Here are the answers to the bellringer quiz questions:
1. Examples of FC for this widget firm: Rent on factory building, equipment/machinery, insurance
2. Examples of VC for this widget firm: Materials/supplies, labor, electricity
3. This firm could increase its TR by increasing the quantity of widgets produced and sold, or by raising the price of each widget
4. An example of diminishing marginal returns for this widget firm would be if the marginal cost of each additional widget produced started to increase after a certain level of production, such as due to workers getting tired or supplies running low
This white paper discusses how organizations can proactively manage operational risk in order to explore opportunities and free up resources to focus on long-term, strategic objectives.
OpenStack Swift Object Storage on EMC Isilon Scale-Out NASEMC
This white paper discusses the EMC Isilon scale-out storage platform that provides object storage by exposing the OpenStack Object Storage API as a set of Representational State Transfer (REST) web services over HTTP.
Configuration Compliance For Storage, Network & Server EMC
This white paper shows the benefits of integrating IT infrastructure management technologies such as Network Configuration Manager, Storage Configuration Advisor and vCenter Configuration Manager into the RSA Archer platform for Configuration Compliance.
This white paper discusses how organizations can proactively manage operational risk in order to explore opportunities and free up resources to focus on long-term, strategic objectives.
OpenStack Swift Object Storage on EMC Isilon Scale-Out NASEMC
This white paper discusses the EMC Isilon scale-out storage platform that provides object storage by exposing the OpenStack Object Storage API as a set of Representational State Transfer (REST) web services over HTTP.
Configuration Compliance For Storage, Network & Server EMC
This white paper shows the benefits of integrating IT infrastructure management technologies such as Network Configuration Manager, Storage Configuration Advisor and vCenter Configuration Manager into the RSA Archer platform for Configuration Compliance.
EMC Isilon: A Scalable Storage Platform for Big DataEMC
This white paper provides insights into EMC Isilon's shared storage approach, covering a wide range of desired characteristics including increased efficiency and reduced total cost.
This white paper explores the current state of cybercrime and what organizations can expect in 2013. Topics include malware development, hacktivism, DDoS attacks and online account takeover.
ViPR Services Storage Engine Architecture
This white paper explains in detail the ViPR Services architecture, which is a geo-scale cloud storage platform that delivers cloud-scale storage services, global access, and operational efficiency at scale.
Think big data, and think opportunity. That is, think beyond storing and managing data, and leverage analytics to derive more value than imaginable from your business intelligence. This white paper offers a forward thinking, collaborative approach to analyzing data and changing the way you think about business.
This Presentation is on Market Structure and its types. Including all the images of revenue, producer equilibrium, its elasticity, examples of all the market, characteristics and features of all the market. This presentation is very helpful in understanding the market structure and the types of market structure.
EMC Isilon: A Scalable Storage Platform for Big DataEMC
This white paper provides insights into EMC Isilon's shared storage approach, covering a wide range of desired characteristics including increased efficiency and reduced total cost.
This white paper explores the current state of cybercrime and what organizations can expect in 2013. Topics include malware development, hacktivism, DDoS attacks and online account takeover.
ViPR Services Storage Engine Architecture
This white paper explains in detail the ViPR Services architecture, which is a geo-scale cloud storage platform that delivers cloud-scale storage services, global access, and operational efficiency at scale.
Think big data, and think opportunity. That is, think beyond storing and managing data, and leverage analytics to derive more value than imaginable from your business intelligence. This white paper offers a forward thinking, collaborative approach to analyzing data and changing the way you think about business.
This Presentation is on Market Structure and its types. Including all the images of revenue, producer equilibrium, its elasticity, examples of all the market, characteristics and features of all the market. This presentation is very helpful in understanding the market structure and the types of market structure.
Economists have identified four types of competition—perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition was discussed in the last section; we’ll cover the remaining three types of competition here.
