This document discusses competitive markets and firm behavior. It defines a competitive market as having many small firms, identical products, and free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. In the short run, firms will shut down if price is below average variable cost, while in the long run they will exit if price is below average total cost. The market supply curve is determined by the aggregation of individual firm supply curves.
The document discusses the characteristics and behavior of firms in a perfectly competitive market. It explains that in the short run, a competitive firm will shut down if price is below average variable cost, while in the long run it will exit the market if price is below average total cost. The firm's marginal cost curve represents its supply curve. The market supply curve is determined by the summation of individual firms' supply. In the long run, free entry and exit will drive profits to zero.
Session 10 firms in competitive markets May Primadani
A perfectly competitive market has many small firms, identical products, and free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. In the short run, firms will shut down if price is below average variable cost, while in the long run firms will exit if price is below average total cost. Market supply results from the aggregation of individual firm supplies. In the long run, entry and exit of firms drives the market to equilibrium with zero profits.
A competitive market has many small firms that produce identical goods, with free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. The competitive firm's supply curve is its marginal cost curve above average variable cost in the short run and above average total cost in the long run. Market supply is the sum of individual firm supplies. In the long run, entry and exit drive the market to equilibrium with price equal to minimum average total cost and zero profits.
The document discusses profit maximization and competitive supply in perfectly competitive markets. It can be summarized as follows:
1. Perfectly competitive markets are characterized by price-taking firms, homogeneous products, and free entry and exit. Firms seek to maximize profits by producing where marginal revenue equals marginal cost.
2. The competitive firm's short-run supply curve slopes upward as higher prices induce firms to increase production. In the long-run, firms adjust all inputs including plant size to minimize average costs and maximize profits.
3. Market supply is the sum of individual firm supplies. It has a kinked shape and is upward sloping in the short-run. In the long-run, firms enter
In a perfectly competitive market:
- Many buyers and sellers exist
- Firms are price takers and the actions of any single firm do not impact the market price
- In the long run, firms will enter or exit the market until price equals minimum average total cost and economic profit is zero.
This document summarizes key concepts about firms operating in a perfectly competitive market. It defines a perfectly competitive market as having many small buyers and sellers of identical products, with no barriers to entry or exit. Firms are price takers while markets determine prices. The market equilibrium price is set where demand and supply intersect. Firms seek to minimize costs by producing where marginal cost equals average cost, and maximize profits by producing where marginal revenue equals marginal cost. Firms can earn profits, normal profits or losses depending on whether their average costs are below, equal to, or above prices and revenues.
This chapter discusses perfect competition and key concepts including:
1) In a perfectly competitive market, firms are price-takers and can sell all output at the market price without impacting the price.
2) Individual firms maximize profits by producing where marginal cost equals marginal revenue.
3) In the long run, entry and exit of firms ensures prices equal minimum average total cost and economic profits are zero.
The document discusses key concepts regarding firms in competitive markets, including:
1) A competitive firm is a price taker and aims to maximize profits by producing where marginal revenue equals marginal cost. The portion of the marginal cost curve above average variable cost represents the firm's short-run supply curve.
2) In the long-run, firms will enter or exit the market until price equals minimum average total cost and profits are driven to zero. The portion of the marginal cost curve above average total cost represents the firm's long-run supply curve.
3) Market supply is determined by the summed individual firm supply curves. In the long-run, entry and exit of firms leads to a horizontal market supply curve
The document discusses the characteristics and behavior of firms in a perfectly competitive market. It explains that in the short run, a competitive firm will shut down if price is below average variable cost, while in the long run it will exit the market if price is below average total cost. The firm's marginal cost curve represents its supply curve. The market supply curve is determined by the summation of individual firms' supply. In the long run, free entry and exit will drive profits to zero.
Session 10 firms in competitive markets May Primadani
A perfectly competitive market has many small firms, identical products, and free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. In the short run, firms will shut down if price is below average variable cost, while in the long run firms will exit if price is below average total cost. Market supply results from the aggregation of individual firm supplies. In the long run, entry and exit of firms drives the market to equilibrium with zero profits.
