AGENDA 2 1 13 ATTACH LAPC Economics EC 120 Principles of
... f. Explain long run firm entry or exit in a perfectly competitive market. g. Explain allocative and productive efficiency in a perfectly competitive market. Analyze monopoly markets. Learning Objectives a. Identify characteristics of a monopoly. b. Explain causes for monopoly. c. Determine graphical ...
... f. Explain long run firm entry or exit in a perfectly competitive market. g. Explain allocative and productive efficiency in a perfectly competitive market. Analyze monopoly markets. Learning Objectives a. Identify characteristics of a monopoly. b. Explain causes for monopoly. c. Determine graphical ...
lecture2_2008old
... Profit = Total revenue - Total cost Economic Profit: total revenue minus total cost, including both explicit and implicit costs. Accounting Profit: total revenue minus only the firm’s explicit costs. ...
... Profit = Total revenue - Total cost Economic Profit: total revenue minus total cost, including both explicit and implicit costs. Accounting Profit: total revenue minus only the firm’s explicit costs. ...
Exam 2 Review
... Short answer questions Resources sheet provided, to indicate any additional resources used – same resource choices as for 1st exam ...
... Short answer questions Resources sheet provided, to indicate any additional resources used – same resource choices as for 1st exam ...
Demand and Demand Determinants Intro
... extra usefulness or satisfaction a person gets from acquiring or using one more unit of product Diminishing Marginal utility: states the extra satisfaction we get from using additional quantities of the product begins to diminish ...
... extra usefulness or satisfaction a person gets from acquiring or using one more unit of product Diminishing Marginal utility: states the extra satisfaction we get from using additional quantities of the product begins to diminish ...
Lecture VI: Supply and Demand in Practice
... - suppose that an excise tax of $10,000 per boat is imposed by the government and collected from the supplier - the producer will view this tax as a $10,000 increase in the cost of production - the supply curve will shift up by $10,000, the direction of the price (the vertical axis) - if the initial ...
... - suppose that an excise tax of $10,000 per boat is imposed by the government and collected from the supplier - the producer will view this tax as a $10,000 increase in the cost of production - the supply curve will shift up by $10,000, the direction of the price (the vertical axis) - if the initial ...
The Firm`s Decisions in Perfect Competition
... The goal of the firm is to make maximum economic profit, given the constraints it faces. So the firm must make four decisions: Two in the short run and two in the long run. ...
... The goal of the firm is to make maximum economic profit, given the constraints it faces. So the firm must make four decisions: Two in the short run and two in the long run. ...
No Slide Title
... quantity demanded of a commodity with variations in its own price while everything else is considered constant. ...
... quantity demanded of a commodity with variations in its own price while everything else is considered constant. ...
Monopolistic Competition
... In the long-run, price will equal average total cost. This yields the long-run equilibrium condition of zero economic profit. Firms selling information products in a monopolistically competitive industry will recover all their production costs. Customers will pay more than marginal cost, but they wi ...
... In the long-run, price will equal average total cost. This yields the long-run equilibrium condition of zero economic profit. Firms selling information products in a monopolistically competitive industry will recover all their production costs. Customers will pay more than marginal cost, but they wi ...
ECON 290 Intermediate Microeconomics I
... 4) The market demand curve for a pair of Cournot duopolists is given as: P=36 –3Q, Q = Q1 + Q2. The constant per unit marginal cost is $18/unit for each duopolist. (5 marks) a. Derive firm 1’s reaction function. b. Find the Cournot equilibrium price and quantity. c. If firm 2 had produced 3 units of ...
... 4) The market demand curve for a pair of Cournot duopolists is given as: P=36 –3Q, Q = Q1 + Q2. The constant per unit marginal cost is $18/unit for each duopolist. (5 marks) a. Derive firm 1’s reaction function. b. Find the Cournot equilibrium price and quantity. c. If firm 2 had produced 3 units of ...
1. What Determines the Total Production of Goods and Services
... 3) Profit maximizing condition Æ ( P × MPL) = W Æ MPL = W / P Æ Marginal product of labor = real wage - Firm’s labor demand curve = MPL schedule Æ For any given real wage, the firm hires up to the point at which the MPL equals the real wage (fig. 3-4, p.50) - Marginal Product of Capital (MPK): the ...
... 3) Profit maximizing condition Æ ( P × MPL) = W Æ MPL = W / P Æ Marginal product of labor = real wage - Firm’s labor demand curve = MPL schedule Æ For any given real wage, the firm hires up to the point at which the MPL equals the real wage (fig. 3-4, p.50) - Marginal Product of Capital (MPK): the ...
Demand - Cloudfront.net
... desire to have or to own a certain product • In this sense, anyone who would like to own a $10,000 HD 3D TV could be said to “demand” one ...
... desire to have or to own a certain product • In this sense, anyone who would like to own a $10,000 HD 3D TV could be said to “demand” one ...
Price Discrimination and Consumer Surplus
... particular buyer. Fro this to be successful, the second buyer must not be able to resell the goods he or she purchases at P2 to the first buyer, who pays P1>P2. Price D P1 P2 ...
... particular buyer. Fro this to be successful, the second buyer must not be able to resell the goods he or she purchases at P2 to the first buyer, who pays P1>P2. Price D P1 P2 ...
Slide 1
... • The intersection of the supply and demand curves determines the equilibrium price and quantity • Market clearing condition: when the quantity supplied equals the quantity demanded • Given the equations for the supply and demand curves, you can solve algebraically for P* and Q* ...
... • The intersection of the supply and demand curves determines the equilibrium price and quantity • Market clearing condition: when the quantity supplied equals the quantity demanded • Given the equations for the supply and demand curves, you can solve algebraically for P* and Q* ...
No Slide Title - Vermont Chinese School
... (1) Short-run: The number of firm is fixed but the existing firms can change their output levels in response to changes in the market. (2) Supply curve: Relationship between market price and quantity supplied. (3) Short-run supply curve of an individual firm: SMC above the SAVC (Ch. 7). (4) Short-ru ...
... (1) Short-run: The number of firm is fixed but the existing firms can change their output levels in response to changes in the market. (2) Supply curve: Relationship between market price and quantity supplied. (3) Short-run supply curve of an individual firm: SMC above the SAVC (Ch. 7). (4) Short-ru ...
MICRO REVIEW FOR TEST No. 1 Study the What, How, and Why of
... 3. Still working with numbers from question #2, what is the opportunity cost for the lady if with her start-up fund she had the option of buying fun vehicles, which include a boat for $42,000, a motorcycle for $17,000, and a snowmobile for $6,000? 4. Which of the following would increase the price o ...
... 3. Still working with numbers from question #2, what is the opportunity cost for the lady if with her start-up fund she had the option of buying fun vehicles, which include a boat for $42,000, a motorcycle for $17,000, and a snowmobile for $6,000? 4. Which of the following would increase the price o ...
Document
... The profit maximizing price for that quantity is found on the demand curve point b. Average total cost is measured as c which is below the price. Price minus average total cost is the firm’s profit per unit, which, when multiplied by the quantity is economic profit, shown by the blue shaded rectan ...
... The profit maximizing price for that quantity is found on the demand curve point b. Average total cost is measured as c which is below the price. Price minus average total cost is the firm’s profit per unit, which, when multiplied by the quantity is economic profit, shown by the blue shaded rectan ...