MGCR 293 Lecture Notes - Lecture 20: Product Market, Average Cost, Shortage
22 Nov 2017
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Document Summary
Optimization techniques, rules of differentiation/calculus (chapter 18: the nature of markets. Demand theory (chapter 2: market demand. Consumer behavior and rational choices: concept of utility. Individual demand curve: deriving the market demand curve, production and cost. Production theory (chapter 5: production functions, tp, ap, mp, maximization of output. The analysis of costs (chapter 6: cost functions, tc, ac, mc, minimization of cost, economies of scope, break even point analysis, market structure and simple pricing competition. Monopoly and monopolistic competition (chapter 7: sophisticated market pricing. Managerial use of price discrimination (chapter 4: how managers use price discrimination to increase profits. Bundling and intra-firm pricing (chapter 10: how managers can use bundling strategies to increase profit when customers have difference choices, the strategic world of managers. Oligopoly (chapter 11: how managers of firms that operate in an oligopoly market can use strategic decision making to maintain relatively high profits. Game theory (chapter 12: price and quantity competitions.
