Lecture1_Monopoly_Econ121_Fall2010

Lecture1_Monopoly_Econ121_Fall2010 - Lecture 1 Intro and...

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Click to edit Master subtitle style 4/28/11 Lecture 1 Intro and Monopoly Econ 121: Industrial Organization UC Berkeley Fall 2010 Prof. Cristian Santesteban
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4/28/11 A Few Words about Me Electrical Engineering Undergrad (UT Austin) Econ Ph.D. (Stanford) Taught at Stanford – first time at Berkeley Staff Economist in Clinton White House 10 years as Econ Consultant in
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4/28/11 A Few Words about You Major? Econ? Political Science? Math? Computer Science? Industrial Engineering? Other? Undergrad versus Grad? Grad School Plans?
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4/28/11 Econ 121- Overview Applied Microeconomics Study of how firms behave in markets This course will extend to the perfectly competitive model of markets such imperfections as market power, limited information, transaction costs, government intervention, and barriers to entry.
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4/28/11 Econ 121 - Overview Monopoly and Competition – two extremes of market structure Oligopolistic Behavior – few firms, lots of game theory Theory of the Firm – internal organization and ownership of firms – division between firms and markets not always clear Product Differentiation – allows firms
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4/28/11 Topics for this Lecture Monopoly Pricing Market Power Inefficiency of Monopoly Natural Monopoly Intro to Barriers to Entry
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4/28/11 Overview – Monopoly and Monopsony Monopoly: One seller, many buyers Demand curve faced by monopolist is the market demand curve Monopolist’s quantity lower and price higher than competitive outcome % market power Monopoly outcome is inefficient – fewer consumers buy the product
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4/28/11 The Monopolist’s Problem
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Lecture1_Monopoly_Econ121_Fall2010 - Lecture 1 Intro and...

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