Perfect comp
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This document discusses key concepts around perfect competition, including: - Perfect competition is defined by many small firms, identical products, firms as price takers, easy entry and exit into the market, and perfectly informed consumers. - Examples of perfect competition include commodities like salt, gasoline, and paper clips. - Under perfect competition, a firm's marginal revenue is equal to the market price since each individual firm is such a small part of the market that it cannot influence price.
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Perfect comp m t
This document discusses competition in markets through a series of examples and questions. It begins with an experiment involving different levels of competition and asks students to consider how it affects pricing power. It then discusses the benefits and drawbacks of competition for consumers and producers. Various market structures are introduced, including perfect competition as exemplified by markets like gasoline, salt, and paper clips. Firms in perfect competition are price takers, and the document explores how they can increase revenue and profit given these constraints.
Firms in competitive market
1) The document discusses the characteristics and behavior of firms operating in perfectly competitive markets. It addresses factors like revenue, costs, and profit maximization.
2) A competitive firm is a price taker and will produce at the quantity where marginal revenue equals marginal cost, as this maximizes profits.
3) The marginal cost curve represents the firm's supply curve - at a higher price, the profit-maximizing quantity supplied increases as costs are covered at a greater output level.
14 firms competitive
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.
Unit 2 3 2 Perfect Competition
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
Monoplistic competetion
The document discusses markets for various goods and classifies them as perfectly competitive, monopolistically competitive, or monopolistic. It then analyzes the characteristics of firms in these different market structures and how they determine profit maximizing price and output. The document also provides examples of how individual firms might behave in these market contexts.
Monopoly and Monopolistic Competition© Washington PostGetty I.docx
Monopoly and Monopolistic Competition
© Washington Post/Getty Images
After reading this chapter, you should be able to:
LO14-1. Summarize how and why the decisions facing a monopolist differ from the collective decisions of competing firms.
LO14-2. Determine a monopolist’s price, output, and profit graphically and numerically.
LO14-3. Show graphically the welfare loss from monopoly.
LO14-4. Explain why there would be no monopoly without barriers to entry.
LO14-5. Explain how monopolistic competition differs from monopoly and perfect competition.
“Monopoly is business at the end of its journey.”
Henry Demarest Lloyd
In the last chapter we considered perfect competition. We now move to the other end of the spectrum: monopoly. Monopoly isa market structure in which one firm makes up the entire market. It is the polar opposite to competition. It is a market structure in which the firm faces no competitive pressure from other firms.
Monopolies exist because of barriers to entry into a market that prevent competition. These can be legal barriers (as in the case where a firm has a patent that prevents other firms from entering); sociological barriers, where entry is prevented by custom or tradition; natural barriers, where the firm has a unique ability to produce what other firms can’t duplicate; or technological barriers, where the size of the market can support only one firm.
The Key Difference between a Monopolist and a Perfect Competitor
A key question we want to answer in this chapter is: How does a monopolist’s decision differ from the collective decision of competing firms (i.e., from the competitive solution)? Answering that question brings out a key difference between a competitive firm and a monopoly. Since a competitive firm is too small to affect the price, it does not take into account the effect of its output decision on the price it receives. A competitive firm’s marginal revenue (the additional revenue it receives from selling an additional unit of output) is the given market price. A monopolistic firm takes into account that its output decision can affect price; its marginal revenue is not its price. A monopolistic firm will reason: “If I increase production, the price I can get for each unit sold will fall, so I had better be careful about how much I increase production.”
Let’s consider an example. Say your drawings in the margins of this book are seen by a traveling art critic who decides you’re the greatest thing since Rembrandt, or at least since Andy Warhol. Carefully he tears each page out of the book, mounts them on special paper, and numbers them: Doodle Number 1 (Doodle While Contemplating Demand), Doodle Number 2 (Doodle While Contemplating Production), and so on.
All told, he has 100. He figures, with the right advertising and if you’re a hit on the art circuit, he’ll have a monopoly in your doodles. He plans to sell them for $20,000 each: He gets 50 percent, you get 50 percent. That’s $1 million for you. You tell him, “ ...
