Chapter 14: Firms in Competitive Markets
Main Topics
Characteristics of a competitive market
Market power
* Monopoly, Duopoly, Oligopoly, Monosony
Supply curve: closely related to firms cost curve
Which cost curve (fixed cost? variable cost? marginal
Chapter 13: The Costs of Production
Main Topics
What items are included in a firms costs of production
The meaning of:
average total cost
marginal cost
short-run cost
long-run cost
The shape of a typical firms cost curves
The link between a firms
Chapter 16: Monopolistic Competition
Main Topics
We have learned two extreme markets:
a competitive market (Chapter 14): many sellers and many buyers, identical
goods, no entry-exit barriers
a monopoly (Chapter 15): a single seller, entry barriers
Mar
Chapter 11: Public Goods and Common Resources
Main Topics
why private markets fail to provide public goods.
some of the important public goods in our economy.
why the costbenefit analysis of public goods is both necessary and difficult.
- 1 -
1. Differ
Chapter 15: Monopoly
Main Topics
Definition: Monopoly
Why Monopolies Arise ?
How Monopoly firms behave
- A monopoly firm is a price maker while a competitive firm is a price
taker.
- Then, how does a monopoly determine the quantity to produce and the
p
Ch.10
4.
a. The extra traffic is a negative externality because it imposes a cost on other drivers.
b. Figure 2 shows the market for theater tickets. The value of the external cost is the vertical
distance between the private cost and the social cost curv
Chapter 17: Oligopoly
Main Topics
Definition of oligopoly: a market structure in which only a few sellers offer
similar or identical products.
Main questions
what outcomes are possible when a market is an oligopoly.
why is it difficult for oligopolist
Chapter 18: The Markets for the Factors of Production
Main Topics
The Markets for the Factors of Production
factors of production: the inputs used to produce goods and services (labor,
land, and capital)
- The markets for the factors of production are s
Chapter 10: Externalities
Main Topics
(Principle #7) Governments can sometimes improve market outcomes.
definition of externality: the uncompensated impact of one persons actions on
the well-being of a bystander.
If the impact on the bystander is adver
Problem PS1.1.4
(1 point possible)
The amount of money that Ubers drivers make during a period of time
greatly depends on the location and the time of day that they work.
Suppose that the state of Massachusetts considers passing a bill that
requires Uber
Your Name:
Your Student ID: 2016101344
News1
Article Title: The trouble with GDP
Article
Webpage
Link:
Newspaper or Magazine Name: The http:/www.economist.com/news/briefing/21697845
Economist
-gross-domestic-product-gdp-increasingly-poormeasure-prosperit
Take Home Quiz_1
Statistics for Social Studies, Spring 2015
The data presented below were collected on the amount of time, in hours; it takes an
employee, to process an order at a local plumbing wholesaler.
2.8
5.5
1.
4.9
10.2
0.5
1.1
13.2
14.2
14.2
7.8
8
Take Home Quiz_1
Statistics for Social Studies, Spring 2015
I.
2.8
5.5
The data presented below were collected on the amount of time, in hours; it takes
an employee, to process an order at a local plumbing wholesaler.
4.9
10.2
0.5
1.1
13.2
14.2
14.2
7.8
8
Exercise for final exam
Poker Time
The amount of time spent by American adults playing Poker per week is normally distributed with a
mean of 4 hours and standard deviation of 1.25 hours.
1. cfw_Poker Time Narrative Find the probability that a randomly sel
Exercise for final exam
Poker Time
The amount of time spent by American adults playing Poker per week is normally distributed with a
mean of 4 hours and standard deviation of 1.25 hours.
1. cfw_Poker Time Narrative Find the probability that a randomly sel
Macro
2
2013101275
Assignment
6
1. Explain about a sectoral shock and 2. how is it related to reallocation of factors of
production.
Secotral shock is the term describing the labor reallocation when there
happens a change on relative total factor product
Econ 73-250A-F
Spring 2001
Prof. Daniele Coen-Pirani
Suggested Answers to Problem Set #4
Please refer to the end of the document for all diagrams.
Exercise 18.0. First part:
f (x1 ,x2 )
x1 + 2x2
ax1 + bx2
50x1 x2
MP1 (x1 ,x2 )
1
a
50x2
MP2 (x1 ,x2 )
2
b
5
Micro - Ch 8 & 14 Review Problems: Slutsky Equation and Consumer Surplus
1. Charlie continues to consume apples and bananas. His utility function is U (xa , xb ) = xa xb . The
price of apples is $1, the price of bananas is $2, and Charlies income is $40 a
962201 Intermediate Microeconomics
Khon Kaen University
Suggested Solution 1
Problem Set 5-7. Do the following functions exhibit increasing, constant, or decreasing returns to
scale? What happens to the marginal product of each individual factor as that f
Econ306Intermediate Microeconomics
Fall 2007
Final exam Solutions
Question 1 (20 points)
John loves root beer oats, which he makes by combining one glass of root beer and two
scoops of ice cream. Jane is on a diet that assigns points to food and drinks. O
Micro - Firm Supply, Industry Supply and Monopoly
1. Dent is in the automobile repair business. Dent found that the total cost of repairing s cars is
c(s) = 2s2 + 100.
(a) Find equations for Dents average cost, average variable cost, and his marginal cost
In the last section, you were given a consumers preferences and then you
solved for his or her demand behavior. In this chapter we turn this process
around: you are given information about a consumers demand behavior
and you must deduce something about th
Econ306Intermediate Microeconomics
Fall 2007
Midterm exam Solutions
Question 1 (12 points)
Beans
Perry lives on avocado and beans. The price of avocados is $10, the price of beans is $5,
and his income is $40.
(i) (3 points) Show Perrys budget line on a g
Prof. Kiseok Lee ([email protected])
TA Junyong Kim ([email protected])
Lecture Note 1
1
Econometrics
Econometrics is Economic Measurement, measurement in terms of statistics and mathematics.
Why should we learn this subject?
1
Economic theories may b
Prof. Kiseok Lee ([email protected])
TA Junyong Kim ([email protected])
Lecture Note 3
1
Random Property of
OLS estimators of regression model is
=
=
We can transform the regression model (2.1) through differencing.
=
+
=
+
+
=
=
+
(
=
+
)+
+
+
Note