof, The Market for Lemons: Quality Uncertainty and the Market
Mechanism, Quarterly Journal of Economics ( 1970). P. 488500.
542 IV. ,

PH, PL,
$ . $ .
SH

10
DH

DM DM
DLM SL
DL
DLM
5

DL

25 000 50 000 QH 50 000 75 000 QL

) )
, ,
,
. -
DH.
, -
DM. , -
DL DM. -
50 000 25 000 ,
50 000 75 000. ,
.

. 17.1.

. SH
SL,
, -
. , DH , DL,
, . , -
$10 000,
$5000, 50 000 .

, . ( -
, .)
, ,
, . ,
50 50. ? ,
, , -
 17. 543

50 000 . , , ,
-
. (, , -
.) , ,
. 17.1 DM, DH, DL. -
, (25 000
) (75 000 ).
, (
) ,
, .
. 17.1, DLM, -
, -
, .
.
,
. ,
. ,
,
, ,
,
DL.
, . 17.1, . -
,
. 
, ,
, . ,
, , ,
, , . -

. (lemons problem).

, -
. -
-
.
- , -
. , -
,
. , -
.
,
,
. . -
, -
.
544 IV. ,

. ,
, : -
. (adverse selection) ,
, -
,
. ,
.
.
, .
. 65 -
, ? -
,
? .
, , -
, -
, .
,
.
, -
. - , ,
, ,
.
, .
,
.
.

. , -
, ,
.
, 25 ,
, . -
,
0,01; , 0,01. -

, -
, . . 0,01. , -
(, ) -
, (,
) . , , -
, , 0,01
.
, ,
.
.

 17. 545

Medicare
. -
65 , .1
. ,
, . -
;
. ,
, ,
. -
(, ) (-
)? , -
, . . , , , .
. -
.
, -
, , -
, . .
, , -
, , ,
, -
. , -
. -
?
, :
, , -
, -
. -

.

.
:
: -
? -
, .
, , : -
?
, .
, :
, ,
?
1
.
,
.
546 IV. ,

: , , --
?
,
. -
,
, , , .

, .
-
. , -
; -
,
; , -
, ,
.
-
. , ,
, , -
, ; -
. ?
. , ,
McDonalds. -
,
. McDonalds
: -
. ? -
, Joes Diner - , ,
, McDonalds , .

17.2.
, -
: -
, ,
,
. , -
(, )
(, ) .
, -
: (market signa-
ling).
(Michael Spence), , -
, .1

1
Michael Spence. Market Signaling (Cambridge, MA: Harvard University Press, 1974).
 17. 547

, ,
, -
. ,
. ( )
, ( ). -
, , , -
, . .
, -
. , , -
.
, ,
, ?
, , . -
,
. ( ,
.) , -
6 ,
. , , -
, -
. , , ,
, . , ,
, , .
, -
, ?
? -
- ,
, .
, -
. 
,
, , . . 
.
, .

, , , -
, . . ,
, -
, .
, ,

. , , -
,
. , -
, 
. -
, , .
548 IV. ,

, , , -
. , -
( 1),
1, ( 2), -
2. ,
$10 000 , -
10 . , -
1, 2,
1,5. ,
1 $100 000 ($10 000/
10 ), 2 $200 000 ($20 000/ 10 ).
,
,
. 1 $10 000 ,
2 $20 000. -
, , -
, , . . $15 000 .
1 ($15 000 $10 000)
2 ( $15 000 $20 000).
, -
. , ( ,
. .) y, -
, .
, y, .
,
,
. ,
, 
. . -,
, , . -,
, -
. , , 1 -
y
1(y) = $40 000y,
2, ,
2(y) = $20 000y.
( ),
; 
, . , -
,
, .
. , ,
, : , 
 17. 549

