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Perfect Competition: Short Run and Long Run
Perfect Competition: Short Run and Long Run

Class XII Economics Chapter 2-Utility analysis
Class XII Economics Chapter 2-Utility analysis

... 7. Distinguish between normal good and inferior good. Use examples. 8. Distinguish between complementary good and substitute good with example. 9. What are the reasons for a shift in demand curve to right? 10. What are the reasons for a shift in demand curve to left? 11. What are the assumptions of ...
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... monopoly (which equals the marginal cost to society) of producing an extra unit is $25; yet, consumers are willing to pay $40 for another unit. This means consumers (or, in other words, society) value an additional unit of output more than the cost of producing it. ...
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... • Willingness to pay- the maximum price a consumer would pay – how much a consumer values a good/service – called the marginal benefit (MB) -------------- E1 ...
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... • If there were three competing electric companies they would have higher costs. • Having only one electric company keeps prices low -Economies of scale make it impractical to have smaller firms. Natural Monopoly- It is NATURAL for only one firm to produce because they can produce at the lowest cost ...
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...  Firms value a resource for its ability to produce goods and services  Demand depends on the value of what it produces  It is a derived demand: derived from the demand for the final product ...
Total cost - Cloudfront.net
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... b. If retailers would choose to continue using the phrase “the big game” after the NFL was issued a trademark, then, consumers would be likely to lose as the investment in the product (the Super Bowl) will probably not increase due to this new trademark. Forcing retailers to pay for using the phrase ...
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Perfect competition and monopoly

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util - Pearson

... best they can. Suppose a firm has a fixed budget of $200 to spend on punch and cookies for its holiday party. • The price of punch is $2 per cup and the price of cookies is $1 per cookie; both goods will, of course, be provided free of charge to workers at the party. • The firm’s objective is to max ...
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Perfect Competition

... • In the short run, if a firm finds that its price is less than its average total cost, should it shut down its operation? • The layperson says that a firm maximizes profits when total revenue minus total cost is as large as possible and positive. The economist says that a firm maximizes profits whe ...
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Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. The theory has been used in order to explain the difference in wages among essential and non-essential services, such as why the wages of an air-conditioner repairman exceed those of a childcare worker.The theory arose in the mid-to-late nineteenth century in response to the normative practice of classical economics and growing socialist debates about social and economic activity. Marginalism was an attempt to raise the discipline of economics to the level of objectivity and universalism so that it would not be beholden to normative critiques. The theory has since come under attack for its inability to account for new empirical data.Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory.
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