Perfect competition
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This document provides an overview of perfect competition including: 1. Characteristics of perfect competition such as many small firms, homogeneous products, free entry and exit. 2. Assumptions of perfect competition including perfect information and mobility of resources. 3. How firms operate at minimum average total cost and make only normal profits in both the short-run and long-run in a perfectly competitive market. 4. Criticism of the perfect competition model and its limited real-world applicability. 5. An example of international trade and a case study on the US watch market.
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Perfect Competitive Market
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
Perfectly competitive market
Perfect competition is an idealized market structure that achieves an efficient allocation of resources.
Perfect competition
Perfect competition is a market structure with many small firms, homogeneous products, perfect information and free entry and exit. In the short run, firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Abnormal profits attract new firms, lowering prices to normal profits when MC equals average cost (AC). Allocative efficiency occurs where MC equals average revenue (AR). In the long run, productive, allocative and profit maximizing efficiencies are achieved at the same output level.
Oligopoly
This document discusses pricing under oligopoly and provides classifications and models of oligopoly. It defines oligopoly as a market with a few sellers dealing in homogeneous or differentiated products. Oligopoly can be classified based on the nature of products, entry of firms, price leadership, agreements between firms, and coordination between firms. Models of non-collusive oligopoly discussed include Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models which make different assumptions around firms' outputs and pricing decisions.
11 perfect competition class economics slides for ku
This document provides an overview of the key concepts of perfect competition, including:
(1) Perfect competition is defined by many small firms, homogeneous products, perfect information and free entry/exit.
(2) In perfect competition, each firm is a price taker and faces a horizontal demand curve equal to the market price.
(3) A perfectly competitive firm will produce where price equals marginal cost to maximize profits in both the short and long run.
(4) Long run competitive equilibrium exists when there are no incentives for firms to enter/exit the industry or change output levels.
Profit maximization and perfect competition
1) A firm produces at the quantity where marginal revenue equals marginal cost to maximize profits. This is the point where additional revenue from producing another unit equals the additional costs.
2) A firm's profit is maximized by producing at the output level where marginal revenue equals marginal cost. Producing more would mean marginal costs exceed marginal revenues, reducing profits.
3) In the short run, a competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits. The firm's profit is represented by the rectangle between average total cost and marginal cost at the profit-maximizing quantity.
Demand.
This document discusses demand, factors that affect demand, and the elasticity of demand. It defines demand as the quantity of a commodity a consumer is willing to buy at a given price and time. Demand is affected by the price of the commodity, prices of substitutes and complements, income, tastes, and expectations. The law of demand states that, all else equal, demand increases when price decreases and decreases when price increases. Elasticity of demand measures responsiveness of quantity demanded to price changes. It is measured using total expenditure, percentage, and point elasticity methods. Factors like availability of substitutes and nature of the good impact elasticity. Demand can be perfectly elastic, perfectly inelastic, or elastic.
Perfect competition
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.
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Perfect Competitive Market
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
Perfectly competitive market
Perfect competition is an idealized market structure that achieves an efficient allocation of resources.
Perfect competition
Perfect competition is a market structure with many small firms, homogeneous products, perfect information and free entry and exit. In the short run, firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Abnormal profits attract new firms, lowering prices to normal profits when MC equals average cost (AC). Allocative efficiency occurs where MC equals average revenue (AR). In the long run, productive, allocative and profit maximizing efficiencies are achieved at the same output level.
Oligopoly
This document discusses pricing under oligopoly and provides classifications and models of oligopoly. It defines oligopoly as a market with a few sellers dealing in homogeneous or differentiated products. Oligopoly can be classified based on the nature of products, entry of firms, price leadership, agreements between firms, and coordination between firms. Models of non-collusive oligopoly discussed include Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models which make different assumptions around firms' outputs and pricing decisions.
11 perfect competition class economics slides for ku
This document provides an overview of the key concepts of perfect competition, including:
(1) Perfect competition is defined by many small firms, homogeneous products, perfect information and free entry/exit.
(2) In perfect competition, each firm is a price taker and faces a horizontal demand curve equal to the market price.
(3) A perfectly competitive firm will produce where price equals marginal cost to maximize profits in both the short and long run.
(4) Long run competitive equilibrium exists when there are no incentives for firms to enter/exit the industry or change output levels.
Profit maximization and perfect competition
1) A firm produces at the quantity where marginal revenue equals marginal cost to maximize profits. This is the point where additional revenue from producing another unit equals the additional costs.
2) A firm's profit is maximized by producing at the output level where marginal revenue equals marginal cost. Producing more would mean marginal costs exceed marginal revenues, reducing profits.
