N26-oligopoly jpw - Monopolistic Competition &...

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microL26-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Lecture 26 Dr. Jennifer P. Wissink ©2009 John M. Abowd and Jennifer P. Wissink, all rights reserved. November 30, 2010
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microL26-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Announcements – MICRO F2010 MEL INFO: 4 more quizzes were posted BEFORE THANKSGIVING BREAK @ 50 points each, so there are still 200 more points to grab. All four remaining quizzes are due Sunday night Dec 5th. FINAL EXAM INFO: Please see class syllabus on the web page. All the available information about the exam is posted there and will be updated as more information comes in. I will post a “final info memo” this week sometime. Review sessions will be set up and announced soon. Once this week is over ALL office hours will be reposted for who will do what over study and exam time. Check the ETC door for their office hours over study and exam time, they will be different and less frequent. Check your email “in” and “junk” folders for an email from me where you are directed to a survey to tell us when you plan to take the final. There are two options. Again, see the syllabus on the web page for details. PLEASE DO THE SURVEY SO THAT WE HAVE YOU ON THE LIST FOR THE CORRECT DATE, SINCE WE WILL CHECK EVERYONE IN BY THEIR ID AND TA SECTION.
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microL26-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Monopolistic Competition: Performance Efficiency: Is the monopolistically competitive firm Pareto/Allocatively Efficient? » That is, at q MC is net social surplus maximized? » Does $MB=$MC at q MC ? » answer: No. Is the monopolistically competitive firm productively efficient? » Does the firm operate at minimum efficient scale? Is q mc at the minimum of the lratc curve? » answer: NO! There is “excess capacity.” » Is this “excess capacity” bad? » Is variety really the spice of life? Don’t forget, consider equity, too. q MC P MC lratc lrmc demand for GV jeans mr $ q
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microL26-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Hotelling's Location Game
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microL26-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ IO-Summary, Can You Fill In? # firms output Entry Exit info sr profit lr profit P vs. MC Pareto Efficiency productive efficiency Perfect Competition Simple Monopoly 1 st Degree Price Disc. Monopoly Monopolistic Competition Oligopoly
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microL26-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ IO-Summary, So Far. .. # firms output Entry & Exit info sr profit lr profit P vs. MC Pareto Efficiency productive efficiency Perfect Competition Many identical free Full and symm. +/0/-
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This note was uploaded on 01/27/2011 for the course ECON 1101 at Cornell University (Engineering School).

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N26-oligopoly jpw - Monopolistic Competition &...

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