Monopolistic Competition
In monopolistic competition, we still have many sellers (as we had under perfect competition). Now, however, they don’t sell identical products. Instead, they sell differentiated products—products that differ somewhat, or are perceived to differ, even though they serve a similar purpose. Products can be differentiated in a number of ways, including quality, style, convenience, location, and brand name. Some people prefer Coke over Pepsi, even though the two products are quite similar. But what if there was a substantial price difference between the two? In that case, buyers could be persuaded to switch from one to the other. Thus, if Coke has a big promotional sale at a supermarket chain, some Pepsi drinkers might switch (at least temporarily).
How is product differentiation accomplished? Sometimes, it’s simply geographical; you probably buy gasoline at the station closest to your home regardless of the brand. At other times, perceived differences between products are promoted by advertising designed to convince consumers that one product is different from another—and better than it. Regardless of customer loyalty to a product, however, if its price goes too high, the seller will lose business to a competitor. Under monopolistic competition, therefore, companies have only limited control over price.
Oligopoly
Oligopoly means few sellers. In an oligopolistic market, each seller supplies a large portion of all the products sold in the marketplace. In addition, because the cost of starting a business in an oligopolistic industry is usually high, the number of firms entering it is low.
Companies in oligopolistic industries include such large-scale enterprises as automobile companies and airlines. As large firms supplying a sizable portion of a market, these companies have some control over the prices they charge. But there’s a catch: because products are fairly similar, when one company lowers prices, others are often forced to follow suit to remain competitive. You see this practice all the time in the airline industry: When American Airlines announces a fare decrease, Continental, United Airlines, and others do likewise. When one automaker offers a special deal, its competitors usually come up with similar promotions.
Monopoly
In terms of the number of sellers and degree of competition, monopolies lie at the opposite end of the spectrum from perfect competition. In perfect competition, there are many small companies, none of which can control prices; they simply accept the market price determined by supply and demand. In a monopoly, however, there’s only one seller in the market.
Are the X-Men Marvel or DC An In-Depth Exploration.pdfXtreame HDTV
The world of comic books is vast and filled with iconic characters, gripping storylines, and legendary rivalries. Among the most famous groups of superheroes are the X-Men. Created in the early 1960s, the X-Men have become a cultural phenomenon, featuring in comics, animated series, and blockbuster movies. A common question among newcomers to the comic book world is: Are the X-Men Marvel or DC? This article delves into the history, creators, and significant moments of the X-Men to provide a comprehensive answer.
As a film director, I have always been awestruck by the magic of animation. Animation, a medium once considered solely for the amusement of children, has undergone a significant transformation over the years. Its evolution from a rudimentary form of entertainment to a sophisticated form of storytelling has stirred my creativity and expanded my vision, offering limitless possibilities in the realm of cinematic storytelling.
From the Editor's Desk: 115th Father's day Celebration - When we see Father's day in Hindu context, Nanda Baba is the most vivid figure which comes to the mind. Nanda Baba who was the foster father of Lord Krishna is known to provide love, care and affection to Lord Krishna and Balarama along with his wife Yashoda; Letter’s to the Editor: Mother's Day - Mother is a precious life for their children. Mother is life breath for her children. Mother's lap is the world happiness whose debt can never be paid.
From Slave to Scourge: The Existential Choice of Django Unchained. The Philos...Rodney Thomas Jr
#SSAPhilosophy #DjangoUnchained #DjangoFreeman #ExistentialPhilosophy #Freedom #Identity #Justice #Courage #Rebellion #Transformation
Welcome to SSA Philosophy, your ultimate destination for diving deep into the profound philosophies of iconic characters from video games, movies, and TV shows. In this episode, we explore the powerful journey and existential philosophy of Django Freeman from Quentin Tarantino’s masterful film, "Django Unchained," in our video titled, "From Slave to Scourge: The Existential Choice of Django Unchained. The Philosophy of Django Freeman!"
From Slave to Scourge: The Existential Choice of Django Unchained – The Philosophy of Django Freeman!
