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ECON 1001

ECON 1001

ECON 1001. Tutorial 8. Q1) Smith is a corn farmer earning economic profits and Wesson is a wheat farmer receiving a normal profit. Wesson has an incentive to become a corn farmer because His accounting profits are negative. He is not currently covering his opportunity costs.

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681 views • 41 slides
Long Run: Equilibrium P.C.

Long Run: Equilibrium P.C.

Long Run: Equilibrium P.C. Profits and losses are inconsistent with P.C. LR equilibrium are signals to which firm owners respond causing industry supply to shift. causing product prices to change eliminating profits & losses in the long run. Profit = more firms enter and profit disappears

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385 views • 37 slides
AAE 320 Exam # 1 Review

AAE 320 Exam # 1 Review

AAE 320 Exam # 1 Review. Paul D. Mitchell. Goal. Explain what to expect for exam Overview topics on exam Give idea of how to study. What to Expect. Organization & format similar to previous exams Mostly problems that test your knowledge of major concepts

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285 views • 13 slides
AAE 320 Exam # 1 Review

AAE 320 Exam # 1 Review

AAE 320 Exam # 1 Review. Paul D. Mitchell. Goal. Explain what to expect for exam Overview topics on exam Give idea of how to study. What to Expect. Organization & format similar to previous exams Mostly problems that test your knowledge of major concepts

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131 views • 13 slides
Why monopoly is not good for consumers or the economy

Why monopoly is not good for consumers or the economy

Why monopoly is not good for consumers or the economy. For the analysis, the demand curve remains the same: typical downward sloping. Supply curve for a monopolist in the short run is the upward sloping MC curve. But what would be the supply curve in the long run?

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259 views • 12 slides
Why monopoly is not good for consumers or the economy

Why monopoly is not good for consumers or the economy

Why monopoly is not good for consumers or the economy. For the analysis, the demand curve remains the same: typical downward sloping. Supply curve for a monopolist in the short run is the upward sloping MC curve. But what would be the supply curve in the long run?

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313 views • 12 slides

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