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Lesson 11 - I-Learn - BYU
Lesson 11 - I-Learn - BYU

Chapter 10
Chapter 10

... Bertrand Equilibrium: modifications • The Bertrand model makes clear that competition in prices is very different from competition in quantities • Since many firms seem to set prices (and not quantities) this is a challenge to the Cournot approach • But the Bertrand model has problems too – for the ...
Demand
Demand

... The Law of Supply • The law of supply holds that other things equal, as the price of a good rises, its quantity supplied will rise, and vice versa. • Why do producers produce more output when prices rise? – They seek higher profits – They can cover higher marginal costs of production ...
Elasticity
Elasticity

mcl_mankiw_intro_micro_chapter_4_fall_2012
mcl_mankiw_intro_micro_chapter_4_fall_2012

ECON_CH05_Supply
ECON_CH05_Supply

... When a product’s supply shifts, different quantities of products ...
The Firm`s Decisions in Perfect Competition
The Firm`s Decisions in Perfect Competition

Appendix
Appendix

... An indifference curve is a curve showing the different combinations of two goods that provide the same satisfaction or total utility to a consumer ...
Exam One Name
Exam One Name

... of brakes. Determine whether anyone has an absolute advantage at either task and, for each task, determine who has a comparative advantage. Be sure to explain your reasoning. Answer: In time it takes Nancy to replace a set of brakes she can complete one-half of a clutch replacement. So her opportuni ...
Market Power: Monopoly and Monopsony
Market Power: Monopoly and Monopsony

THE THEORY OF ECONOMIC VALUE
THE THEORY OF ECONOMIC VALUE

... willing to supply, as a function of the price at which he can sell it. If the price of chocolate goes up, chocolate companies will be willing to make more chocolate. Conversely, if the price of chocolate goes down, less chocolate will be supplied. Unfortunately, it costs Hershey money to supply us w ...
chapter 11 - MBA Course Resources
chapter 11 - MBA Course Resources

q {Corn(Bushels per week)}
q {Corn(Bushels per week)}

... Implications from the 4 assumptions 2. Firms will not pay attention to production decisions made by other firms… ...since every firm is a price taker and small (compared to the entire market), no individual firm can affect the market share or profitability of another firm. 3. A distinction must be ...
chapter outline
chapter outline

... C. The Moral of the Story 1. By charging different prices to different customers, a monopoly firm can increase its profit. 2. To price discriminate, a firm must be able to separate customers by their willingness to pay. 3. Arbitrage (the process of buying a good in one market at a low price and then ...
Valuation 2: Environmental Demand Theory
Valuation 2: Environmental Demand Theory

... • We must make choices about how to manage the human impact on natural systems • Greater use of a particular environmental service or greater protection of a specific natural system results in less of something else (trade-off) • To make the most of scarce resources we must compare what is gained fr ...
consumer behaviour - Sundarban Hazi Desarat College
consumer behaviour - Sundarban Hazi Desarat College

Economics Basics
Economics Basics

... Opportunity cost is the value of what is foregone in order to have something else. This value is unique for each individual. You may, for instance, forgo ice cream in order to have an extra helping of mashed potatoes. For you, the mashed potatoes have a greater value than dessert. But you can always ...
3 - Studyit
3 - Studyit

... Point A: Production inefficiency: There are resources that are not fully employed. This represents an under-utilisation of resources. Point B or C: Allocative Efficiency: A single point on PPC. This is what society wants. Point B & C: Production Efficiency: The country is producing at its maximum le ...
changes in demand
changes in demand

... Elasticity of Demand • What effect does change in price have on demand for a product? How do businesses set prices? • Elasticity: measure of responsiveness a product is to price; is demand of product effected by an increase/decrease of price (rubber band). • Elastic - change in price causes change ...
A numerical example of the effects of an export subsidy
A numerical example of the effects of an export subsidy

... curves, and no stocks or externalities. ...
monopoly
monopoly

... • Price discrimination is not possible when a good is sold in a competitive market since there are many firms all selling at the market price. In order to price discriminate, the firm must have some market power. • Perfect Price Discrimination • Perfect price discrimination refers to the situation w ...
Chapter 12 Monopoly
Chapter 12 Monopoly

Economics 103 Fall 2007 All Sections: Lab 3
Economics 103 Fall 2007 All Sections: Lab 3

Is the Perfectly Competitive Market a Morally Free Zone?
Is the Perfectly Competitive Market a Morally Free Zone?

6 of these will be on your exam.
6 of these will be on your exam.

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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.
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