A competitive market has many small firms that produce identical goods, with free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. The competitive firm's supply curve is its marginal cost curve above average variable cost in the short run and above average total cost in the long run. Market supply is the sum of individual firm supplies. In the long run, entry and exit drive the market to equilibrium with price equal to minimum average total cost and zero profits.
The document discusses profit maximization and competitive supply in perfectly competitive markets. It can be summarized as follows:
1. Perfectly competitive markets are characterized by price-taking firms, homogeneous products, and free entry and exit. Firms seek to maximize profits by producing where marginal revenue equals marginal cost.
2. The competitive firm's short-run supply curve slopes upward as higher prices induce firms to increase production. In the long-run, firms adjust all inputs including plant size to minimize average costs and maximize profits.
3. Market supply is the sum of individual firm supplies. It has a kinked shape and is upward sloping in the short-run. In the long-run, firms enter
In a perfectly competitive market:
- Many buyers and sellers exist
- Firms are price takers and the actions of any single firm do not impact the market price
- In the long run, firms will enter or exit the market until price equals minimum average total cost and economic profit is zero.
This document summarizes key concepts about firms operating in a perfectly competitive market. It defines a perfectly competitive market as having many small buyers and sellers of identical products, with no barriers to entry or exit. Firms are price takers while markets determine prices. The market equilibrium price is set where demand and supply intersect. Firms seek to minimize costs by producing where marginal cost equals average cost, and maximize profits by producing where marginal revenue equals marginal cost. Firms can earn profits, normal profits or losses depending on whether their average costs are below, equal to, or above prices and revenues.
This chapter discusses perfect competition and key concepts including:
1) In a perfectly competitive market, firms are price-takers and can sell all output at the market price without impacting the price.
2) Individual firms maximize profits by producing where marginal cost equals marginal revenue.
3) In the long run, entry and exit of firms ensures prices equal minimum average total cost and economic profits are zero.
The document discusses key concepts regarding firms in competitive markets, including:
1) A competitive firm is a price taker and aims to maximize profits by producing where marginal revenue equals marginal cost. The portion of the marginal cost curve above average variable cost represents the firm's short-run supply curve.
2) In the long-run, firms will enter or exit the market until price equals minimum average total cost and profits are driven to zero. The portion of the marginal cost curve above average total cost represents the firm's long-run supply curve.
3) Market supply is determined by the summed individual firm supply curves. In the long-run, entry and exit of firms leads to a horizontal market supply curve
This document summarizes key concepts related to monopoly, including:
1) A monopoly firm is the sole seller of a product without close substitutes and can set price. It produces where marginal revenue equals marginal cost, resulting in lower output and higher prices than perfect competition.
2) Monopoly power can be measured by the Lerner Index, which is the excess of price over marginal cost as a proportion of price. Monopoly power is greater when demand is less elastic.
3) A monopoly faces a downward sloping demand curve. Changes in costs, demand, or taxes affect price and quantity in complex ways depending on the elasticity of demand.
Principles of Microeconomics Chapter Sevenkmurphy7642
This document provides an overview of key concepts related to perfect competition. It discusses the criteria for perfect competition, including many firms producing identical goods, free entry and exit into the market, and all parties having full information. Firms under perfect competition are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the long run, perfectly competitive markets achieve both productive and allocative efficiency.
This document provides an overview of managerial economics concepts including revenue, costs, profits, and market structures. It discusses how economists and accountants measure costs and profits differently. Firms exist to maximize profits by producing where marginal revenue equals marginal cost. The equilibrium level depends on the relationship between average cost, marginal cost, and marginal revenue curves. Imperfect market structures like monopoly and monopolistic competition are also introduced.
Perfect competition requires: firms are price takers, many sellers/buyers, free entry/exit, identical products, complete information. In short-run, individual firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Market supply is the sum of individual firm MC curves. In long-run, zero economic profits are achieved as new entry drives prices down until MC equals average costs.
1. The document discusses the characteristics and pricing behavior of perfectly competitive markets. It defines perfect competition and describes its key features.
2. Under perfect competition, firms are price takers and equilibrium occurs where price equals marginal cost. In the short run, firms will shut down if price falls below average variable cost.