3) In the short run, a competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits. The firm's profit is represented by the rectangle between average total cost and marginal cost at the profit-maximizing quantity.
Demand.
This document discusses demand, factors that affect demand, and the elasticity of demand. It defines demand as the quantity of a commodity a consumer is willing to buy at a given price and time. Demand is affected by the price of the commodity, prices of substitutes and complements, income, tastes, and expectations. The law of demand states that, all else equal, demand increases when price decreases and decreases when price increases. Elasticity of demand measures responsiveness of quantity demanded to price changes. It is measured using total expenditure, percentage, and point elasticity methods. Factors like availability of substitutes and nature of the good impact elasticity. Demand can be perfectly elastic, perfectly inelastic, or elastic.
Perfect competition
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.
Perfect competition
This document summarizes the concepts of perfect competition in the short run and long run. It discusses how a perfectly competitive firm determines profit-maximizing output by producing at the quantity where marginal revenue equals marginal cost. In the short run, firms can increase or decrease output but cannot exit the industry. In long run equilibrium, firms earn zero economic profit and the industry supply curve is determined by the minimum average cost of production as the number of firms adjusts.
The Model Of Perfect Competition
Perfect competition is an ideal market structure where many small firms produce identical goods, there are no barriers to entry or exit, and both buyers and sellers have perfect information. Under perfect competition in the long run, firms earn zero economic profit and both allocative and productive efficiency are achieved as price equals marginal cost and firms produce at minimum average total cost.
Perfect competition
This document discusses the characteristics of perfect competition in economics. It outlines the necessary conditions for a perfectly competitive market, which are: firms are price takers; there are many buyers and sellers; there are no barriers to entry or exit; products are identical; and there is complete information. It explains that under perfect competition, each individual firm faces a perfectly elastic demand curve, meaning it is a price taker, while the market demand curve is downward sloping. The individual firm can have no impact on the market price.
Monopoly
The document discusses monopolies and how they differ from competitive firms. It defines a monopoly as a sole seller of a product without close substitutes, allowing it to be a price maker. Monopolies arise due to barriers to entry like owning key resources, patents, or economies of scale. As the sole producer, a monopoly faces a downward sloping demand curve and sets price based on where marginal revenue equals marginal cost to maximize profits. The government regulates monopolies to prevent excessive prices and deadweight loss through antitrust laws.
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Perfect Competition
Students should be able to:
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Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
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- A monopoly is both the firm and the industry and is the price maker. It faces a downward sloping demand curve where price exceeds marginal revenue. The profit-maximizing quantity is where marginal revenue equals marginal cost.
- At this quantity, the monopoly sets the highest price that demand allows. If price exceeds average total cost, the monopoly earns economic profits. In the long run, only monopolies that earn super-normal profits can remain in business.
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The document discusses the concept of perfect competition. It defines perfect competition as a market with many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition in the short run, firms are price takers and will produce at the price that maximizes their profits where marginal revenue equals marginal cost. In the long run, perfectly competitive firms will earn only normal profits as entry and exit will cause prices to adjust until average costs are equal to prices.
Monopoly market
Tnx group 15
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: AL AMIN
SAIFUL ISLAM
RUKSANA PARVIN RUPA
SHAMIM MIA
LIMA AKTER
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Perfect competition is an ideal market structure where many small firms produce identical goods, there are no barriers to entry or exit, and both buyers and sellers have perfect information. Under perfect competition in the long run, firms earn zero economic profit and both allocative and productive efficiency are achieved as price equals marginal cost and firms produce at minimum average total cost.
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This document discusses the characteristics of perfect competition in economics. It outlines the necessary conditions for a perfectly competitive market, which are: firms are price takers; there are many buyers and sellers; there are no barriers to entry or exit; products are identical; and there is complete information. It explains that under perfect competition, each individual firm faces a perfectly elastic demand curve, meaning it is a price taker, while the market demand curve is downward sloping. The individual firm can have no impact on the market price.
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The document discusses monopolies and how they differ from competitive firms. It defines a monopoly as a sole seller of a product without close substitutes, allowing it to be a price maker. Monopolies arise due to barriers to entry like owning key resources, patents, or economies of scale. As the sole producer, a monopoly faces a downward sloping demand curve and sets price based on where marginal revenue equals marginal cost to maximize profits. The government regulates monopolies to prevent excessive prices and deadweight loss through antitrust laws.