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This document summarizes key characteristics of monopolistic competition. In 3 sentences: Firms in monopolistic competition have differentiated but substitutable products, they set price between the monopoly and competitive levels where marginal revenue equals marginal cost to earn normal profits in the long run, and while this leads to higher prices than perfect competition it provides benefits to consumers like variety and innovation.
profit maximisation under monoply
This document discusses monopolies and profit maximization under monopoly. It begins by asking several questions about why monopolies arise, how monopolies choose price and quantity, and what governments can do about monopolies. It then defines a monopoly and explains that monopolies arise due to barriers to entry in the market. A monopoly faces a downward-sloping demand curve and sets price and quantity by producing where marginal revenue equals marginal cost. This results in the monopoly price being above marginal cost and a deadweight loss to society.
Monopolistic Competition
Describes monopolistic competition as one of the market structures and its implications on other producers, consumers and their own organisation.
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This document contains classroom materials on market structures for economics instruction including:
- A description of a market poster assignment asking students to explain examples of perfect competition, monopolistic competition, oligopoly, and monopoly markets.
- Examples of verbal bellringers asking students about pricing power in monopoly markets and the definition of consumer surplus.
- Charts reviewing key aspects of perfect competition, monopolistic competition, oligopoly, and monopoly markets.
Imprefect
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
Marketstructures
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.
Market Perfect Competition_MBA_Parakramesh Jaroli
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.
Monopoly SFLS online
- A monopoly is characterized by a single seller in a market with very high barriers to entry that make it almost impossible for competitors to enter. As the sole producer, a monopoly can set its own price.
- A monopoly's demand curve is the market demand curve since it is the only seller. It produces where marginal revenue equals marginal cost to maximize profits. However, unlike perfect competition, the monopoly's price exceeds marginal revenue.
- By producing a lower quantity than would be socially optimal, monopolies create deadweight loss and reduce total welfare for society.
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Similar to Perfect comp
Perfect comp m t
This document discusses competition in markets through a series of examples and questions. It begins with an experiment involving different levels of competition and asks students to consider how it affects pricing power. It then discusses the benefits and drawbacks of competition for consumers and producers. Various market structures are introduced, including perfect competition as exemplified by markets like gasoline, salt, and paper clips. Firms in perfect competition are price takers, and the document explores how they can increase revenue and profit given these constraints.
Firms in competitive market
1) The document discusses the characteristics and behavior of firms operating in perfectly competitive markets. It addresses factors like revenue, costs, and profit maximization.
2) A competitive firm is a price taker and will produce at the quantity where marginal revenue equals marginal cost, as this maximizes profits.
3) The marginal cost curve represents the firm's supply curve - at a higher price, the profit-maximizing quantity supplied increases as costs are covered at a greater output level.
14 firms competitive
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.
Unit 2 3 2 Perfect Competition
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
Monoplistic competetion
The document discusses markets for various goods and classifies them as perfectly competitive, monopolistically competitive, or monopolistic. It then analyzes the characteristics of firms in these different market structures and how they determine profit maximizing price and output. The document also provides examples of how individual firms might behave in these market contexts.
Monopoly and Monopolistic Competition© Washington PostGetty I.docx
Monopoly and Monopolistic Competition
© Washington Post/Getty Images
After reading this chapter, you should be able to:
LO14-1. Summarize how and why the decisions facing a monopolist differ from the collective decisions of competing firms.
LO14-2. Determine a monopolist’s price, output, and profit graphically and numerically.
LO14-3. Show graphically the welfare loss from monopoly.
LO14-4. Explain why there would be no monopoly without barriers to entry.
LO14-5. Explain how monopolistic competition differs from monopoly and perfect competition.
“Monopoly is business at the end of its journey.”
Henry Demarest Lloyd
In the last chapter we considered perfect competition. We now move to the other end of the spectrum: monopoly. Monopoly isa market structure in which one firm makes up the entire market. It is the polar opposite to competition. It is a market structure in which the firm faces no competitive pressure from other firms.
