ECMC41-Lec1 - ECMC41 Lecture 1 ECMC41 This term Instructor:...

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ECMC41 – Lecture 1
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2 ECMC41 – This term Instructor: Jack Parkinson Office hrs: Mondays 1 – 3 pm & Wednesdays 12:30 – 1:30 pm Office: MW-380 E-mail: [email protected] See the Intranet for: notes, sample exams, recommended problems etc.
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3 Today’s topics A) Why take a course like this? A) What is this course about? A) What will we study? A) Theory of the firm
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4 A) Why should we be interested in IO? 1) Strategic decision-making Simple decisions Complex decisions 2) Researchers Research result government policy Antitrust Economic regulation 3) Job market
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5 B) What is the study of Industrial Organization? (1) Behavior of the firm Objective How to operate in a marketplace? (2) Structure of the market How does market structure affect the way in which firms behave? (3) Performance of a market How does the behavior of firms influence the market structure and market performance?
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6 B) What is the study of Industrial Organization? Business reality: imperfectly competitive markets Products: Entry conditions: What about the role of openness of the economy? Industrial Organization (IO): a branch of economics - Challenges the applicability and explanatory power of the theory of perfect competition
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B) Course setup (see outline) Objective : investigate, study, and examine Market structure, decision-making, market performance To think analytically Apply appropriate models to different market situations to make sound economic arguments. Textbook : Modern Industrial Organization, D. Carlton and J. Perloff, the 4th edition, Addison-Wesley, 2005.
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This note was uploaded on 11/09/2010 for the course ECM ECMC41 taught by Professor Jackparkinson during the Spring '10 term at University of Toronto.

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ECMC41-Lec1 - ECMC41 Lecture 1 ECMC41 This term Instructor:...

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