3. In the long run, firms will enter or exit the market until price equals minimum average cost and normal profits are achieved. Perfect competition leads to allocative and productive efficiency.
This document summarizes a presentation on perfect competition in business economics. It includes:
1) An introduction defining perfect competition and noting it is a theoretical market model with assumptions like many small firms, homogeneous products, and perfect information.
2) An overview of the key assumptions of perfect competition like numerous firms, price-taking behavior, product homogeneity, free entry and exit, and perfect knowledge.
3) Short explanations of demand curves, short-run and long-run equilibrium, marginal costs and revenues, and the relationships between costs, revenues, and profits in different time periods.
4) Mentions advantages of perfect competition include efficient allocation of resources and normal profits in the long-run.
C. Price < min (AVC)
A competitive firm will shut down in the short run if the price it receives is less than the minimum of its average variable cost curve. If price is below average variable cost, the firm is not covering its variable costs and should shut down temporarily.
A firm’s pricing market power depends on its competitive environment.
In perfectly competitive markets, firms have no market power. They are “price takers.” They make decisions based on the market price, which they are powerless to influence.
In markets that are not perfectly competitive (which describes most markets), most firms have some degree of market power.
Strategy in the absence of market power
Firms cannot influence price and, because products are not unique, they cannot influence demand by advertising or product differentiation.
Managers in this environment maximize profit by minimizing cost, through the efficient use of resources, and by determining the quantity to produce.
https://azpapers.com/imperfect-competition-market-analysis/
This document provides an overview of perfect competition in 3 chapters and sections:
1) The characteristics of perfect competition and why it matters for firms and markets.
2) How perfectly competitive firms determine optimal output levels by producing where marginal revenue equals marginal cost.
3) How firms enter and exit markets in response to economic profits and losses in the long-run to achieve equilibrium with zero profits.
- Firms in perfectly competitive markets take the market price as given and produce where their marginal costs equal marginal revenue to maximize profits.
- In the short run, an individual firm's supply curve is represented by its marginal cost curve above average variable cost. The industry supply curve is the sum of individual firm supply curves.
- In the long run, firms enter and exit the industry until price equals minimum average total cost and firms earn only normal profits, resulting in a horizontal industry supply curve. However, increasing input prices can cause the long-run supply curve to slope upward.
The document discusses the concept of perfect competition in economics. It provides the key characteristics that define a perfectly competitive market including that there are many small firms, no barriers to entry or exit, identical products, and complete information. Firms are price takers and seek to maximize profits by producing where marginal cost equals marginal revenue. In the long run, perfect competition leads to zero economic profits as new firms enter if profits are positive and firms exit if losses occur.
The document discusses key concepts relating to perfect competition, including:
- Firms are price-takers and face perfectly elastic demand in competitive markets
- Profit maximization occurs where marginal revenue equals marginal cost
- In the short-run, a firm may earn profits, losses, or just cover costs
- In the long-run, if profits exist, entry by new firms will increase supply and drive prices down until profits are eliminated
This document discusses market structures and perfect competition. It defines perfect competition and its key features. It then examines the demand curve, profit maximization approaches, and equilibrium of a perfectly competitive firm in both the short-run and long-run. In the short-run, a competitive firm will produce at the quantity where marginal revenue equals marginal cost to maximize profits. In the long-run, all firms will earn only normal profits and produce where price equals minimum average cost. The document also provides an example to calculate total revenue, marginal revenue, marginal cost, profit maximizing output, and break-even point for a competitive firm.
This document provides an overview of different market structures, with a focus on perfect competition. It defines key concepts related to revenue, costs, and profit maximization for firms in competitive markets. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. Equilibrium occurs where marginal cost equals marginal revenue. The document also discusses long-run equilibrium and how perfect competition leads to allocative efficiency.
There are 4 main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. In both the short run and long run, firms will produce where marginal cost equals marginal revenue to maximize profits. The perfectly competitive market leads to productive and allocative efficiency.