Monopolies exist because of barriers to entry into a market that prevent competition. These can be legal barriers (as in the case where a firm has a patent that prevents other firms from entering); sociological barriers, where entry is prevented by custom or tradition; natural barriers, where the firm has a unique ability to produce what other firms can’t duplicate; or technological barriers, where the size of the market can support only one firm.
The Key Difference between a Monopolist and a Perfect Competitor
A key question we want to answer in this chapter is: How does a monopolist’s decision differ from the collective decision of competing firms (i.e., from the competitive solution)? Answering that question brings out a key difference between a competitive firm and a monopoly. Since a competitive firm is too small to affect the price, it does not take into account the effect of its output decision on the price it receives. A competitive firm’s marginal revenue (the additional revenue it receives from selling an additional unit of output) is the given market price. A monopolistic firm takes into account that its output decision can affect price; its marginal revenue is not its price. A monopolistic firm will reason: “If I increase production, the price I can get for each unit sold will fall, so I had better be careful about how much I increase production.”
Let’s consider an example. Say your drawings in the margins of this book are seen by a traveling art critic who decides you’re the greatest thing since Rembrandt, or at least since Andy Warhol. Carefully he tears each page out of the book, mounts them on special paper, and numbers them: Doodle Number 1 (Doodle While Contemplating Demand), Doodle Number 2 (Doodle While Contemplating Production), and so on.
All told, he has 100. He figures, with the right advertising and if you’re a hit on the art circuit, he’ll have a monopoly in your doodles. He plans to sell them for $20,000 each: He gets 50 percent, you get 50 percent. That’s $1 million for you. You tell him, “ ...
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The content discusses the Revenue Relationship with examples. Also explains the pricing under different competitions. At the end Break even analysis is explained. Each topic is supported by practice multiple choice questions.
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This document summarizes key characteristics of monopolistic competition. In 3 sentences: Firms in monopolistic competition have differentiated but substitutable products, they set price between the monopoly and competitive levels where marginal revenue equals marginal cost to earn normal profits in the long run, and while this leads to higher prices than perfect competition it provides benefits to consumers like variety and innovation.
profit maximisation under monoply
This document discusses monopolies and profit maximization under monopoly. It begins by asking several questions about why monopolies arise, how monopolies choose price and quantity, and what governments can do about monopolies. It then defines a monopoly and explains that monopolies arise due to barriers to entry in the market. A monopoly faces a downward-sloping demand curve and sets price and quantity by producing where marginal revenue equals marginal cost. This results in the monopoly price being above marginal cost and a deadweight loss to society.
Monopolistic Competition
Describes monopolistic competition as one of the market structures and its implications on other producers, consumers and their own organisation.
Market structures project and quiz
This document contains classroom materials on market structures for economics instruction including:
- A description of a market poster assignment asking students to explain examples of perfect competition, monopolistic competition, oligopoly, and monopoly markets.
- Examples of verbal bellringers asking students about pricing power in monopoly markets and the definition of consumer surplus.
- Charts reviewing key aspects of perfect competition, monopolistic competition, oligopoly, and monopoly markets.
Imprefect
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
Marketstructures
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.
Market Perfect Competition_MBA_Parakramesh Jaroli
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.
Monopoly SFLS online
- A monopoly is characterized by a single seller in a market with very high barriers to entry that make it almost impossible for competitors to enter. As the sole producer, a monopoly can set its own price.
- A monopoly's demand curve is the market demand curve since it is the only seller. It produces where marginal revenue equals marginal cost to maximize profits. However, unlike perfect competition, the monopoly's price exceeds marginal revenue.
- By producing a lower quantity than would be socially optimal, monopolies create deadweight loss and reduce total welfare for society.
Monopolistic competition - The Four Types of Market Structure - Economics
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms.[1][2] In the presence of coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Textbook examples of industries with market structures similar to monopolistic competition include restaurants, cereal, clothing, shoes, and service industries in large cities. The "founding father" of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the subject, Theory of Monopolistic Competition (1933).[3] Joan Robinson published a book The Economics of Imperfect Competition with a comparable theme of distinguishing perfect from imperfect competition.