Join me as we delve into the existential philosophy of Django Freeman, uncovering the profound lessons and timeless wisdom his character offers. Through his story, we find inspiration in the power of choice, the quest for justice, and the courage to defy oppression. Django Freeman’s philosophy is a testament to the human spirit’s unyielding drive for freedom and justice.
Don’t forget to like, comment, and subscribe to SSA Philosophy for more in-depth explorations of the philosophies behind your favorite characters. Hit the notification bell to stay updated on our latest videos. Let’s discover the principles that shape these icons and the profound lessons they offer.
Django Freeman’s story is one of the most compelling narratives of transformation and empowerment in cinema. A former slave turned relentless bounty hunter, Django’s journey is not just a physical liberation but an existential quest for identity, justice, and retribution. This video delves into the core philosophical elements that define Django’s character and the profound choices he makes throughout his journey.
Link to video: https://youtu.be/GszqrXk38qk
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Tom Selleck Net Worth: A Comprehensive Analysisgreendigital
Over several decades, Tom Selleck, a name synonymous with charisma. From his iconic role as Thomas Magnum in the television series "Magnum, P.I." to his enduring presence in "Blue Bloods," Selleck has captivated audiences with his versatility and charm. As a result, "Tom Selleck net worth" has become a topic of great interest among fans. and financial enthusiasts alike. This article delves deep into Tom Selleck's wealth, exploring his career, assets, endorsements. and business ventures that contribute to his impressive economic standing.
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Early Life and Career Beginnings
The Foundation of Tom Selleck's Wealth
Born on January 29, 1945, in Detroit, Michigan, Tom Selleck grew up in Sherman Oaks, California. His journey towards building a large net worth began with humble origins. , Selleck pursued a business administration degree at the University of Southern California (USC) on a basketball scholarship. But, his interest shifted towards acting. leading him to study at the Hills Playhouse under Milton Katselas.
Minor roles in television and films marked Selleck's early career. He appeared in commercials and took on small parts in T.V. series such as "The Dating Game" and "Lancer." These initial steps, although modest. laid the groundwork for his future success and the growth of Tom Selleck net worth. Breakthrough with "Magnum, P.I."
The Role that Defined Tom Selleck's Career
Tom Selleck's breakthrough came with the role of Thomas Magnum in the CBS television series "Magnum, P.I." (1980-1988). This role made him a household name and boosted his net worth. The series' popularity resulted in Selleck earning large salaries. leading to financial stability and increased recognition in Hollywood.
"Magnum P.I." garnered high ratings and critical acclaim during its run. Selleck's portrayal of the charming and resourceful private investigator resonated with audiences. making him one of the most beloved television actors of the 1980s. The success of "Magnum P.I." played a pivotal role in shaping Tom Selleck net worth, establishing him as a major star.
Film Career and Diversification
Expanding Tom Selleck's Financial Portfolio
While "Magnum, P.I." was a cornerstone of Selleck's career, he did not limit himself to television. He ventured into films, further enhancing Tom Selleck net worth. His filmography includes notable movies such as "Three Men and a Baby" (1987). which became the highest-grossing film of the year, and its sequel, "Three Men and a Little Lady" (1990). These box office successes contributed to his wealth.
Selleck's versatility allowed him to transition between genres. from comedies like "Mr. Baseball" (1992) to westerns such as "Quigley Down Under" (1990). This diversification showcased his acting range. and provided many income streams, reinforcing Tom Selleck net worth.
Television Resurgence with "Blue Bloods"
Sustaining Wealth through Consistent Success
In 2010, Tom Selleck began starring as Frank Reagan i
Meet Crazyjamjam - A TikTok Sensation | Blog EternalBlog Eternal
Crazyjamjam, the TikTok star everyone's talking about! Uncover her secrets to success, viral trends, and more in this exclusive feature on Blog Eternal.