Be chap5 competitive, monopoly, monopolistic competitive marketsfadzliskc
This document provides an overview of different market structures including perfect competition, monopoly, and monopolistic competition. It defines key characteristics of each market structure and explains how firms determine price and output to maximize profits or minimize losses in the short run and long run. The document also discusses sources of monopoly power and how monopolies, unlike competitive firms, do not have a supply curve. It analyzes the social costs of monopoly power through deadweight loss.
The market is made up of buyers and sellers who conduct exchange transactions. Markets can be classified based on area, the nature of transactions, volume, time period, and level of competition. Under perfect competition, there are many small firms and homogeneous products. Individual firms are price takers and maximize profits where marginal revenue equals marginal cost. Monopolies have single firms and differentiated products, allowing them to be price makers that also set output at the point where marginal revenue equals marginal cost. Oligopolies feature a few interdependent firms, and pricing may involve price leadership or tacit collusion to coordinate prices.
The document discusses different market structures including perfect competition, monopoly, and oligopoly. It provides details on the characteristics of a perfectly competitive market including numerous small firms, homogeneous products, perfect information, and free entry and exit. The profit-maximizing firm in perfect competition will produce where price equals marginal cost. In the long-run, normal profits are earned as entry and exit of firms occurs in response to above- or below-normal profits. Monopoly is defined by a single seller with no close substitutes and downward sloping demand.
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
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# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
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The document defines and discusses different types of markets. A market brings buyers and sellers into contact and enables an exchange to take place. Markets can be classified by area, nature of transactions, volume of business, time period, and status of sellers. Competition in a market depends on substitutability, interdependence, and ease of entry. Equilibrium price is where quantity demanded equals quantity supplied. Under perfect competition, firms are price takers and quantity supplied equals marginal cost. Monopolies have a single seller and influence price. Monopolistic competition involves differentiated products, while oligopolies have few dominant sellers.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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Similar to Lecture 9 - Firms in Competitive Markets.ppt
This document summarizes key concepts related to monopoly, including:
1) A monopoly firm is the sole seller of a product without close substitutes and can set price. It produces where marginal revenue equals marginal cost, resulting in lower output and higher prices than perfect competition.
2) Monopoly power can be measured by the Lerner Index, which is the excess of price over marginal cost as a proportion of price. Monopoly power is greater when demand is less elastic.
3) A monopoly faces a downward sloping demand curve. Changes in costs, demand, or taxes affect price and quantity in complex ways depending on the elasticity of demand.
Principles of Microeconomics Chapter Sevenkmurphy7642
This document provides an overview of key concepts related to perfect competition. It discusses the criteria for perfect competition, including many firms producing identical goods, free entry and exit into the market, and all parties having full information. Firms under perfect competition are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the long run, perfectly competitive markets achieve both productive and allocative efficiency.
This document provides an overview of managerial economics concepts including revenue, costs, profits, and market structures. It discusses how economists and accountants measure costs and profits differently. Firms exist to maximize profits by producing where marginal revenue equals marginal cost. The equilibrium level depends on the relationship between average cost, marginal cost, and marginal revenue curves. Imperfect market structures like monopoly and monopolistic competition are also introduced.
Perfect competition requires: firms are price takers, many sellers/buyers, free entry/exit, identical products, complete information. In short-run, individual firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Market supply is the sum of individual firm MC curves. In long-run, zero economic profits are achieved as new entry drives prices down until MC equals average costs.
1. The document discusses the characteristics and pricing behavior of perfectly competitive markets. It defines perfect competition and describes its key features.
2. Under perfect competition, firms are price takers and equilibrium occurs where price equals marginal cost. In the short run, firms will shut down if price falls below average variable cost.
3. In the long run, firms will enter or exit the market until price equals minimum average cost and normal profits are achieved. Perfect competition leads to allocative and productive efficiency.
This document summarizes a presentation on perfect competition in business economics. It includes:
1) An introduction defining perfect competition and noting it is a theoretical market model with assumptions like many small firms, homogeneous products, and perfect information.
2) An overview of the key assumptions of perfect competition like numerous firms, price-taking behavior, product homogeneity, free entry and exit, and perfect knowledge.