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Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
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This is part of an introduction to indifference curve analysis. A budget line shows the combinations of two products that a consumer can afford to buy with a given income – using all of their available budget
The gradient of the budget line reflects the relative prices of the two products
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Monopoly market
- A monopoly market is characterized by a single seller of a unique product without close substitutes. Barriers to entry like government protections, large economies of scale, or exclusive ownership of resources allow monopolies to exist.
- A monopoly is both the firm and the industry and is the price maker. It faces a downward sloping demand curve where price exceeds marginal revenue. The profit-maximizing quantity is where marginal revenue equals marginal cost.
- At this quantity, the monopoly sets the highest price that demand allows. If price exceeds average total cost, the monopoly earns economic profits. In the long run, only monopolies that earn super-normal profits can remain in business.
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The document discusses the concept of perfect competition. It defines perfect competition as a market with many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition in the short run, firms are price takers and will produce at the price that maximizes their profits where marginal revenue equals marginal cost. In the long run, perfectly competitive firms will earn only normal profits as entry and exit will cause prices to adjust until average costs are equal to prices.
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Tnx group 15
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: AL AMIN
SAIFUL ISLAM
RUKSANA PARVIN RUPA
SHAMIM MIA
LIMA AKTER
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About COST & REVENU CONCEPTS , Short & Long term curves ( their explaination ) , different types cost in economics term.
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This document discusses subsidies and taxation as tools to correct market failures. It explains that subsidies aim to change relative prices and are given to producers, while taxation can be specific or ad valorem and is typically levied on producers. Both subsidies and taxes can distort markets by shifting supply curves and altering price signals. Their welfare effects depend on who bears the costs and benefits.
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1) Monopolistic competition describes an imperfect market structure where many small businesses produce differentiated products. Examples include coffee shops, hair salons, and pizza delivery services.
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This document discusses monopolistic competition as a market structure between perfect competition and monopoly. Key points include:
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- Each firm faces a downward-sloping demand curve and can set prices above marginal cost in the short-run. In the long-run, entry drives prices down to average total cost.
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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.
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.
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.
Shut down point and profit
The document summarizes key concepts relating to firms operating in competitive markets including:
- The four basic market types are perfect competition, monopolistic competition, oligopoly, and monopoly.
- For a competitive firm, marginal revenue equals price since each additional unit sold does not impact the market price.
- A competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits.
- In the short-run, a competitive firm will shut down if price falls below average variable cost. In the long-run, the firm will exit the market if price falls below average total cost.
DPB 10013 MICROECONOMICS (PERFECT COMPETITION)
The document defines and explains the characteristics of perfect competition. It states that a perfectly competitive market has many small firms, identical products, free entry and exit, and perfect information. Firms are price takers and the industry supply and demand curve determines price. The individual firm's demand curve is perfectly elastic and it will produce where price equals marginal cost. In the short run, firms can experience super-normal profits, normal profits, losses or exit the market if average costs exceed average revenue. In long run equilibrium, firms earn only normal profits.
Perfect Competition Lecture Notes (Economics)
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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
12 Firms in Competitive Markets.pptx
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
Chapter 14 pp
1. A perfectly competitive market has six key characteristics: many small firms, identical products, free entry and exit, perfect information, price-taking behavior on the part of buyers and sellers.
2. For a firm in perfect competition, marginal revenue equals price and the profit-maximizing level of output occurs where marginal revenue equals marginal cost.
3. In the long run, firms will enter or exit the market until economic profits are driven down to zero and the industry reaches long-run competitive equilibrium.
Perfect competition
1. The document discusses the concept of perfect competition, which is an ideal market structure with no barriers to entry, homogeneous products, perfect information, and price-taking firms and consumers.
2. Under perfect competition, firms seek to maximize profits by producing at the level where marginal revenue equals marginal cost, and marginal cost is rising. In the long run, no firms earn abnormal profits as free entry and exit drives prices down to minimum average cost.
3. The perfect competition model serves as a benchmark for analyzing market imperfections, as it achieves an efficient allocation of resources where price equals minimum average cost and marginal cost equals marginal benefit to consumers.
Chap5
This chapter discusses perfect competition and profit maximization in competitive markets. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where marginal revenue equals marginal cost.
2. In the short run, firms will shut down if price falls below average variable cost or operate at a loss if price is between average variable and average total cost. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium price and quantity in both the
Chap5
This chapter discusses perfect competition and profit maximization in perfect competition. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where MR=MC.
2. In the short run, firms will shut down if P<AVC or operate to minimize losses if ATC>P>AVC. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium prices and quantities in the short and long run through adjustments to
11. Managerial Economics Revenue curves.pptx
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.
Lecture 9 - Firms in Competitive Markets.ppt
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.
