Menu_07_Oct_09 - a One seller i Implications b Good with no...

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TODAY’S MENU: Wednesday 07 October 2009 I. BUSINESS A. Practice Problems 1. Chapter 11: 1-4, 6, 8, 10, 12-17, 19 2. Chapter 12: 1-3, 7, 9-11, 13-15, 17-20, 23 B. Second exam: One week from Monday (19 October) II. SUBSTANCE A. Perfect competition 1. Graphically 2. Firm behavior: short run to long run a. Case 1: P > ATC i. Entry/Exit ii. Change in output/profit b. Case 2: P = ATC i. Entry/Exit ii. Change in output/profit c. Case 3: ATC > P ≥ AVC i. Entry/Exit ii. Change in output/profit d. Conclusions B. Monopoly 1. Market structure
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Unformatted text preview: a. One seller i. Implications b. Good with no close substitutes i. Implications c. High barriers to entry i. Causes ii. Implications 2. Firm behavior in the short run a. How much to produce? b. What price to charge? c. Profit? 3. Firm behavior in the long run a. Case 1: P ≥ ATC b. Case 2: P < ATC 4. Monopolist’s supply curve III. NEXT TIME A. Finish Chapter 12: “Monopoly” B. Begin Chapter 13: “Monopolistic Competition…”...
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