3) Short explanations of demand curves, short-run and long-run equilibrium, marginal costs and revenues, and the relationships between costs, revenues, and profits in different time periods.
4) Mentions advantages of perfect competition include efficient allocation of resources and normal profits in the long-run.
C. Price < min (AVC)
A competitive firm will shut down in the short run if the price it receives is less than the minimum of its average variable cost curve. If price is below average variable cost, the firm is not covering its variable costs and should shut down temporarily.
A firm’s pricing market power depends on its competitive environment.
In perfectly competitive markets, firms have no market power. They are “price takers.” They make decisions based on the market price, which they are powerless to influence.
In markets that are not perfectly competitive (which describes most markets), most firms have some degree of market power.
Strategy in the absence of market power
Firms cannot influence price and, because products are not unique, they cannot influence demand by advertising or product differentiation.
Managers in this environment maximize profit by minimizing cost, through the efficient use of resources, and by determining the quantity to produce.
https://azpapers.com/imperfect-competition-market-analysis/
This document provides an overview of perfect competition in 3 chapters and sections:
1) The characteristics of perfect competition and why it matters for firms and markets.
2) How perfectly competitive firms determine optimal output levels by producing where marginal revenue equals marginal cost.
3) How firms enter and exit markets in response to economic profits and losses in the long-run to achieve equilibrium with zero profits.
- Firms in perfectly competitive markets take the market price as given and produce where their marginal costs equal marginal revenue to maximize profits.
- In the short run, an individual firm's supply curve is represented by its marginal cost curve above average variable cost. The industry supply curve is the sum of individual firm supply curves.
- In the long run, firms enter and exit the industry until price equals minimum average total cost and firms earn only normal profits, resulting in a horizontal industry supply curve. However, increasing input prices can cause the long-run supply curve to slope upward.
The document discusses the concept of perfect competition in economics. It provides the key characteristics that define a perfectly competitive market including that there are many small firms, no barriers to entry or exit, identical products, and complete information. Firms are price takers and seek to maximize profits by producing where marginal cost equals marginal revenue. In the long run, perfect competition leads to zero economic profits as new firms enter if profits are positive and firms exit if losses occur.
The document discusses key concepts relating to perfect competition, including:
- Firms are price-takers and face perfectly elastic demand in competitive markets
- Profit maximization occurs where marginal revenue equals marginal cost
- In the short-run, a firm may earn profits, losses, or just cover costs
- In the long-run, if profits exist, entry by new firms will increase supply and drive prices down until profits are eliminated
This document discusses market structures and perfect competition. It defines perfect competition and its key features. It then examines the demand curve, profit maximization approaches, and equilibrium of a perfectly competitive firm in both the short-run and long-run. In the short-run, a competitive firm will produce at the quantity where marginal revenue equals marginal cost to maximize profits. In the long-run, all firms will earn only normal profits and produce where price equals minimum average cost. The document also provides an example to calculate total revenue, marginal revenue, marginal cost, profit maximizing output, and break-even point for a competitive firm.
This document provides an overview of different market structures, with a focus on perfect competition. It defines key concepts related to revenue, costs, and profit maximization for firms in competitive markets. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. Equilibrium occurs where marginal cost equals marginal revenue. The document also discusses long-run equilibrium and how perfect competition leads to allocative efficiency.
There are 4 main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. In both the short run and long run, firms will produce where marginal cost equals marginal revenue to maximize profits. The perfectly competitive market leads to productive and allocative efficiency.
Be chap5 competitive, monopoly, monopolistic competitive marketsfadzliskc
This document provides an overview of different market structures including perfect competition, monopoly, and monopolistic competition. It defines key characteristics of each market structure and explains how firms determine price and output to maximize profits or minimize losses in the short run and long run. The document also discusses sources of monopoly power and how monopolies, unlike competitive firms, do not have a supply curve. It analyzes the social costs of monopoly power through deadweight loss.