Firms in competitive market
Firms in competitive markets are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the short run, a competitive firm's supply curve is its marginal cost curve. In the long run, firms will enter or exit the market to earn normal profits when price equals average total cost. If demand increases in the short run, price and quantity rise as firms earn profits. In the long run, entry of new firms causes supply to increase, price and profits to fall back to normal.
Perfect competition
Perfect competition is a market structure characterized by numerous small firms, homogeneous products, free entry and exit of firms, and perfect information. Under perfect competition, firms are price takers and cannot influence the market price. The equilibrium price is determined where industry demand equals industry supply and firms produce where price equals marginal cost, resulting in an efficient allocation of resources.
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Bridging the gap: Online job postings, survey data and the assessment of job ...
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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.一比一原版(IC毕业证)帝国理工大学毕业证如何办理
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1、在校期间，因各种原因未能顺利毕业，拿不到官方毕业证+微信95270640
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Perfect competition
- 1. In the name of Allah Almighty who is most beneficent and most merciful
- 2. Asifa Rasheed K1F14MCOM0029 Noor-ul-Ain K1F14MCOM0017 Mustafa Hanif K1F14MCOM0008 Abdul Wahhab K1F14MCOM0002 Zain Anjum K1F14MCOM0021 Asif Nawaz K1F14MCOM0005 Project Prepared by: (Team: Seekers)
- 3. Project of Managerial Economics Perfect competition
- 4. Contents: • Types of market • Perfect competition introduction • Characteristics • Assumptions • Efficiency • Equilibrium of firm • Short run • Long run • Criticism • International trade • U.S case study
- 5. Types of market: Types of market According to competition According to place According to product According to time
- 6. Market structures with respect to competition:
- 7. Introduction: Perfect competition is a market structure where many firms offer a homogeneous product. Because there is freedom of entry and exit and perfect information, firms will make normal profits and prices will be kept low by competitive pressures.
- 8. Characteristics: Large number of buyers and sellers Homogenous product Free entry and exit of firms Perfectly elastic demand
- 9. Perfect knowledge of consumers Normal profits of firms Price taker No control over price Perfect mobility of FOP Characteristics(cont’d):
- 10. Assumptions: Many suppliers (more than 100) Price taker, significant market share , no affect on price through supply Identical/perfect substitutes/ standardized output
- 11. All firms have equal access to market No barriers to entry & exit of firms No super normal profit Perfect information Assumptions(cont’d):
- 12. Firm as price taker: The market price is where market demand is equal to market supply. All firms will charge this price. MC P=AR=MR Output x y Revenue &cost E MC=MR A B Q P
- 13. Efficiency of firms: Efficient i.e. P=MC, at equilibrium point Productively efficient Have to remain efficient, otherwise out of business Dynamically inefficient, nothing to invest in R&D
- 14. Examples: Foreign exchange markets Agricultural markets Internet related industries
- 15. Equilibrium of firm under perfect competition: Short run Long run
- 16. Conditions of equilibrium: MC=MR MC must cut MR curve from below of it
- 18. Short run equilibrium possibilities: Abnormal/Supernormal profit Normal profit Normal loss Abnormal loss/Shut down point Equilibrium possibilities in short run
- 21. Why normal profit? When TR=TC It means firm does not earn the profit above the estimated profit. As in Economics the estimated profit is added in cost so when it is said that TR=TC, that does not result in zero profit.
- 24. On average normal profit in long run: P=AR=MR Output x y MC=MR Q P AC TR=TC E MC Revenue &cost
- 25. Criticism: If all firms are price takers, who is price maker? Very few markets or industries in the real world are perfectly competitive How homogeneous is the output of real firms? Differences between supply and demand cause changes in price, not true for short run.
- 26. International trade: Exchange of goods and services between two countries. oTariff o Quota Save domestic industry
- 27. Case study: U.S watches demand and supply Qd & Qs x y Price E $15P Q U.S demand U.S supply 15M 20M 25M $12.50 <----------Imports-------> Free trade
- 28. Solution to problem: If U.S government imposes a tariff (12%) then price will increase from $12.50 to $14. 12.50 x 12% = $1.5 + $12.50 = $14 (new price) As a result the supply increases and the quantity demanded decreases. Now the U.S govt. will have to import only 4 Million of watches.
- 29. Diagram: Qd & Qs x y Price E $15P Q U.S demand U.S supply 15M 20M 25M $12.50 $14 18M 22M <Imports>
- 30. Trying to do what your competitors are doing but basically a little bit better is probably not going to be the winning strategy. The problem is finding what your competitors wouldn't even consider doing. Ending quote