Monopolistically competitive markets have the following characteristics:
There are many producers and many consumers in the market, and no business has total control over the market price.
Consumers perceive that there are non-price differences among the competitors' products.
There are few barriers to entry and exit.[4]
Producers have a degree of control over price.
economics #ucp
What is 'Monopolistic Competition'
Characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in the industry are low, and the decisions of any one firm do not directly affect those of its competitors. All firms have the same, relatively low degree of market power; they are all price makers. In the long run, demand is highly elastic, meaning that it is sensitive to price changes. In the short run, economic profit is positive, but it approaches zero in the long run. Firms in monopolistic competition tend to advertise heavily.
BREAKING DOWN 'Monopolistic Competition'
Monopolistic competition is a middle ground between monopoly, on the one hand, and perfect competition (a purely theoretical state), on the other, and combines elements of each. It is a form of competition that characterizes a number of industries that are familiar to consumers in their day-to-day lives. Examples include restaurants, hair salons, clothing and consumer electronics. To illustrate the characteristics of monopolistic competition, we'll use the example of household cleaning products.
17
Monopolistic competition is an imperfect market structure with many firms, differentiated products, and free entry and exit. Each firm faces a downward-sloping demand curve and charges a price above marginal cost, resulting in excess capacity and markup over marginal cost. While product variety benefits consumers, monopolistic competition also results in deadweight loss and potentially an inefficient number of firms. Firms use advertising and brand names both to inform consumers and potentially manipulate them.
Monopolistic practices
Monopolistic practices and the role of competition commissions in the Indian economy. There are many sellers of differentiated products, free entry and exit in the market, and each firm faces a downward sloping demand curve (Monopolistic Competition). The Competition Commission of India prohibits anti-competitive agreements and abuse of dominant positions to promote efficiency, productivity, choice and reduce costs. Advertising is used by firms in monopolistic competition to attract customers to differentiated products and establish brand names as a signal of quality.
2015 day 8
Here are the answers to the short quiz:
1. Examples of FC for this firm: Rent for factory space, machinery/equipment, salaries for managers
2. Examples of VC for this firm: Materials/supplies, labor costs for production workers, electricity
3. This firm could increase its TR by increasing the quantity of widgets produced and sold (assuming demand remains constant)
4. An example of diminishing marginal returns for this firm would be if each additional widget took longer to produce due to congestion in the factory or workers getting tired, so the marginal cost of production would increase with higher quantities.
Market structures – perfect competition
The document discusses market structures, specifically perfect competition. It defines key characteristics of perfect competition including a large number of small firms, homogeneous products, free entry and exit, and firms being price takers. Under perfect competition, each firm's demand curve is perfectly elastic and marginal revenue equals price. Firms produce where price equals marginal cost to maximize profits. In the long run, normal profits are achieved as entry and exit cause supply to equal demand. Perfect competition leads to allocative and productive efficiency.
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Monopoly and Monopolistic Competition© Washington PostGetty I.docx
Monopoly and Monopolistic Competition© Washington PostGetty I.docx
Monopolistic competition - The Four Types of Market Structure - Economics
Monopolistic competition - The Four Types of Market Structure - Economics
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This document discusses demand for lifesaving pharmaceuticals and the pricing of drugs under a monopoly. It asks how the demand curve would look if a firm had a patent on a cure for cancer and what deadweight loss would be. It also asks if such a firm should be allowed to charge any price and how quantity supplied would change if the firm price discriminated. The document then provides a graph showing the transition from a monopoly market to a competitive market when a drug patent expires and generics enter. It asks about other similar markets and provides links about copyright and public domain works.
Price discriminating monopolist
This document discusses the concept of price discrimination. It begins by defining price discrimination as selling the same good at different prices to different buyers based on their willingness to pay. It provides examples such as student/senior discounts and differences in airline ticket prices. The document explains that under perfect price discrimination, a monopolist can capture all consumer surplus as profit and eliminate deadweight loss. However, in reality firms can only imperfectly discriminate by dividing customers into groups based on observable traits related to willingness to pay. It concludes by asking questions about whether price discrimination should always be illegal and discussing the "Soup Nazi" character from Seinfeld.