The market is made up of buyers and sellers who conduct exchange transactions. Markets can be classified based on area, the nature of transactions, volume, time period, and level of competition. Under perfect competition, there are many small firms and homogeneous products. Individual firms are price takers and maximize profits where marginal revenue equals marginal cost. Monopolies have single firms and differentiated products, allowing them to be price makers that also set output at the point where marginal revenue equals marginal cost. Oligopolies feature a few interdependent firms, and pricing may involve price leadership or tacit collusion to coordinate prices.
The document discusses different market structures including perfect competition, monopoly, and oligopoly. It provides details on the characteristics of a perfectly competitive market including numerous small firms, homogeneous products, perfect information, and free entry and exit. The profit-maximizing firm in perfect competition will produce where price equals marginal cost. In the long-run, normal profits are earned as entry and exit of firms occurs in response to above- or below-normal profits. Monopoly is defined by a single seller with no close substitutes and downward sloping demand.
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
The document defines and discusses different types of markets. A market brings buyers and sellers into contact and enables an exchange to take place. Markets can be classified by area, nature of transactions, volume of business, time period, and status of sellers. Competition in a market depends on substitutability, interdependence, and ease of entry. Equilibrium price is where quantity demanded equals quantity supplied. Under perfect competition, firms are price takers and quantity supplied equals marginal cost. Monopolies have a single seller and influence price. Monopolistic competition involves differentiated products, while oligopolies have few dominant sellers.
Similar to Lecture 9 - Firms in Competitive Markets.ppt (20)
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
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TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
2. WHAT IS A COMPETITIVE
MARKET?
• A perfectly competitive market has the
following characteristics:
• There are many buyers and sellers in the market.
• The goods offered by the various sellers are largely
the same.
• Firms can freely enter or exit the market.
3. WHAT IS A COMPETITIVE
MARKET?
• As a result of its characteristics, the perfectly
competitive market has the following outcomes:
• The actions of any single buyer or seller in the
market have a negligible impact on the market
price.
• Each buyer and seller takes the market price as
given.
4. WHAT IS A COMPETITIVE
MARKET?
• A competitive market has many buyers and
sellers trading identical products so that each
buyer and seller is a price taker.
• Buyers and sellers must accept the price determined
by the market.
5. The Revenue of a Competitive Firm
• Total revenue for a firm is the selling price
times the quantity sold.
TR = (P Q)
6. The Revenue of a Competitive Firm
• Total revenue is proportional to the amount of
output.
7. The Revenue of a Competitive Firm
• Average revenue tells us how much revenue a
firm receives for the typical unit sold.
• Average revenue is total revenue divided by the
quantity sold.
8. The Revenue of a Competitive Firm
• In perfect competition, average revenue equals
the price of the good.
Average Revenue =
Total revenue
Quantity
Price Quantity
Quantity
Price
9. The Revenue of a Competitive Firm
• Marginal revenue is the change in total revenue
from an additional unit sold.
MR =TR/ Q
10. The Revenue of a Competitive Firm
• For competitive firms, marginal revenue equals
the price of the good.
12. PROFIT MAXIMIZATION AND THE
COMPETITIVE FIRM’S SUPPLY CURVE
• The goal of a competitive firm is to maximize
profit.
• This means that the firm will want to produce
the quantity that maximizes the difference
between total revenue and total cost.
15. PROFIT MAXIMIZATION AND THE
COMPETITIVE FIRM’S SUPPLY CURVE
• Profit maximization occurs at the quantity
where marginal revenue equals marginal cost.
16. PROFIT MAXIMIZATION AND THE
COMPETITIVE FIRM’S SUPPLY CURVE
• When MR > MC increase Q
• When MR < MC decrease Q
• When MR = MC Profit is maximized.
18. The Firm’s Short-Run Decision to Shut Down
• A shutdown refers to a short-run decision not to
produce anything during a specific period of
time because of current market conditions.
• Exit refers to a long-run decision to leave the
market.
19. The Firm’s Short-Run Decision to Shut Down
• The firm considers its sunk costs when deciding
to exit, but ignores them when deciding
whether to shut down.
• Sunk costs are costs that have already been
committed and cannot be recovered.
20. The Firm’s Short-Run Decision to Shut Down
• The firm shuts down if the revenue it gets from
producing is less than the variable cost of
production.