y*, 2,
$20 000; , y*, 1,
$10 000. y* -
, ,
, .
. ?
, , -
, ,
. , ,
. -
B(y) , -
, . 17.2. , (y)
0, $100 000 , -
. -
y* B(y) 0, 10-
$100 000. y*
, $200 000, (y)
$100 000.
? ,
(. . y = 0)
y*. , y*
$100 000, -
0, y* .
, y*, y* ,
$200 000.
,
. -
: y*
, (. . )
. ( ) -
$100 000. . 1 -
$40 000y, 2 $20 000y. -
, 1 ,
$100 000 < $40 000y*, y* > 2,5,
2 y* ,
$100 000 > $20 000y*, y* < 5.
,
, y* 2,5 5. , ,
y* = 4,0, . 17.2. 1 , -
, . 2, , ,
, y = 4,0. ,
, -
, , -
, $10 000.
550 IV. ,

) 1 ) 2

, ,
$ . $ .
200 200

CI (y) = $40 000y

100 100
CII (y) = $20 000y
B(y)
B(y)

0 1 2 3 4 5 6 0 1 2 3 4 5 6
, ,
y* y*

y 1 y 2

-
, ,
. -
y = 0, -
, , -
.
y* = 4,
.
. 17.2.

, 4 -
, ,
$20 000. , . -
, -
;
.
, : -
, -
.
(, )
, .
, -
, , , .
, 
- . ( -
 17. 551

, .)
. , , -
. ,
, .
: , ,
, , , -
.

,
, .
, , ,
. , -
, . ,
, -
. , , -
, -
. ?
.
,
-

.
,
. -
. , -

,
.

17.3.

. , - , -
, , -
. , -
, ,
, , -
. , -
, , ,
(moral hazard).
-
, , ,
( ).
, , , 
. , -
552 IV. ,

, , ,
. -
, ,
. -
, , -
. , -
.
, -
$100 000. ,
$50,
0,005.
0,01. , ,
, . ,
, , -
, -
. ,
, , , -
0,005 $100 000 = $500. , ,
. -
, . -
, $500, , -
$1000 (0,01 $100 000).
. -
. . 17.3,
, D . -
, ,
,
, . ,

.
,
. ,
,
(, ). ,
$1,50 (50
), 100 .
, -
,
. ,
, , -
, , -
.
, -
$1,50, $1,00, -
MC. 100
140 .
 17. 553

-
. -
D -
. $2,00
-
$1,50 MC
$1,50 ;
100 , $1,00 MC'

. $0,50
D = MB

0 50 100 140

. 17.3.

; -
, - , -

. -
. 17.3 -
() ().
-
() , ,
(140) , ,
(100).

17.1
G
1934 .
. 
(Federal Deposit Insurance Corporation, FDIC) -
, 
 (Federal Savings and Loan
insurance Corporation) ( $100 000) -
- (S&L). -
:
, -
, .

- . 1982 . -
- , -


. ,
-
.
554 IV. ,

, -
,
. , -
,
, --
.
1990 . , , -
1000 S&L,
$200 .1 , -
1990 . $42 . , -
, $100 -
1990 .
, , -
. FDIC -
, - -
,
.
, .
-
S&L. , -
, : (1) ; (2) -
,
, ; (3) , -
, -
. , -
, : (1) S&L ,
, , ;
(2) S&L.

17.4.
,
,
.
-
.
(principalagent problem).
, ,
. (agent)
, , , (principal), -
, . -
, .
,
,
.
. ,
-
1
American Banker, 9, 1990.
 17. 555

, , -
, .
, , ,
. -
, , ,
.

? -
? -
.
. -, -
. -,
() ,
.

10% 16
100 .1 ,
. , ,
, -
, ,
.
( ) , -
. ; -
, . ( -
,
.)
, , -
. ?
, ,
: -
, , , -
(, ). -
,
, , -
, , -
.

. -, ,
, ;
(, -
, -
). -, .

1
Merritt B. Fox. Finance and Industrial Performance in a Dynamic Economy (New York:
Columbia University Press, 1987).
556 IV. ,

, , -
, -
. -, . -
, , ,
-
.
, , -
, . ,
,
. -
, ,
. -
, -
, -
. .