Source: https://blogeternal.com/celebrity/crazyjamjam-leaks/
Scandal! Teasers June 2024 on etv Forum.co.zaIsaac More
Monday, 3 June 2024
Episode 47
A friend is compelled to expose a manipulative scheme to prevent another from making a grave mistake. In a frantic bid to save Jojo, Phakamile agrees to a meeting that unbeknownst to her, will seal her fate.
Tuesday, 4 June 2024
Episode 48
A mother, with her son's best interests at heart, finds him unready to heed her advice. Motshabi finds herself in an unmanageable situation, sinking fast like in quicksand.
Wednesday, 5 June 2024
Episode 49
A woman fabricates a diabolical lie to cover up an indiscretion. Overwhelmed by guilt, she makes a spontaneous confession that could be devastating to another heart.
Thursday, 6 June 2024
Episode 50
Linda unwittingly discloses damning information. Nhlamulo and Vuvu try to guide their friend towards the right decision.
Friday, 7 June 2024
Episode 51
Jojo's life continues to spiral out of control. Dintle weaves a web of lies to conceal that she is not as successful as everyone believes.
Monday, 10 June 2024
Episode 52
A heated confrontation between lovers leads to a devastating admission of guilt. Dintle's desperation takes a new turn, leaving her with dwindling options.
Tuesday, 11 June 2024
Episode 53
Unable to resort to violence, Taps issues a verbal threat, leaving Mdala unsettled. A sister must explain her life choices to regain her brother's trust.
Wednesday, 12 June 2024
Episode 54
Winnie makes a very troubling discovery. Taps follows through on his threat, leaving a woman reeling. Layla, oblivious to the truth, offers an incentive.
Thursday, 13 June 2024
Episode 55
A nosy relative arrives just in time to thwart a man's fatal decision. Dintle manipulates Khanyi to tug at Mo's heartstrings and get what she wants.
Friday, 14 June 2024
Episode 56
Tlhogi is shocked by Mdala's reaction following the revelation of their indiscretion. Jojo is in disbelief when the punishment for his crime is revealed.
Monday, 17 June 2024
Episode 57
A woman reprimands another to stay in her lane, leading to a damning revelation. A man decides to leave his broken life behind.
Tuesday, 18 June 2024
Episode 58
Nhlamulo learns that due to his actions, his worst fears have come true. Caiphus' extravagant promises to suppliers get him into trouble with Ndu.
Wednesday, 19 June 2024
Episode 59
A woman manages to kill two birds with one stone. Business doom looms over Chillax. A sobering incident makes a woman realize how far she's fallen.
Thursday, 20 June 2024
Episode 60
Taps' offer to help Nhlamulo comes with hidden motives. Caiphus' new ideas for Chillax have MaHilda excited. A blast from the past recognizes Dintle, not for her newfound fame.
Friday, 21 June 2024
Episode 61
Taps is hungry for revenge and finds a rope to hang Mdala with. Chillax's new job opportunity elicits mixed reactions from the public. Roommates' initial meeting starts off on the wrong foot.
Monday, 24 June 2024
Episode 62
Taps seizes new information and recruits someone on the inside. Mary's new job
Panchayat Season 3 - Official Trailer.pdfSuleman Rana
The dearest series "Panchayat" is set to make a victorious return with its third season, and the fervor is discernible. The authority trailer, delivered on May 28, guarantees one more enamoring venture through the country heartland of India.
Jitendra Kumar keeps on sparkling as Abhishek Tripathi, the city-reared engineer who ends up functioning as the secretary of the Panchayat office in the curious town of Phulera. His nuanced depiction of a young fellow exploring the difficulties of country life while endeavoring to adjust to his new environmental factors has earned far and wide recognition.
Neena Gupta and Raghubir Yadav return as Manju Devi and Brij Bhushan Dubey, separately. Their dynamic science and immaculate acting rejuvenate the hardships of town administration. Gupta's depiction of the town Pradhan with an ever-evolving outlook, matched with Yadav's carefully prepared exhibition, adds profundity and credibility to the story.
