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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Marginal Revenue, Competitive Equilibrium, Profit (Economics)

OC8694416 Page
29
Profit = total revenue (p*q) total costs. = total revenue variable costs (in economic terminology) (operating profit = producer surplus in economic ter
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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Arc Elasticity, Harvest, Monotonic Function

OC8694412 Page
23
Definition: elasticity measures the responsiveness of a change in a variable to the change in another variable. Definition: price elasticity of demand
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MCGILLMGMT 650Sebastien BreauFall

short run cost.doc

OC8694414 Page
32
We first examine the cost of firms in the period when capital is fixed to understand the importance of marginal cost in the determination of profit max
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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Marginal Cost, Pareto Efficiency, Allocative Efficiency

OC869448 Page
25
Definition: productive efficiency is optimal output from given resources or minimal cost for a given output. We have already seen the concept of produc
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MCGILLMGMT 650Sebastien BreauFall

Monopoly.doc

OC8694410 Page
27
A monopoly ( single sellers") is the sole producer in an industry. This means that demand for the industry is demand for the monopoly and that the marg
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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Competitive Equilibrium, Perfect Competition, Cogeneration

OC8694410 Page
18
Recall that all factors, particularly capital, are variable in the long-run. Entry into or exit from the industry by firms of the same size as existing
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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Opportunity Cost, Microeconomics, Prometheus Books

OC8694412 Page
25
Alfred marshall, the founder of modern microeconomics in 1890, defined economics as. The textbook definition uses the most important terms in microecon
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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Budget Constraint, Indifference Curve, Demand Curve

OC869449 Page
21
Suppose that the consumer (household) consumes only two goods (x and y). Given the prices of the two goods (px, py) and the consumer"s income (m), the
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Economic Equilibrium, Remittance

OC869447 Page
25
Our understanding of elasticity will help us analyze the impact of sales taxes or subsidies on equilibrium price and quantity. The simplest sales tax i
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Price Floor, Economic Equilibrium, Price Ceiling

OC869448 Page
23
We can analyze demand and supply and market equilibrium with linear equations. These are equations of the form y = a + bx where a is the y-intercept, i
View Document
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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Marginal Revenue, Competitive Equilibrium, Profit (Economics)

OC8694416 Page
29
Profit = total revenue (p*q) total costs. = total revenue variable costs (in economic terminology) (operating profit = producer surplus in economic ter
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Arc Elasticity, Harvest, Monotonic Function

OC8694412 Page
23
Definition: elasticity measures the responsiveness of a change in a variable to the change in another variable. Definition: price elasticity of demand
View Document
MCGILLMGMT 650Sebastien BreauFall

short run cost.doc

OC8694414 Page
32
We first examine the cost of firms in the period when capital is fixed to understand the importance of marginal cost in the determination of profit max
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Marginal Cost, Pareto Efficiency, Allocative Efficiency

OC869448 Page
25
Definition: productive efficiency is optimal output from given resources or minimal cost for a given output. We have already seen the concept of produc
View Document
MCGILLMGMT 650Sebastien BreauFall

Monopoly.doc

OC8694410 Page
27
A monopoly ( single sellers") is the sole producer in an industry. This means that demand for the industry is demand for the monopoly and that the marg
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Competitive Equilibrium, Perfect Competition, Cogeneration

OC8694410 Page
18
Recall that all factors, particularly capital, are variable in the long-run. Entry into or exit from the industry by firms of the same size as existing
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Opportunity Cost, Microeconomics, Prometheus Books

OC8694412 Page
25
Alfred marshall, the founder of modern microeconomics in 1890, defined economics as. The textbook definition uses the most important terms in microecon
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Budget Constraint, Indifference Curve, Demand Curve

OC869449 Page
21
Suppose that the consumer (household) consumes only two goods (x and y). Given the prices of the two goods (px, py) and the consumer"s income (m), the
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Economic Equilibrium, Remittance

OC869447 Page
25
Our understanding of elasticity will help us analyze the impact of sales taxes or subsidies on equilibrium price and quantity. The simplest sales tax i
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Price Floor, Economic Equilibrium, Price Ceiling

OC869448 Page
23
We can analyze demand and supply and market equilibrium with linear equations. These are equations of the form y = a + bx where a is the y-intercept, i
View Document

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MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Arc Elasticity, Harvest, Monotonic Function

OC8694412 Page
23
Definition: elasticity measures the responsiveness of a change in a variable to the change in another variable. Definition: price elasticity of demand
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Marginal Cost, Pareto Efficiency, Allocative Efficiency

OC869448 Page
25
Definition: productive efficiency is optimal output from given resources or minimal cost for a given output. We have already seen the concept of produc
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Budget Constraint, Indifference Curve, Demand Curve

OC869449 Page
21
Suppose that the consumer (household) consumes only two goods (x and y). Given the prices of the two goods (px, py) and the consumer"s income (m), the
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Ceteris Paribus, Demand Curve, Inferior Good

OC8694415 Page
27
View Document
MCGILLMGMT 650Sebastien BreauFall

short run cost.doc

OC8694414 Page
32
We first examine the cost of firms in the period when capital is fixed to understand the importance of marginal cost in the determination of profit max
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Marginal Revenue, Competitive Equilibrium, Profit (Economics)

OC8694416 Page
29
Profit = total revenue (p*q) total costs. = total revenue variable costs (in economic terminology) (operating profit = producer surplus in economic ter
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Economic Equilibrium, Remittance

OC869447 Page
25
Our understanding of elasticity will help us analyze the impact of sales taxes or subsidies on equilibrium price and quantity. The simplest sales tax i
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Opportunity Cost, Microeconomics, Prometheus Books

OC8694412 Page
25
Alfred marshall, the founder of modern microeconomics in 1890, defined economics as. The textbook definition uses the most important terms in microecon
View Document
MCGILLMGMT 650Sebastien BreauFall

MGMT 650 Lecture Notes - Price Floor, Economic Equilibrium, Price Ceiling

OC869448 Page
23
We can analyze demand and supply and market equilibrium with linear equations. These are equations of the form y = a + bx where a is the y-intercept, i
View Document
MCGILLMGMT 650Sebastien BreauFall

Monopoly.doc

OC8694410 Page
27
A monopoly ( single sellers") is the sole producer in an industry. This means that demand for the industry is demand for the monopoly and that the marg
View Document

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