Menu_05_Oct_09 - a. Case 1: P > ATC i....

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TODAY’S MENU: Monday 05 October 2009 I. BUSINESS A. Practice Problems 1. Chapter 11: 1-4, 6, 8, 10, 12-17, 19 B. Second exam: Two weeks from today (19 October) II. SUBSTANCE A. Theory of the Firm: The Basics 1. Time a. Short run i. Definition b. Long run i. Definition B. Perfect competition 1. Market structure a. Many small buyers and sellers b. Homogeneous good c. Perfect information d. No barriers to entry/exit 2. Firm behavior in the short run: How much to produce?
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Unformatted text preview: a. Case 1: P > ATC i. Equilibrium quantity ii. Profit b. Case 2: P = ATC i. Equilibrium quantity ii. Profit c. Case 3: ATC > P AVC i. Equilibrium quantity ii. Profit d. Case 4: P < AVC i. Equilibrium quantity ii. Profit e. Conclusions 3. Graphically III. NEXT TIME A. Finish Chapter 11: Perfect Competition B. Begin Chapter 12: Monopoly...
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