New Difficulties and Experiences
The trailer indicates new difficulties anticipating the characters, as Abhishek keeps on wrestling with his part in the town and his yearnings for a superior future. The series has reliably offset humor with social editorial, and Season 3 looks ready to dig much more profound into the intricacies of rustic organization and self-awareness.
Watchers can hope to see a greater amount of the enchanting and particular residents who have become fan top picks. Their connections and the one of a kind cut of-life situations give a reviving and interesting portrayal of provincial India, featuring the two its appeal and its difficulties.
A Mix of Humor and Heart
One of the signs of "Panchayat" is its capacity to mix humor with sincere narrating. The trailer features minutes that guarantee to convey giggles, as well as scenes that pull at the heartstrings. This equilibrium has been a critical calculate the show's prosperity, resounding with crowds across different socioeconomics.
Creation Greatness
The creation quality remaining parts first rate, with the beautiful setting of Phulera town filling in as a scenery that upgrades the narrating. The meticulousness in portraying provincial life, joined with sharp composition and solid exhibitions, guarantees that "Panchayat" keeps on hanging out in the packed web series scene.
Expectation and Delivery
As the delivery date draws near, expectation for "Panchayat" Season 3 is at a record-breaking high. The authority trailer has previously created critical buzz, with fans enthusiastically anticipating the continuation of Abhishek Tripathi's excursion and the new undertakings that lie ahead in Phulera.
All in all, the authority trailer for "Panchayat" Season 3 recommends that watchers are in for another drawing in and engaging ride. Yet again with its charming characters, convincing story, and ideal mix of humor and show, the new season is set to enamor crowds. Write in your schedules and prepare to get back to the endearing universe of "Panchayat."
Skeem Saam in June 2024 available on ForumIsaac More
Monday, June 3, 2024 - Episode 241: Sergeant Rathebe nabs a top scammer in Turfloop. Meikie is furious at her uncle's reaction to the truth about Ntswaki.
Tuesday, June 4, 2024 - Episode 242: Babeile uncovers the truth behind Rathebe’s latest actions. Leeto's announcement shocks his employees, and Ntswaki’s ordeal haunts her family.
Wednesday, June 5, 2024 - Episode 243: Rathebe blocks Babeile from investigating further. Melita warns Eunice to stay clear of Mr. Kgomo.
Thursday, June 6, 2024 - Episode 244: Tbose surrenders to the police while an intruder meddles in his affairs. Rathebe's secret mission faces a setback.
Friday, June 7, 2024 - Episode 245: Rathebe’s antics reach Kganyago. Tbose dodges a bullet, but a nightmare looms. Mr. Kgomo accuses Melita of witchcraft.
Monday, June 10, 2024 - Episode 246: Ntswaki struggles on her first day back at school. Babeile is stunned by Rathebe’s romance with Bullet Mabuza.
Tuesday, June 11, 2024 - Episode 247: An unexpected turn halts Rathebe’s investigation. The press discovers Mr. Kgomo’s affair with a young employee.
Wednesday, June 12, 2024 - Episode 248: Rathebe chases a criminal, resorting to gunfire. Turf High is rife with tension and transfer threats.
Thursday, June 13, 2024 - Episode 249: Rathebe traps Kganyago. John warns Toby to stop harassing Ntswaki.
Friday, June 14, 2024 - Episode 250: Babeile is cleared to investigate Rathebe. Melita gains Mr. Kgomo’s trust, and Jacobeth devises a financial solution.
Monday, June 17, 2024 - Episode 251: Rathebe feels the pressure as Babeile closes in. Mr. Kgomo and Eunice clash. Jacobeth risks her safety in pursuit of Kganyago.
Tuesday, June 18, 2024 - Episode 252: Bullet Mabuza retaliates against Jacobeth. Pitsi inadvertently reveals his parents’ plans. Nkosi is shocked by Khwezi’s decision on LJ’s future.
