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Week 5B - COMM/FRE 295 October 6 2010 Continuation of...

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COMM/FRE 295 October 6, 2010 Continuation of Competitive Markets, Consumer Surplus, Producer Surplus, DWL Sections 8.1 8.6
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Topics Examined Graphical illustration of short run profits for a competitive firm Long run equilibrium for a competitive industry Measuring consumer surplus Producer Surplus Dead Weight Loss
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Graphical Illustration of Revenue for a Competitive Firm 0 P q* ATC AVC AFC MC Notice that the firm produces where P = MC
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