• Shut down if TR < VC
• Shut down if TR/Q < VC/Q
• Shut down if P < AVC
22. The Firm’s Short-Run Decision to Shut Down
• The portion of the marginal-cost curve that lies
above average variable cost is the competitive
firm’s short-run supply curve.
23. The Firm’s Long-Run Decision to Exit or
Enter a Market
• In the long run, the firm exits if the revenue it
would get from producing is less than its total
cost.
• Exit if TR < TC
• Exit if TR/Q < TC/Q
• Exit if P < ATC
24. The Firm’s Long-Run Decision to Exit or
Enter a Market
• A firm will enter the industry if such an action
would be profitable.
• Enter if TR > TC
• Enter if TR/Q > TC/Q
• Enter if P > ATC
26. THE SUPPLY CURVE IN A
COMPETITIVE MARKET
• The competitive firm’s long-run supply curve is
the portion of its marginal-cost curve that lies
above average total cost.
28. THE SUPPLY CURVE IN A
COMPETITIVE MARKET
• Short-Run Supply Curve
• The portion of its marginal cost curve that lies
above average variable cost.
• Long-Run Supply Curve
• The marginal cost curve above the minimum point
of its average total cost curve.
31. THE SUPPLY CURVE IN A
COMPETITIVE MARKET
• Market supply equals the sum of the quantities
supplied by the individual firms in the market.
32. The Short Run: Market Supply with a Fixed
Number of Firms
• For any given price, each firm supplies a
quantity of output so that its marginal cost
equals price.
• The market supply curve reflects the individual
firms’ marginal cost curves.
34. The Long Run: Market Supply with Entry and
Exit
• Firms will enter or exit the market until profit is
driven to zero.
• In the long run, price equals the minimum of
average total cost.
• The long-run market supply curve is horizontal
at this price.
36. The Long Run: Market Supply with Entry and
Exit
• At the end of the process of entry and exit,
firms that remain must be making zero
economic profit.
• The process of entry and exit ends only when
price and average total cost are driven to
equality.
• Long-run equilibrium must have firms
operating at their efficient scale.
37. Why Do Competitive Firms Stay in Business
If They Make Zero Profit?
• Profit equals total revenue minus total cost.
• Total cost includes all the opportunity costs of
the firm.
• In the zero-profit equilibrium, the firm’s
revenue compensates the owners for the time
and money they expend to keep the business
going.
38. A Shift in Demand in the Short Run and
Long Run
• An increase in demand raises price and quantity
in the short run.
• Firms earn profits because price now exceeds
average total cost.
39. Figure 8 An Increase in Demand in the Short Run and Long
Run
Firm
(a) Initial Condition
Quantity (firm)
0
Price
Market
Quantity (market)
Price
0
D
Demand, 1
S
Short-run supply, 1
P1
ATC
Long-run
supply
P1
1
Q
A
MC
44. Why the Long-Run Supply Curve Might Slope
Upward
• Some resources used in production may be
available only in limited quantities.
• Firms may have different costs.
45. Why the Long-Run Supply Curve Might Slope
Upward
• Marginal Firm
• The marginal firm is the firm that would exit the
market if the price were any lower.
46. Summary
• Because a competitive firm is a price taker, its
revenue is proportional to the amount of output
it produces.
• The price of the good equals both the firm’s
average revenue and its marginal revenue.
47. Summary
• To maximize profit, a firm chooses the quantity
of output such that marginal revenue equals
marginal cost.
• This is also the quantity at which price equals
marginal cost.
• Therefore, the firm’s marginal cost curve is its
supply curve.
48. Summary
• In the short run, when a firm cannot recover its
fixed costs, the firm will choose to shut down
temporarily if the price of the good is less than
average variable cost.
• In the long run, when the firm can recover both
fixed and variable costs, it will choose to exit if
the price is less than average total cost.
49. Summary
• In a market with free entry and exit, profits are
driven to zero in the long run and all firms
produce at the efficient scale.
• Changes in demand have different effects over
different time horizons.
• In the long run, the number of firms adjusts to
drive the market back to the zero-profit
equilibrium.