Wednesday, June 19, 2024 - Episode 253: Jacobeth is ensnared in deceit. Evelyn is stressed over Toby’s case, and Letetswe reveals shocking academic results.
Thursday, June 20, 2024 - Episode 254: Elizabeth learns Jacobeth is in Mpumalanga. Kganyago's past is exposed, and Lehasa discovers his son is in KZN.
Friday, June 21, 2024 - Episode 255: Elizabeth confirms Jacobeth’s dubious activities in Mpumalanga. Rathebe lies about her relationship with Bullet, and Jacobeth faces theft accusations.
Monday, June 24, 2024 - Episode 256: Rathebe spies on Kganyago. Lehasa plans to retrieve his son from KZN, fearing what awaits.
Tuesday, June 25, 2024 - Episode 257: MaNtuli fears for Kwaito’s safety in Mpumalanga. Mr. Kgomo and Melita reconcile.
Wednesday, June 26, 2024 - Episode 258: Kganyago makes a bold escape. Elizabeth receives a shocking message from Kwaito. Mrs. Khoza defends her husband against scam accusations.
Thursday, June 27, 2024 - Episode 259: Babeile's skillful arrest changes the game. Tbose and Kwaito face a hostage crisis.
Friday, June 28, 2024 - Episode 260: Two women face the reality of being scammed. Turf is rocked by breaking
In the vast landscape of cinema, stories have been told, retold, and reimagined in countless ways. At the heart of this narrative evolution lies the concept of a "remake". A successful remake allows us to revisit cherished tales through a fresh lens, often reflecting a different era's perspective or harnessing the power of advanced technology. Yet, the question remains, what makes a remake successful? Today, we will delve deeper into this subject, identifying the key ingredients that contribute to the success of a remake.
Maximizing Your Streaming Experience with XCIPTV- Tips for 2024.pdfXtreame HDTV
In today’s digital age, streaming services have become an integral part of our entertainment lives. Among the myriad of options available, XCIPTV stands out as a premier choice for those seeking seamless, high-quality streaming. This comprehensive guide will delve into the features, benefits, and user experience of XCIPTV, illustrating why it is a top contender in the IPTV industry.
Maximizing Your Streaming Experience with XCIPTV- Tips for 2024.pdf
Day 8
1.
2. Full Sheet
Bellringer
1. Describe a time you paid
more money for a good or
service you thought was
better quality.
2. Describe a time when you
bought a good or service
that was cheaper than other
brands.
3. Describe a time when you
competed against someone
else.
3. Competition experiment
• 3 groups
• 1 volunteer
• Group of 4, can talk
• Everyone else, can’t talk
• Think about price & quality
I will buy one
for up to $1
Widget:
WPrice: $
Your name:
4. Pricing power
• Some firms can choose their own price
• Price makers
• Some firms must take the prices the market gives
them
• Price takers
5. On your BR
4. How much pricing power did you have during the
simulation? Explain why.
5. Why do consumers benefit from competition?
Use three specific business examples in your
answer
6. Why do producers suffer from competition?
7. Why does pricing power depend on the number
of firms in the market?
7. Bellringer
1. How many players win the
game “Monopoly” if you
play it until the end?
No we won’t be playing it in
this class.
2. How many suppliers sell
lunch here at Flowing
Wells?
3. How would things change
if FW allowed multiple
sellers during lunch?
9. Monopoly
• A market for a
good/service with one
dominate seller
• Firm has total “pricing
power”
• Has extremely high entry
costs, OR impossible
10. Types of surplus
• Consumer surplus: difference between budget and
actual price
• Producer surplus: difference between cost and
price (really just profit)
Budget:
$50
Actual:
$40
16. Types of Monopoly
• Geographic
• Only firm in a
certain area
• Fences
• Small towns
• Other
example?
• Draw PEST
change on
board
17. Types of Monopoly
• Government
• Granted by the
government
• “public utilities”
• Reasoning?
18. Types of Monopoly
• Technological
• Due to
technology
• (Patents)
• (Copyrights)
• Software,
biotechnology,
artistic
• Reasoning?
