Unformatted text preview: iii. Consumer Optimization a. MRS = Price ratio (usually) b. Changes in income c. Changes in price i. Income and substitution effects iv. Deriving Demand v. Giffen Goods Chapter 15: Monopoly i. How monopolies make pricing and production decisions ii. Monopolies revenue (marginal revenue in particular) iv. Profit maximization v. The deadweight loss and monopoly profits vi. Natural monopoly (We may or may not get to this point.) a. Marginal cost pricing b. Average cost pricing...
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This note was uploaded on 09/14/2009 for the course ECON 304K taught by Professor Ledyard during the Fall '08 term at University of Texas.
- Fall '08