Lecture A (WK5)

Lecture A (WK5) - Lecture A (WK5) Welcome Back! The...

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Lecture A (WK5) Welcome Back! The long-run equilibrium position for a competitive industry is shown in the process of entry and exit in response to relative profit levels in the industry. Where profits exist, new firms will enter. Where profits are absent, firms will exit. Long-run supply curves and the conditions of constant, increasing, and decreasing costs are explored. Following, we will examine the characteristics of resource markets such as the markets for land and labor . To begin, please read: Chapter 9: Long-Run Costs and Output Decisions Chapter 10: Input Demand: The Labor and Land Markets Do you like to see a road map before you begin a trip? If so, the following is a no-frills, black and white, text only, outline of the major points for this week. You will find one each week in our Lecture Hall. Print yourself a copy and it can help to keep the points in perspective as we proceed. Chapter Nine Lecture Outline Chapter Ten Lecture Outline Chapter 9 – Long-Run Costs and Output Decisions The last two chapters discussed the behavior or firms to maximize their profits in the
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This note was uploaded on 06/15/2010 for the course EC 142DLB taught by Professor Graceonodipe during the Spring '10 term at Park.

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Lecture A (WK5) - Lecture A (WK5) Welcome Back! The...

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