• examples
19. On your BR
Name the type of monopoly & why
4. Fernanda designs a new game app
5. Popcorn at Harkins movie theater
6. Interstate Highways like I-10 or I-19
7. The only mechanic Ajo, Arizona
8. School lunches at Pueblo
9. Snacks in certain Pueblo classrooms
10.Secret recipe for Gatorade
11.US military
12.Tucson Water Company
13.Expensive soda at a baseball game
20. Closure questions
4. Why do economists worry about
monopolies? (hint: think about prices)
5. Why are technological monopolies allowed
to exist? (think about creative businesses)
6. Do you think government monopolies are
always positive for consumers? (consider
our school lunches, or the AZ MVD)
21. For the other 3 Market Structures
• Monopoly
• Monopolistic
Competition -
Juniors
• Perfect
Competition
Sophomores
• Oligopoly -
Seniors
• Split into two groups
• 1 group
makes/writes lesson
• 1 group writes
simulation, game or
5 min skit (everyone
talks)
• 10/10 if everyone
participates and its
easy to understand
22. Bellringer
1. Do an OPTIC
on this
cartoon:
O – Cartoon,
newspaper
2012
P – ????
T – no title
I – sizes b/w
parts
C - ?????
23. Perfect Competition Market
• Features:
• Many firms
• Nearly identical products
• No pricing power
• Same Price!
• Easy to start new firm
• Easy to close down firm
• Perfectly informed
consumers
• Costs really important
Other Examples?
24. Monopolistic Competition Market
• Features:
• Many firms
• Different or perceived different
products
• Some pricing power
“price makers”
• Different prices
• Can be easy to start new firm
• Can be easy to close down
firm
• Not fully informed consumers
Other Examples?
25. Oligopoly Market
• Features:
• Few very large firms
• Very similar products
• Some pricing power
“price makers”
• Difficult to enter market
• Difficult to close down
company
• Not fully informed consumers
Other Examples?
42. Costs
• Put the following businesses in order by how
expensive they would be to start up starting with
the cheapest:
• NFL team
• Landscaping
• Restaurant
• Television station
• Company that writes phone apps
• Lemonade stand
• T-shirt (silkscreen) printer
44. THE COSTS OF PRODUCTION 44
Total Revenue, Total Cost, Profit
• We assume that the firm’s goal is to maximize
profit.
Profit = Total revenue – Total cost
the amount a
firm receives
from the sale
of its output
the market
value of the
inputs a firm
uses in
production
46. Let’s think more specifically about costs
• Fixed Costs = costs that do not change based on
production and don’t change in SR
• Examples: capital goods, tools, buildings, menus
Nokia factory in Finland
Coke factory in Atlanta, Georgia
47. Special fixed costs
• “Entry costs” – costs to start up the business
Business with low
Entry costs
Business with
very high
Entry costs
48. Costs we can change in the short run
Variable costs = costs that
change based on
production
The more I produce, the
more cost I will incur.
If I don’t produce at all, my
variable costs will be 0
For example: labor,
electricity, raw materials
Nike factory in China
50. Marginal Costs
• Marginal costs = the
cost of producing 1
additional unit
• For example:
• Why helpful?
• Diminishing
marginal product!
Widgets
0
1
2
3
4
FC
1
1
1
1
1
VC
0
6
11
16
22
MC
X
51. Total Costs
• Total Costs = fixed + variable costs
For example:
Widgets
0
1
2
3
4
FC
1
1
1
1
1
VC
0
1
2
3
5
TC
1
2
3
4
6
MC
X
1
1
1
2
Revenue
0
2
4
6
8
Assume Widgets
price
$2/each
Profit
-1
0
1
2
2
52. BR Quiz
1. Write 3 examples of FC for this firm
2. Write 3 examples of VC for this firm
3. How could this firm increase its TR?
4. Give an example of diminishing marginal returns
for this firm