econ101_13 - Economics 101 Lecture 13 March 3 2008 Firm and...

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Unformatted text preview: Economics 101 Lecture # 13 March 3, 2008 Firm and Industry SR Supply 1. The Firm’s Supply: MR(=P)=MC a) When is Price too low to produce? b) The role of AVC & Shutdown! 2. SR Market Equilibrium (under perfect competition) a) Implications: MB = MC & Efficiency b) Measures of Net Benefits: CS, PS 0) Intervening in the Market-Place 1) Because it isn’t Fair (Price Controls & Floors) 2) Because of External Costs & Benefits 3.Production in the Long Run (Time to Choose Methods & Scale) a. Efficient Choice of Methods b. Scale Economics and Diseconomies Womb/em 6227mm? 70:, MJ Bo! fymmefi's I /. Increase 6? 1'5 5:75 >_____ ATC ¢ + '7 4 :2; yes mcmua Q4: am min/«7‘ k If ”ODG'j fl§<%#+) {bylaw 626:7 is S , .’ . .00 ‘ QI @H‘XG? Questanwyampfma +7; Fc? _ w w _ If y _ imthwfix _ _Qsfiis 5x53 : Mylwhs- _ m _ a I_ _ _ .4... _ . _ __m we.“ . . .. .04. (no? Swami.“ M Haasiév +9, Mrgsw? “SQ!“ iMFW 1 Wk}? . ekm Wag“: 'CS‘PPS’TB: If Marker Oufcoma ISNL W ‘ ...
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