Econ1-Fall2010-08B-InvisHand-handout

Econ1-Fall2010-08B-I - Readings Economics1 Ch.7:(p.208 214,216 226 8.(B Fall2010 HerbNewhouse

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Economics 1 rinciples of Microeconomics Principles of Microeconomics 8. The Invisible Hand in Action (B) Fall 2010 Herb Newhouse 1 eadings Readings Ch. 7: The Invisible Hand in Action (p. 208 – 214, 216 226) Response to Profits and Losses he Importance of Free Entry and it The Importance of Free Entry and Exit The Invisible Hand in Action The Distinction Between an Equilibrium and a Social ptimum Optimum We’re completely skipping Economic Rent versus conomic Profit (p 215 16 Economic Profit (p. 215 216). Know the idea of discounting, but I won’t ask you to do ny numerical calculations (p 218 19) any numerical calculations (p. 218 – 219). 2 utline Outline ome different possible shapes for long run Some different possible shapes for long run supply. he invisible hand in action The invisible hand in action. “No cash on the table.” Discounting. 3 umber of Firms and Cost Number of Firms and Cost Constant cost industry : input prices do not change as the number of firms
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This note was uploaded on 06/12/2011 for the course CS 1 taught by Professor Staff during the Fall '08 term at Cornell University (Engineering School).

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Econ1-Fall2010-08B-I - Readings Economics1 Ch.7:(p.208 214,216 226 8.(B Fall2010 HerbNewhouse

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