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Econ100B Lecture7 - 4-24

Econ100B Lecture7 - 4-24 - Economics 100B Lecture 7 S...

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Economics 100B: Lecture 7 S. Nageeb Ali April 23, 2008
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Economics 100B: April 23, 2008 Administrative square6 Midterm grades: available on Friday on webct.ucsd.edu boxshadowdwn Change grading option / drop / withdraw deadline without W boxshadowdwn Each midterm is worth 25%; final 50% boxshadowdwn Midterms follow problem set and lectures closely square6 Master these and you’re all set.
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Economics 100B: April 23, 2008 Where we are… square6 Efficiently combining inputs at lowest cost only half the story square6 Major question for firm: how much do we produce? When and how will this affect my prices? square6 Depends on type of market and firm boxshadowdwn If firm is small, it has little or no effect on market prices (Pricetaker) boxshadowdwn If firm is large, it has a large effect on market prices (Pricesetter)
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Economics 100B: April 23, 2008 Application: Diamonds square6 Worldwide sales of $11.2 billion in 2004 boxshadowdwn Single company, DeBeers sold $5.7 billion worth (48%) square6 Managing Supply: Scarcity creates value boxshadowdwn After discovery in South Africa in 1867, Cecil Rhodes created diamond syndicate to restrict supply boxshadowdwn In 1950s as other countries discovered diamonds, DeBeers quickly joined forces or punished competitors square6 When Zaire reneged, DeBeers flooded markets and reduced price
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Economics 100B: April 23, 2008 Application: Diamonds square6 Managing Demand
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