1 / 5

ECN 221 Microeconomics

ECN 221 Microeconomics. Phase 3 Exam Chapters 14, 15, 16, 17. Chapter 14: Competitive Markets. When does a firm have market power? Competitive Market – Supply and Demand Curves Characteristics of Competitive Markets Marginal Cost of Q th unit = TC Q – TC Q-1 P MAX occurs when MR = MC

jennelle-hebert
Download Presentation

ECN 221 Microeconomics

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ECN 221 Microeconomics Phase 3 Exam Chapters 14, 15, 16, 17

  2. Chapter 14: Competitive Markets • When does a firm have market power? • Competitive Market – Supply and Demand Curves • Characteristics of Competitive Markets • Marginal Cost of Qth unit = TCQ – TCQ-1 • PMAX occurs when MR = MC • Entry, Price, and ATC of production

  3. Chapter 15: Monopoly • Characteristics of Monopoly Markets • Profit maximizing Prices and Quantity • Shape of demand curve • Lack of supply curve • Locus of socially efficient price and quantity • Deadweight loss • Basis of creating a monopoly

  4. Chapter 16 Monopolistic Competition • Role of price discrimination • Sources of positive and negative externalities • Rationale for Advertising • Brand loyalty • Value • Information • Profit maximization

  5. Chapter 17: Oligopoly • Profit maximization • Role of Prisoner’s Dilemma • Bonnie and Clyde example • P.D. and Behavior of firms • Nash Equilibrium • Cartels: Problems of cooperation • Tying • Anti-trust Legislation • Sherman Act • Clayton Act

More Related