101 lecture 15 monopoly

1. Microeconomics Chapter 15 Monopoly

2. How many firms does it take to compete?

3. How many firms does it take to compete? One

4. Monopoly

5. Monopoly Only Seller No Close Substitutes

6. Barriers to Entry

7. Barriers to Entry Government Protection Key Resource Network Externalities Economies of Scale

8. Patents Copyrights

9. Patents 20 Years Copyrights Lifetime plus 70 Years

10. Franchise

11. Franchise Exclusive Legal Provider

12. New Drugs

13. New Drugs 10 Years of Testing before Approval 10 Years of Monopoly

14. Network Externalities

15. Network Externalities The more who use it The more valuable it becomes

16. Natural Monopoly

17. Natural Monopoly One firm can supply entire market at a lower average cost than two or more firms

18. Natural Monopoly

19. Natural Monopoly The more I make the lower my costs Large Fixed Costs

20. Is competition always good?

21. Is competition always good? Sometimes it can lead to higher prices

22. Monopoly Output and Price

23. Monopoly Output and Price Lower Price: Good: Sell More Bad: Less Revenue Per Unit

24. Perfect Competition

25. Perfect Competition $ Quantity

26. P Perfect Competition $ Quantity Demand=MR

27. P Perfect Competition Marginal Cost MC $ Quantity Demand=MR

28. P Perfect Competition Marginal Cost MC $ Quantity Demand=MR

29. Q P Perfect Competition Marginal Cost MC $ Quantity Demand=MR

30. Q P Perfect Competition Marginal Cost MC $ Quantity Demand=MR Total Revenue

31. Q P Perfect Competition Marginal Cost MC Average Cost ATC $ Quantity Demand=MR Total Revenue

32. Q P Perfect Competition Marginal Cost MC Average Cost ATC $ Quantity Demand=MR Total Revenue

33. Q P Perfect Competition Marginal Cost MC Average Cost ATC Total Cost $ Quantity Demand=MR

34. Q P Perfect Competition Marginal Cost MC Average Cost ATC Profit Total Cost $ Quantity Demand=MR

41. Perfect Competition

42. Demand Perfect Competition

43. Demand MR Perfect Competition

44. Demand = MR Perfect Competition

45. Demand MR Monopoly

46. Demand MR Monopoly

47. Demand Monopoly MR

51. Perfect Competition Monopoly Q D TR MR D TR MR 1 2 3 4 5 Monopoly: To get more Quantity must lower price

52. Perfect Competition Monopoly Q D TR MR D TR MR 1 2 3 4 5 Monopoly: To get more Quantity must lower price

53. Perfect Competition Monopoly Q D TR MR D TR MR 1 $3 2 $3 3 $3 4 $3 5 $3 Monopoly: To get more Quantity must lower price

54. Perfect Competition Monopoly Q D TR MR D TR MR 1 $3 $3 2 $3 $6 3 $3 $9 4 $3 $12 5 $3 $15 Monopoly: To get more Quantity must lower price

55. Perfect Competition Monopoly Q D TR MR D TR MR 1 $3 $3 $3 2 $3 $6 $3 3 $3 $9 $3 4 $3 $12 $3 5 $3 $15 $3 Monopoly: To get more Quantity must lower price

56. Perfect Competition Monopoly Q D TR MR D TR MR 1 $3 $3 $3 $5 2 $3 $6 $3 $4 3 $3 $9 $3 $3 4 $3 $12 $3 $2 5 $3 $15 $3 $1 Monopoly: To get more Quantity must lower price

57. Perfect Competition Monopoly Q D TR MR D TR MR 1 $3 $3 $3 $5 $5 2 $3 $6 $3 $4 $8 3 $3 $9 $3 $3 $9 4 $3 $12 $3 $2 $8 5 $3 $15 $3 $1 $5 Monopoly: To get more Quantity must lower price

58. Perfect Competition Monopoly Q D TR MR D TR MR 1 $3 $3 $3 $5 $5 $5 2 $3 $6 $3 $4 $8 $3 3 $3 $9 $3 $3 $9 $1 4 $3 $12 $3 $2 $8 -$1 5 $3 $15 $3 $1 $5 -$3 Monopoly: To get more Quantity must lower price

59. Demand Perfect Competition

60. Demand = MR Perfect Competition

71. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR 2 4 5 Qty Lose Gain Demand

72. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 1 2 4 5 Qty Lose Gain Demand

73. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 1 2 4 5 $5 Qty Lose Gain Demand

74. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 1 2 4 5 $5 $5 Qty Lose Gain Demand

75. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 2 4 5 1 2 $5 $5 Qty Lose Gain Demand

76. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 2 4 5 1 2 $5 $8 Qty $5 Lose Gain Demand

77. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 2 4 5 1 2 $5 $8 Qty $5 $3 Lose Gain Demand

80. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 2 4 5 1 2 $5 $8 Qty $5 $3 Lose Lose -$1 Gain Demand

81. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 2 4 5 1 2 $5 $8 Qty $5 $3 Lose Gain Lose -$1 Gain $4 Demand

84. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 2 4 5 1 2 $5 $8 Qty $5 $3 Lose -$1 Gain $4 Demand

85. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 2 4 5 1 2 3 $5 $8 Qty $5 $3 Lose -$1 Gain $4 Demand

86. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 2 4 5 1 2 3 $5 $8 $9 Qty $5 $3 Lose -$1 Gain $4 Demand

87. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 2 4 5 1 2 3 $5 $8 $9 Qty $5 $3 $1 Lose -$1 Gain $4 Demand

88. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 2 4 5 1 2 3 $5 $8 $9 Qty $5 $3 $1 Lose -$1 -$2 Gain $4 Lose Demand

89. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 2 4 5 1 2 3 $5 $8 $9 Qty $5 $3 $1 Lose -$1 -$2 Gain $4 $3 Lose Gain Demand

90. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 2 4 5 1 2 3 $5 $8 $9 Qty $5 $3 $1 Lose -$1 -$2 Gain $4 $3 Demand

91. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 2 4 5 1 2 3 4 $5 $8 $9 Qty $5 $3 $1 Lose -$1 -$2 Gain $4 $3 Demand

92. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 2 4 5 1 2 3 4 $5 $8 $9 $8 Qty $5 $3 $1 Lose -$1 -$2 Gain $4 $3 Demand

93. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 2 4 5 1 2 3 4 $5 $8 $9 $8 Qty $5 $3 $1 -$1 Lose -$1 -$2 Gain $4 $3 Demand

94. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 2 4 5 1 2 3 4 $5 $8 $9 $8 Qty $5 $3 $1 -$1 Lose -$1 -$2 -$3 Gain $4 $3 Lose Demand

95. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 2 4 5 1 2 3 4 $5 $8 $9 $8 Qty $5 $3 $1 -$1 Lose -$1 -$2 -$3 Gain $4 $3 $2 Lose Gain Demand

96. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 2 4 5 1 2 3 4 $5 $8 $9 $8 Qty $5 $3 $1 -$1 Lose -$1 -$2 -$3 Gain $4 $3 $2 Demand

97. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 $1 2 4 5 1 2 3 4 5 $5 $8 $9 $8 Qty $5 $3 $1 -$1 Lose -$1 -$2 -$3 Gain $4 $3 $2 Demand

98. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 $1 2 4 5 1 2 3 4 5 $5 $8 $9 $8 $5 Qty $5 $3 $1 -$1 Lose -$1 -$2 -$3 Gain $4 $3 $2 Demand

99. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 $1 2 4 5 1 2 3 4 5 $5 $8 $9 $8 $5 Qty $5 $3 $1 -$1 -$3 Lose -$1 -$2 -$3 Gain $4 $3 $2 Demand

100. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 $1 2 4 5 1 2 3 4 5 $5 $8 $9 $8 $5 Qty $5 $3 $1 -$1 -$3 Lose -$1 -$2 -$3 -$4 Gain $4 $3 $2 Lose Demand

101. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 $1 2 4 5 1 2 3 4 5 $5 $8 $9 $8 $5 Qty $5 $3 $1 -$1 -$3 Lose -$1 -$2 -$3 -$4 Gain $4 $3 $2 $1 Lose Gain Demand

102. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 $1 2 4 5 1 2 3 4 5 $5 $8 $9 $8 $5 Qty $5 $3 $1 -$1 -$3 Lose -$1 -$2 -$3 -$4 Gain $4 $3 $2 $1 Demand

107. Monopoly Price 1 3 $5 $4 $3 $2 $1 $0 Price Qty TR MR $5 $4 $3 $2 $1 2 4 5 1 2 3 4 5 $5 $8 $9 $8 $5 Qty $5 $3 $1 -$1 -$3 Lose -$1 -$2 -$3 -$4 Gain $4 $3 $2 $1 Demand Marginal Revenue MR

116. Monopoly $ Q

117. Monopoly $ Demand Q

118. Monopoly Demand Marginal Revenue MR $ Q

119. Monopoly Marginal Cost MC Demand Marginal Revenue MR $ Q

120. Monopoly Marginal Cost MC Demand Marginal Revenue MR $ Q 1. MR=MC?

121. Monopoly Marginal Cost MC Demand Marginal Revenue MR $ Q 1. MR=MC?

122. Monopoly Marginal Cost MC Q Demand Marginal Revenue MR $ Q 1. MR=MC?

123. Monopoly Marginal Cost MC Q P Demand Marginal Revenue MR $ Q 1. MR=MC?

124. Monopoly Marginal Cost MC Q P Demand Marginal Revenue MR $ Q 1. MR=MC? 2. TR= P x Q

125. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR $ Q 1. MR=MC? 2. TR= P x Q

126. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q

130. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR Cost $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q

131. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR Cost $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

132. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR Cost $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

133. Monopoly Marginal Cost MC Q P Average Cost ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Marginal Revenue MR Cost $ Q Profit Demand

134. Monopoly Marginal Cost MC Q P Average Cost ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Marginal Revenue MR Cost $ Q Profit Demand

135. Monopoly Marginal Cost MC Q P Average Cost ATC Marginal Revenue MR Cost $ Q Profit Demand Consumer Surplus 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

136. Monopoly Marginal Cost MC Q P Average Cost ATC Marginal Revenue MR Cost $ Q Profit Demand Consumer Surplus 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

137. Monopoly Marginal Cost MC Q P Average Cost ATC Marginal Revenue MR Cost $ Q Profit Demand Deadweight Loss Consumer Surplus 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

140. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity

141. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity D

142. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC D

143. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC D

144. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC D

145. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC D

146. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC D

147. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC D

148. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

149. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

150. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

151. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

152. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

153. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

154. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

155. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

156. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D Gain

157. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D Gain Loss

158. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D

159. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D Loss

160. $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity MC MR D Loss Loss

163. Price Discrimination

164. Price Discrimination Selling the same good to different customers at different prices

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