. ,
, -
-
. -
, ,
. -
,
, -
.
, -
, -
. -,
. -
,
. -,
, -
. -
, , .
-, -
. , - -
.

, . , , -
, -
. , -
.
, , -
, .
 17. 557

,
, , . -
, -
? -
, .
.
. -
-, ,
, . -
, -
. -
, ,
.
. 17.1.
17.1

( = 0) $10 000 $20 000
( = 1) $20 000 $40 000

, , -
. ( = 0) $10 000 $20 000 ( -
), .
,
. ( = 1),
$20 000 ( ) $40 000 ( ).
: -
$20 000, ,
.
, -
( -
) , .
, 0
$10 000 . ( , = $10 000.)

. ,
,
, . -
,
-
, . ,
w(R), , -
.
558 IV. ,

? -
, , ?
. -
, ,
. ,
, .
, -
, .
, , ,
-
.1 ,
. , -
, 0. ( 0 -
, ,
.) 0, -
. : -
,
. , -
. = 0 w = 0,
$15 000, 0 .
, ,
. , , -
:
R = $10 000 $20 000, w = 0;

R = $40 000, w = $24 000. (17.1)

. -
$12 000,
$12 000 $10 000 = $2 000.
. -
, , -
$30 000 $18 000.
, -
. , -
. $18 000,
W = R $18 000. (17.2)
( 0.) , -
, $1000.
, $12 000, -
$10 000 $2000. ( -
$18 000, .)
1
, , -
. , -
.
 17. 559

,
, .
-
. , ,
: -
, , -
, , -
, .

17.5.

, -
, . -
, ,
.
, -
, . -
(horizontally
integrated): .
(vertically integrated):
, ,
, , -
.
. -
11, -
, . . , -
,
. , - -
.

-
, . -
.
1.

? ,

, -
, -
, .
2.
,
560 IV. ,

?
, , ,
?
, -
.
, .
, -
, -
. ,
, -
.
,
. -
,
,
, .
-
, , ,
-
.
,
.
,
, ,
. ,
, -
. ,
, . -
,
Qf, :
= 10 000 0,5(Qf Q), (17.3)
Q , 10 000
, 0,5 , ,
, Q , Qf.
-
. , , -
, , , -
. ,
18 000, 20 000,
16 000, $8000 $9000. ,
-
, ,
.
. -

 17. 561

. -
, (17.3):
Q > Qf, = 0,3Qf + 0,2(Q Qf).

Q = Qf, = 0,3Qf 0,5(Qf Q). (17.4)

(0,3, 0,2 0,5) , -
,
Q .
. 17.4. , -
Q* = 20 000
. , , -
, ,
Qf = 20 000. 20 000, -
, , -
. , -
,
20 000 ; $6000.
, -
, 10 000 . , ,

. 17.4.

, -
.
20 000 , ,
( $6000).

,
$

Q f = 30 000
10 000 Q f = 20 000
Q f = 10 000
8000

6000

4000

2000

0 10 000 20 000 30 000 40 000

, .
562 IV. ,

, Qf = 10 000. , -
20 000 , $5000. -
, , , -
20 000 .
,
.
30 000 , Qf =
= 30 000. 20 000 ,
$4000, , ,
.1

-
, -
, ,
. , -
, ,
?
. -
, , -
, , -
. ,
. , -

, . -
-
, .
. -
,
.
, , -
(17.4), . -
, -
( )
. (
(17.4) .) ,
, , -
, .

