Econ1-Fall2010-06B-Supply-handout

Econ1-Fall2010-06B-Supply-handout - Readings Economics1

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Economics 1 rinciples of Microeconomics Principles of Microeconomics 6. Supply (A) Fall 2010 Herb Newhouse 1 eadings Readings Ch. 6: Perfectly Competitive Supply (p. 152 – 164, 168 169) Individual and Market Supply Curves rofit aximizing Firms in Perfectly Competitive Markets Profit Maximizing Firms in Perfectly Competitive Markets Supply and Producer Surplus here will be less emphasis on it but you should be There will be less emphasis on it, but you should be familiar with the parts of the chapter we didn’t cover in detail in lecture: hinking about Supply: The Importance of Opportunity Thinking about Supply: The Importance of Opportunity Cost, Determinants of Supply Revisited, Applying the Theory of Supply. 2 utline Outline ffective demand for a competitive firm Effective demand for a competitive firm. Revenue function. rofit aximization Profit maximization. Shutdown decision. Profit/Loss in the short run.
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Econ1-Fall2010-06B-Supply-handout - Readings Economics1

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