University of Vermont Department of Economics Course Outline
... Additionally, Dahne will be available for drop-in office hours. This means that you can show up any time during his office hours with questions about the class material. This is an opportunity for you to discuss the course material individually and to tackle individual problems you may have. His rev ...
... Additionally, Dahne will be available for drop-in office hours. This means that you can show up any time during his office hours with questions about the class material. This is an opportunity for you to discuss the course material individually and to tackle individual problems you may have. His rev ...
ECON 2302 - Principles of Microeconomics
... or nationally recognized news publication. No blogs or editorials will be accepted. If you are concerned about whether your article or source is legitimate or not, feel free to bring it by my office for review. ...
... or nationally recognized news publication. No blogs or editorials will be accepted. If you are concerned about whether your article or source is legitimate or not, feel free to bring it by my office for review. ...
Microeconomics topic 2
... Producers want to maximise their profits. One way to do this is to use the most efficient method of production in order to keep cost per unit low. In the short run, the capacity of the firm is fixed and so the firm will only be able to produce a maximum number of products In the long run, the capaci ...
... Producers want to maximise their profits. One way to do this is to use the most efficient method of production in order to keep cost per unit low. In the short run, the capacity of the firm is fixed and so the firm will only be able to produce a maximum number of products In the long run, the capaci ...
No Slide Title
... A monopoly exists where the market is supplied by one firm producing a product for which there is no close substitute. A monopolist, therefore, tends to be a price-maker, in that the firm is able to set a price in the face of little or no competition. In practice, the term monopoly is often applied ...
... A monopoly exists where the market is supplied by one firm producing a product for which there is no close substitute. A monopolist, therefore, tends to be a price-maker, in that the firm is able to set a price in the face of little or no competition. In practice, the term monopoly is often applied ...
This PDF is a selection from an out-of-print volume from... National Bureau of Economic Research
... orders per period to which it refers, that is, q2 > q,, etc. To simplify presentation, the J-type curves, 5—is) is not affected by whether the curves are convex or concave. For example, in Figure i MM' is drawn with the same slope as MM; each of these curves, together with .11, ...
... orders per period to which it refers, that is, q2 > q,, etc. To simplify presentation, the J-type curves, 5—is) is not affected by whether the curves are convex or concave. For example, in Figure i MM' is drawn with the same slope as MM; each of these curves, together with .11, ...
Firm`s Decision - Profit Maximization
... control of a vast range of range of economic activities: the price system. The perfectly competitive market is socially desirable because: 1) Price is equal to marginal cost, all possible trades are exhausted 2) The last unit of output consumed is worth exactly the same to the buyer as the inputs re ...
... control of a vast range of range of economic activities: the price system. The perfectly competitive market is socially desirable because: 1) Price is equal to marginal cost, all possible trades are exhausted 2) The last unit of output consumed is worth exactly the same to the buyer as the inputs re ...
Supply Lecture Notes
... To produce goods firms must pay for inputs such as raw materials, labor, rent, equipment, taxes, etc. Higher input costs cause supplies to produce less at every price– lower margin of profit High input costs cause supply curves to shift to the left ...
... To produce goods firms must pay for inputs such as raw materials, labor, rent, equipment, taxes, etc. Higher input costs cause supplies to produce less at every price– lower margin of profit High input costs cause supply curves to shift to the left ...
What three factors determine the demand for a product?
... Consumer Tastes—What factors can affect consumer tastes? Substitutes—What happens to the demand for a product if the price of its substitute goes up? Complements—How does an increase in a product’s price affect demand for the product’s ...
... Consumer Tastes—What factors can affect consumer tastes? Substitutes—What happens to the demand for a product if the price of its substitute goes up? Complements—How does an increase in a product’s price affect demand for the product’s ...
Chapter 6 (new)
... What is a system of allocating scarce goods and services using some criteria other than price? ...
... What is a system of allocating scarce goods and services using some criteria other than price? ...
Monopolistic Competition
... Panel (a) shows the long-run equilibrium in a monopolistically competitive market, and panel (b) shows the longrun equilibrium in a perfectly competitive market. Two differences are notable. (1) The perfectly competitive firm produces at the efficient scale, where average total cost is minimized. By ...
... Panel (a) shows the long-run equilibrium in a monopolistically competitive market, and panel (b) shows the longrun equilibrium in a perfectly competitive market. Two differences are notable. (1) The perfectly competitive firm produces at the efficient scale, where average total cost is minimized. By ...
increasing marginal returns
... price of the good is expected to drop ____ in the near future, sellers will earn more money by placing goods immediately before the price falls. on the market ___________ reduce supply now Expectations of higher prices will ____________ and increase supply later, and expectations of lower prices wil ...
... price of the good is expected to drop ____ in the near future, sellers will earn more money by placing goods immediately before the price falls. on the market ___________ reduce supply now Expectations of higher prices will ____________ and increase supply later, and expectations of lower prices wil ...
Class 3
... Allocative efficiency: AE is achieved when there is no possible reallocation of resources that could make one agent better off without making one other worse off Necessary condition for allocative efficiency: MB=MC ...
... Allocative efficiency: AE is achieved when there is no possible reallocation of resources that could make one agent better off without making one other worse off Necessary condition for allocative efficiency: MB=MC ...
Chapter 6, Question 12
... A its total revenue is less than its total cost B its total revenue is less than its total fixed cost C the market price is less than the firm’s average variable cost D the market price is less than the firm’s average total cost ...
... A its total revenue is less than its total cost B its total revenue is less than its total fixed cost C the market price is less than the firm’s average variable cost D the market price is less than the firm’s average total cost ...
Chapter 14 Firms in Competitive Markets
... Why Long-Run Supply Curve Might Slope Upward • 2 possible reasons why this might not be the case: 1. If a resource is limited in quantity, entry will increase price of resource and raise ATC 2. If firms have different costs, it’s likely those with lowest costs enter industry first. If demand then i ...
... Why Long-Run Supply Curve Might Slope Upward • 2 possible reasons why this might not be the case: 1. If a resource is limited in quantity, entry will increase price of resource and raise ATC 2. If firms have different costs, it’s likely those with lowest costs enter industry first. If demand then i ...
Externality
In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-proof his home may benefit from a reduced risk of a fire spreading to their own houses. If external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, an element of externalization is involved. If there are external benefits, such as in public safety, less of the good may be produced than would be the case if the producer were to receive payment for the external benefits to others. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved. Thus, unregulated markets in goods or services with significant externalities generate prices that do not reflect the full social cost or benefit of their transactions; such markets are therefore inefficient.