1
= Qf + (Q Qf) Q > Qf = Qf
(Qf Q) Q < Qf , > > > 0. .: Martin L. Weitzman, The New
Soviet Incentive Model, Bell Journal of Economics VII (Spring 1976): 251256.
, : -

.
 17. 563

17.6. :

, , ,
, -
. ,
.
, , .
, , -
? -
, ?
,
(efficiency wage theory) -
. -
.
,
.
-. , -

:
, , -
.
M
(shirking model). -
,
,
. -
,
.
, -
(). -
, .
. -
w*, -
. (
, ), -
. -
, .
, -
. ,

, w*, -
. ,
, -
. ,
, (efficiency wage).
564 IV. ,

.
. , -
, w*,
, we ( ).
,
? .
, w*, -
, , . -
, , , - -
, we .
17.5 . -
DL .
, DL
(SL) w*, -
(L*). -
-
w*. , -
, w*,
. -
(no-shirking constraint, NSC). -

. 17.5.

, .
(no-shirking constraint, NSC)
, , . Le -
( , w*),
L* Le.

SL

(NSC)

we

w*
DL

Le L*
 17. 565

, -
. , ,
w*. ?
, ,
, , ,
.
. 17.5 NSC DL,
Le we. -
, NSC ,
, .
, -
, , -
. , NSC
. , -
.

17.2
Ford Motor Company
-
Ford Motor Company. 1913 .
. -
.
, -
. -
. 1913 . -
Ford 380%. 1000%,
.
, ( -
) . 1914 .,
$23 , -
$5 . -
, . ,
, -
.
,
. , -
Ford. ,
, -
, . ,
-
, .
Ford, -
51%. , -
() , -
. ,
, . -
Ford $30 1914 . $60 1916 .
 18

:
18.1. .
18.2. .
18.3. .
18.4. .
18.5. .
18.6. .

,
, -
, ,
, .

( )
. , -
, ?
? -
? -
? ? -
?
, -
. -
, .
,
. . -
. -
 18. 567

, ,
.
. -

, .
, , ,
. ,
, ,
.
568 IV. ,

18.1.

: , (externalities),
,
. (
) r
(
).
l , ,
,
, .
, .
, ,
. , ,
.
,
. ,
, ,
.

,
. , ,
, . 18.1.

. . 18.1, ,
, .
,
, . .
; II
. :
, ,

, .
1
. 18.1, .
.
Q1'
( ,
).
, , .
(marginal external cost,
) . 18.1, .
:
, .
,
. - , -
 18. 569

MSC , . -
. , ,
q1 , . q*,
MSC.
Q1, 1 -
D. Q* -
MSC1.

. 18.1.

(marginal social cost): -
. . 18.1, -
-
(. . MSC = MC + MEC).
MSC
q*.
, . -
(q1 q*) -
.
, ,
. . 18.1, 1
. ,
1, -
, .
MSC1
. -
MSC1 = 1 + 1.
570 IV. ,

,
? . 18.1, , -
, -
.
,
Q* -
MSC1 D. -
Q1 -
1. ,
.

. , -
, -
, -
.
. 1 . 18.1,

, .
* , , .
?
, Q*, -

( ).
. 18.1, , -
MSC1, D Q1.
, -
. 8 , ,
,
, . -
().
,
, .
, .
, - -
.

-
, . . 18.2
( )
. -
;
,
. D
. -
q1, ,
 18. 571

MSB ,
D. .
q1,
D .
q*
.
. 18.2.

, M
(marginal external benefit, MEB). -
, -
, , .
(marginal social benefit, MSB) -

, . . MSB = D + MEB. -
q*,
-
, MSB .
- ,
. 1 ,
-
. -
q*, *.
572 IV. ,

, -
- -
(). , -
, . , -
, .
, -
. -
, .
, ,
, .

18.2.
,
? , ,
, -
.
8, -
. , , -
. ,
, .
, .
,
. , -
. 18.3 .
,
. ,

, , -
. ,
. , MSC, 
. -
, , , ,
. MSC ,
, -
. (
, .
, .)
, , 
. -
. ,
,
, , . (
, -
, . -
.)
 18. 573

, -
MSC ,
. * 12 .
. 18.3.

