C7-1-MarketStructures_2010-04-02

C7-1-MarketStructures_2010-04-02 - Market Structures...

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Chapter 7 – Structure of Industries ECON 303 Managerial Economics, Spring 2010 Edward L. Millner , Department of Economics Copyright Millner 2009-10 Before class Read the Learning Objectives for this chapter Organize your notes from the previous class. Studies show that if you review and organize your notes the day you take them you will retain 80% of the information for 8 weeks. Read the review material. Write down answers to the Review Questions that are due. Be ready to submit your answers with your “clicker” at 11:00. Work on each of the Lecture Problems . Read the notes linked to them and the pages in the book that the notes reference. Pay close attention to the demonstration problems in the book. Jot down an answer, an outline to an answer, the beginning of an answer, or “I am lost”, next to each question. Be ready to read aloud upon request what you have written. Read what is next . Learning Objectives The student will understand that marginal revenue equals price for a price-taking firm and is below price for a price-setting firm. Demonstrable outcomes are the abilities to: Classify an industry into one of the four basic market structures. Calculate marginal revenue when given demand information. Review Employees often act contrary to the interest of the owners of the firm A firm can induce more of an activity by increasing the financial reward an employee or manager earns by engaging in the activity. Poorly structured compensation schemes induce activities that are contrary to the best interests of the owners of the firm Well structured compensation schemes provide incentives that align the interests of employees and managers with the interests of the owners Click here to return to the top of the file. Market Structures, p. 1 of 5
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This note was uploaded on 11/04/2010 for the course ECON 303 taught by Professor Shrestha during the Fall '08 term at VCU.

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C7-1-MarketStructures_2010-04-02 - Market Structures...

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