101 lecture 17 oligopoly

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Quiz 8 Name_____________ID ________ 100 90 80 70 60 50 40 30 20 10 0 D MC MR ATC 0 1 2 3 4 5 6 7 8 9 10 1. What Q will maximize profits? 2. What is total revenue? 3. What is profit?

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Quiz 8 Name_____________ID ________ 100 90 80 70 60 50 40 30 20 10 0 D MC MR ATC Profit 0 1 2 3 4 5 6 7 8 9 10 1. What Q will maximize profits? 2. What is total revenue? 3. What is profit?

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Perfect Competition

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Perfect Competition $ Quantity

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P Perfect Competition $ Quantity Demand=MR

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P Perfect Competition $ Quantity Demand=MR 1. MR=MC?

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P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC?

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P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC?

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Q P PerfectCompetition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC?

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Q P PerfectCompetition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q

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Q P PerfectCompetition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q Total Revenue

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Q P PerfectCompetition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q Total Revenue

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

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Q P PerfectCompetition Marginal Cost MC Average Cost ATC Total Cost $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q

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

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

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Monopoly $ Q

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Monopoly $ Demand Q

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Monopoly Demand MarginalRevenue MR $ Q

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Monopoly Marginal Cost MC Demand Marginal Revenue MR $ Q

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

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

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

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

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

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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Monopolistic Competition Q $ Short Run D MR

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Monopolistic Competition Q $ Short Run D MR MC

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Monopolistic Competition Q $ Short Run D MR MC

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Monopolistic Competition Q $ Short Run D MR MC QS

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Monopolistic Competition Q $ Short Run D MR MC QS

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Q $ ShortRun D MR MC QS PS Monopolistic Competition

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Q $ ShortRun D MR MC ATC QS PS Monopolistic Competition

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Q $ ShortRun D MR MC Profit ATC QS PS Monopolistic Competition

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Q $ ShortRun D MR MC Profit ATC High Price Large Quantity QS PS Monopolistic Competition

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Q $ ShortRun Long Run D MR MC Profit ATC High Price Large Quantity QS PS Monopolistic Competition

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Q $ ShortRun Long Run D MR MC ATC High Price Large Quantity QS PS Demand Flattens Monopolistic Competition

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Q $ ShortRun Long Run MC MR D ATC High Price Large Quantity QS PS Demand Flattens Monopolistic Competition

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Q $ ShortRun Long Run MC MR D ATC High Price Large Quantity Lower Price Lower Quantity QS PS Demand Flattens Monopolistic Competition

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Q $ ShortRun Long Run MC MR D ATC High Price Large Quantity Lower Price Lower Quantity Q QS PS P L L Demand Flattens Monopolistic Competition

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Q $ ShortRun Long Run MC MR D ATC High Price Large Quantity Lower Price Lower Quantity Q QS PS P L L Demand Flattens Profit Monopolistic Competition

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Q $ ShortRun High Price Large Quantity Long Run MC MR D ATC Lower Price Lower Quantity Profits disappear in the long run due to competition Q QS PS P L L Demand Flattens Profit Monopolistic Competition

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Q $ MonopolisticCompetition

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Q $ MonopolisticCompetition Short Run Demand Short Run Marginal Revenue

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Q $ MonopolisticCompetition Short Run Demand Short Run Marginal Revenue Marginal Costs

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Q $ MonopolisticCompetition Short Run Demand Short Run Marginal Revenue Marginal Costs QSR PSR

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Q $ MonopolisticCompetition Short Run Demand Short Run Marginal Revenue Marginal Costs Average Total Costs QSR PSR

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Q $ MonopolisticCompetition Short Run Demand Short Run Marginal Revenue Long Run Demand Long Run Marginal Revenue Marginal Costs Average Total Costs QSR PSR

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Q $ MonopolisticCompetition Short Run Demand Short Run Marginal Revenue Long Run Demand Long Run Marginal Revenue Marginal Costs Average Total Costs QSR PSR QLR PLR

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Microeconomics Oligopoly Fewto Sell

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Perfect Competition Monopoly Monopolistic Competition Oligopoly Number of Firms Many One Many Few Type of Product Identical Unique Brands Similar Ease of Entry Easy Blocked Easy Hard Demand D = MR D > MR Dynamic Game Theory Examples Commodities Rice Apples Utilities Government Brands Coke Apple STC-Mobily HyperPanda Danube Pairs

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Collusion Dominant Strategy Nash Equilibrium Cooperative Equilibrium Non-cooperative Equilibrium Key Terms

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Oligopoly

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Oligopoly Small numberof interdependent firms compete

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Oligopoly

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Oligopoly Cannot useusual methods Demand curves not obvious Complex Strategy

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Oligopoly

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Oligopoly Don’t knowDemand Curve Don’t know Marginal Revenue curve Don’t know where to find profit maximization point

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Eddie Willie Betrays Silent Willie 1 Year Silent Betrays Eddie 1 Year Eddie Goes Free Willie 10 Years Willie Goes Free Eddie 10 Years Willie 5 Years Eddie 5 Years Prisoner's Dilemma

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Prisoner's Dilemma

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Prisoner's Dilemma Pursuingthe Dominant Strategy Results in Non-Cooperation and Leaves Everyone Worse Off

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Game Theory

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Game Theory Rules Strategies Payoffs

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John Nash (1928- ) Game Theory Nash Equilibrium Nobel 1994 A Beautiful Mind

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Duoploy

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Duoploy Two Sellers

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Profits Attract Competition

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Five Competitive Forces

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Five Competitive Forces Existing Firms Potential Firms Substitutes Buyers Suppliers

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100 150 Mobily 1,000 150 STC 1,000 100 Mobily 500 Mobily 2,000 Mobily 700 STC 2,000 STC 500 STC 700

101 lecture 17 oligopoly

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101 lecture 17 oligopoly