, 26; -
, . -
, 12 , *, -
, $3,
. , , * (-
, 0), , $7, -
, , $2. ,
.
1, $4 ,
$1. .
* -
: , -
.

, (emissions standard), -
, -
. ,
. . 18.4
12 *. ,
.
574 IV. ,

* ,
. $3 -
,
. -
,
12 .
. 18.4.

, .
, -
.
(
). ,
, , -
-
.1

(emission fee) , -
. . 18.4, $3 -
.
26 12. ,
, , (
26 25 ) (
1
, -
. , .
 18. 575

0). , -
$3 -
. 12 -
, .
. 12
. -
, . -
, , -
),
,
= 12. , ,
, .

-
, , . , -
, . ?
, -
-
. , -
, - , ,

.
. .
, ,
,
. -
,
. 18.5 ,
, . -
14 . ,
14 . 18.5 , -
, 1 6 , 2 8.
$3 .
, , -
7 ? -
1 $3 $3,75, 2 $3 $2,5.
, -
, . 14
,
.
, ($3) -
(7 ). $3 1
6 , 2 8 , .
, 1 -
, , -
576 IV. ,

-
.
$3 14 , -
7 . -
( 2)
,
( 1).
. 18.5.

, , 7 8 .
2 , -
6 7 . , -
1 ,
2. , -
, -
, .
, , -
. -, ,
-
, . -,
, -
. , -
, 6 , 14 8.
1 ,
1 2.
, ,
.
 18. 577

$3
. -
6 , 2
: 8 6 -
, .
. -
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 18. 583

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570
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539, 513
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462, 472
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20 538
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490 167
548 381, 382, 383, 387
396, 430, 432, 433 324
563 382, 408, 409, 410, 411
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383 544
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330 197
320 198
475 198
298, 312, 315, 150
317, 333 151
473 554
297, 324, 327, 337 460
473 27
470 264
298, 328 262
266
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364

291 - 514, 520
291
291 50
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574 256, 259

577 239, 244, 255
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27
155 97
518 140
96, 138
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27
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354 190, 191
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92 256, 257
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420 518
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164
360, 368 162
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286 177
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243
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412 258
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23
139
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386 340
50, 52 61, 273
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110, 118 350
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345, 353
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350, 351
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388
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133, 135
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568 468
570
535
50 269
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116, 118, 144, 465 362
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Airbus 443 Delta Airlines 205, 213
Apple Computer 336 Disney Channel 367
Archer Daniels Midland Company 319 Disneyland 357
Assembly Division 375 Disneyworld 357
AT&T 358, 359 eBay 452
Bell Atlantic 358, 359 Engine Division 375, 378, 379
BMW 367 Federal Deposit Insurance Corporation
Boeing 443 553
Cellular One 358 Federal Trade Commission 334
Chrysler 388, 396 Ford 33, 388, 396, 470
Cinemax 367 Gateway 27
CIPEC 409, 410, 411 General Electric 53
Compaq 27 General Mills 66
Crest 383 General Motors 20, 24, 53, 165
Daimler-Chrysler 34, 470 167, 175, 332, 406, 470
Dell 27 Gillette 338, 357
606

GM 388, 396 Netscape 336

Huggies 443 New York Times 482
IBM 20, 27 Pampers 443
Infinity 367 Pfizer 238
Intel 336 Polaroid 338, 354
International Bauxite Association 408 Prentice Hall, Inc. 299
Kimberly-Clark 443, 492 Procter & Gamble 383, 443, 492
Kings 437 Roche A.G 333
Korvettes 437 Sprint 358
Lexus 367 Sun 336
Loews 359 Takeda Chemical Industries 333
Luvs 443 Toyota 24, 495
Mammoth Mart 437 Ultra Pampers 443
McDonalds 368, 546 W.T. Grant 437
Merck 238 Wal-Mart 437
Mercurio Europeo 408 Wall Street Journal 482
Microsoft 137, 335, 467 Woolco 437
 !



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