Monopoly types
This document discusses monopolies and public policy related to monopolies. It begins by explaining the key characteristics of a monopoly market, including that a monopoly has total pricing power as the sole seller of a good or service. It then discusses the different types of monopolies such as geographic, government-granted, technological, and natural monopolies. The document goes on to explain how a profit-maximizing monopoly determines its optimal quantity and price using demand and marginal cost curves. It notes that a monopoly produces a lower quantity and charges a higher price than would be produced under perfect competition, resulting in deadweight loss. Finally, it discusses various public policy options for dealing with monopolies, such as antitrust laws to increase competition, regulation
Thurs banking
This document contains instructions for a homework assignment about the Medici family during the Renaissance. Students are asked to answer 7 questions: 1) identifying if a source is primary or secondary, 2) discussing how the Medici family business helped Europeans, 3) considering why the Medici patronized artists, 4) listing 3 Medici contributions people enjoy today, 5) analyzing the Medici view on education, 6) evaluating the impact of powerful families, and 7) creating a timeline of 5 Medici family events. The document repeats the assignment questions multiple times.
Block renaissanceart
This document provides an overview of Renaissance art and key concepts about the Renaissance period from the 1300s to 1550. It discusses causes of the Renaissance like the rediscovery of Greek/Roman ideas and art. Renaissance art is characterized by elements like perspective, realism, contrast between light and dark, and depicting humanism in Greek/Roman styles. The document lists and shows images of famous Renaissance artists like Michelangelo, Donatello, Da Vinci, and Raphael and some of their iconic works. Students are assigned a task analyzing Renaissance paintings or creating original art in the Renaissance style.
Mon printing press
The document discusses the impact of the printing press invention by Johannes Gutenberg in the 1400s-1600s. It notes that before the printing press, all books were handwritten which was a long and difficult process. The printing press allowed books and new ideas to spread widely across Europe, helping to end ignorance. This was a factor in the Renaissance period, a time of "rebirth" in European culture and society. The document suggests Gutenberg is one of the most important people to ever live due to his role in popularizing printing.
Shut down point and profit
The document contains examples and explanations of microeconomic concepts related to firm behavior including:
1. How a competitive firm determines its profit-maximizing quantity where marginal revenue equals marginal cost.
2. How the marginal cost curve determines the firm's supply decision - if price is above marginal cost, the firm will increase output.
3. The difference between a firm's short-run decision to shutdown if price is below average variable cost, versus its long-run decision to exit the market if price is below average total cost.
Black plague wed thur
The document discusses the deadliness of diseases over time. It mentions that the Black Plague killed 30-50% of Europe's population in the 1300s. Students are asked to compare graphs showing which diseases are not as deadly today and which two diseases remain deadly. The document also discusses a modern plague outbreak in Madagascar in 2013 and brainstorms ways the US and Madagascar governments could help prevent future outbreaks. Students are assigned to create a 4-page health pamphlet for people in the 1300s about the symptoms, prevention, and societal impacts of the Bubonic Plague.
04 black plague wed thur
The document discusses several deadly pandemics throughout history, including the Black Death plague which originated in China and spread along the Silk Road to Europe in the 14th century, killing an estimated 30-50% of the European population. Students are assigned to write a letter from a Silk Road trader during this time period describing how life has changed in Rome due to the plague, symptoms of the disease, and how to prevent its spread. Other assignments involve analyzing the impact of a modern disease outbreak and creating an educational pamphlet about the bubonic plague.
03 intolerance today
The document provides instructions for students to complete assignments on discrimination and religious intolerance. Students are asked to describe a time they witnessed discrimination and how they responded, and how they will respond in the future. They are also assigned a group poster project analyzing cases of extreme religious intolerance by indicating the location, groups involved, and events, and conveying a message about the effects of such behavior.
02 intolerance inquisition
The document discusses the religious protections guaranteed by the First Amendment and how countries may change if they adopted different state religions. It provides background on countries with official state religions, the concept of a theocracy where government is run by religious rules, and details about the Spanish Inquisition where the Catholic church ruled Spain and persecuted those who did not conform to Catholic doctrine.
