eco9.5 - Non-competitive Monopolies Few sellersairlines...

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September 5, 2006 Microeconomics 1. y = 10x + 5 2. a. y = .2x + 4 b. y = .2x + 8 c. y = .4x + 4 3. 2=3q=10-q 4. 4q=8 5. q=2 6. p=8 Competive Markets •Many buyers & sellers—cannot affect the price •All products same •Price comes from cost of production – Smith •Value people derive from goods •Things people need are usually less expensive
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Unformatted text preview: Non-competitive Monopolies Few sellersairlines Brand names, goods are not perfect substitutes ex. Books, Cds, ect. Demand & Quantity demanded Quantity demanded amount able & willing to purchase for a specific period of time (usually depends on price) Law of Demand- holding all else constant, when price goes up, quantity demanded falls...
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This note was uploaded on 04/20/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.

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