01 end of crusades
Constantinople was important during the Crusades as it was the capital of the Byzantine Empire and controlled the trade routes between Europe and Asia. Spain was under Muslim control during the Crusades. The document provides notes about Crusades events like the Siege of Jerusalem in 1099 and Battle of Nicopolis in 1396, and asks questions about Crusader advantages and Ibn Fadlan's travels.
Sports assignment
The Tohono O'odham tribe wants to build a soccer stadium next to their casino. This would create both positive and negative externalities for the local community and governments. Negative externalities could include increased traffic and noise, while positive externalities could include more jobs and tax revenue. Finding ways to minimize the harm to neighbors, such as addressing traffic issues, would help gain city support for financing the stadium project. Understanding the elasticity of demand for tickets, concessions, and merchandise through price changes would help the tribe maximize revenue.
Cost curves computer lab
This document provides instructions for creating graphs using an online graphing tool to illustrate various microeconomics concepts related to supply and demand, costs of production, and market equilibrium. Students are asked to create graphs showing: a unit elastic supply/demand curve with price controls; a market with negative externalities; the effect of a per unit tax; short-run cost curves and break-even analysis; and supply/demand shifts in response to current events. The final questions provide an additional economics game and a request for new classroom tools.
04 economies of scale
This document discusses short-run and long-run costs of production. It contains the following key points:
1. In the short-run, some inputs like factories are fixed, while in the long-run all inputs are variable as firms can build or sell factories.
2. A firm's long-run average total cost curve shows the lowest average cost for each quantity based on the most efficient factory size. It is determined by connecting the minimum points of different factory sizes' short-run average total cost curves.
3. Economies of scale cause average total cost to fall as production increases due to factors like specialization. Diseconomies of scale cause costs to rise due to coordination problems in
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留信网认证的作用:
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2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
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Morgan Freeman is Jimi Hendrix: Unveiling the Intriguing Hypothesis
In celebrity mysteries and urban legends. Few narratives capture the imagination as the hypothesis that Morgan Freeman is Jimi Hendrix. This fascinating theory posits that the iconic actor and the legendary guitarist are, in fact, the same person. While this might seem like a far-fetched notion at first glance. a deeper exploration reveals a rich tapestry of coincidences, speculative connections. and a surprising alignment of life events fueling this captivating hypothesis.
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Introduction to the Hypothesis: Morgan Freeman is Jimi Hendrix
The idea that Morgan Freeman is Jimi Hendrix stems from a mix of historical anomalies, physical resemblances. and a penchant for myth-making that surrounds celebrities. While Jimi Hendrix's official death in 1970 is well-documented. some theorists suggest that Hendrix did not die but instead reinvented himself as Morgan Freeman. a man who would become one of Hollywood's most revered actors. This article aims to delve into the various aspects of this hypothesis. examining its origins, the supporting arguments. and the cultural impact of such a theory.
The Genesis of the Theory
Early Life Parallels
The hypothesis that Morgan Freeman is Jimi Hendrix begins by comparing their early lives. Jimi Hendrix, born Johnny Allen Hendrix in Seattle, Washington, on November 27, 1942. and Morgan Freeman, born on June 1, 1937, in Memphis, Tennessee, have lived very different lives. But, proponents of the theory suggest that the five-year age difference is negligible and point to Freeman's late start in his acting career as evidence of a life lived before under a different identity.
The Disappearance and Reappearance
Jimi Hendrix's death in 1970 at the age of 27 is a well-documented event. But, theorists argue that Hendrix's death staged. and he reemerged as Morgan Freeman. They highlight Freeman's rise to prominence in the early 1970s. coinciding with Hendrix's supposed death. Freeman's first significant acting role came in 1971 on the children's television show "The Electric Company," a mere year after Hendrix's passing.
Physical Resemblances
Facial Structure and Features
One of the most compelling arguments for the hypothesis that Morgan Freeman is Jimi Hendrix lies in the physical resemblance between the two men. Analyzing photographs, proponents point out similarities in facial structure. particularly the cheekbones and jawline. Both men have a distinctive gap between their front teeth. which is rare and often highlighted as a critical point of similarity.
Voice and Mannerisms
Supporters of the theory also draw attention to the similarities in their voices. Jimi Hendrix known for his smooth, distinctive speaking voice. which, according to some, resembles Morgan Freeman's iconic, deep, and soothing voice. Additionally, both men share certain mannerisms. such as their calm demeanor and eloquent speech patterns.
Artistic Parallels
Musical and Acting Talents
Jimi Hendrix was regarded as one of t
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- 1. Verbal Bellringer Mankiw Ch 14 If I’m going to the store to buy paper clips, what am I going to care most about as a consumer? If I’m going to the store to buy a smart phone, what am I going to care most about as a consumer?
- 2. Is this product cheap or expensive? Is there a lot of variety in this product? Is this product easy to buy? Does this product become cheaper if I buy more quantity? Is this product easy for a firm to make? Would this product be easy for a firm to leave the market?
- 3. Economic Competition • 4 basic market types: – Perfect Competition – Monopolistic Competition – Oligopoly – Monopoly • Measures price/nonprice competition, and product differentiation
- 4. Perfect Competition Market • • • • • • • • Features: Many firms Nearly identical products No pricing power “price takers” Easy to start new firm Easy to close down firm Perfectly informed consumers • Costs really important Other Examples? Salt, gasoline, paper clips
- 5. Perfect Competition examples • In groups of 2-3 1.Write 3 examples of perfect competition markets that I didn’t give you in class 2.If you were in a perfectly competitive market how could you make more revenue? 3.If you were in a perfectly competitive market how could you make more profit? 4.How might economies of scale help firms in perfect competition?
- 6. The Revenue of a Competitive Firm • Total revenue (TR) TR = P x Q • Average revenue (AR) TR =P AR = Q • Marginal revenue (MR): The change in TR from ∆TR MR = ∆Q FIRMS IN COMPETITIVE MARKETS selling one more unit. 6
- 7. A C T I V E L E A R N I N G 1 Calculating the empty spaces of the table. TR, AR, MR Fill in Q P TR 0 $10 n/a 1 $10 $10 2 $10 3 $10 4 $10 $40 5 $10 $50 AR MR $10 7
- 8. A C T I V E L E A R N I N G 1 Answers in the empty spaces of the table. Fill TR Q P TR = P x Q 0 $10 $0 n/a 1 $10 $10 $10 2 $10 Notice that Notice that$10 $20 MR = P MR = P 3 $10 $30 $10 4 $10 $40 $10 5 $10 $50 ∆TR $10 AR = Q MR = ∆Q $10 $10 $10 $10 $10 8
- 9. MR = P for a Competitive Firm • A competitive firm can keep increasing its output without affecting the market price. • So, each one-unit increase in Q causes revenue to rise by P, i.e., MR = P. MR = P is only true for MR = P is only true for firms in competitive markets. firms in competitive markets. FIRMS IN COMPETITIVE MARKETS 9
- 10. Profit Maximization • What Q maximizes the firm’s profit? • To find the answer, “think at the margin.” If increase Q by one unit, revenue rises by MR, cost rises by MC. • If MR > MC, then increase Q to raise profit. • If MR < MC, then reduce Q to raise profit. FIRMS IN COMPETITIVE MARKETS 10
- 12. Cotton
- 14. Mankiw homework • Read Ch 14 1.Write 2 questions based on the reading 2.Page 297 #4 (problems) 3.Page 296 #2 (problems)
- 15. Perfect Competition examples • In groups of 2-3 1.Write 3 examples of perfect competition markets that I didn’t give you in class 2.If you were in a perfectly competitive market how could you make more revenue? 3.If you were in a perfectly competitive market how could you make more profit? 4.How might economies of scale help firms in perfect competition?
Editor's Notes
- These revenue concepts are analogous to the cost concepts (TC, ATC, MC) in the previous chapter.
- This easy exercise requires students to apply the definitions from the previous slide. It also demonstrates that MR = P for a competitive firm. (The table in this exercise is similar to Table 1 in the chapter.)