ECN 340 Lecture : Lecture 4

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bronzesheep887

26 Mar 2011

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Sexual behaviour: sex is simply another service that is wanted and supplied. Economic characteristics of sex: sex as a service, holding hands, kissing, petting , intercourse, etc. Intensity: foremost, it is the intensity of the sexual experience that makes it so appealing, most willing to pay higher cost to experience it compared to having a p. b. sandwich. Law of demand and sex: as price rises, quantity demanded falls, prostitutes know this very well: higher price, fewer tricks , men demand more units of sex as price drops probably true. Sex and the rich and poor: who has more sex the rich or the poor , higher income groups consume (produce) more sex. Sex as a co-operative experience: must be co-operatively produced and enjoyed, thus, we look for someone who performs. Joint nature means pursuing the same goals: for the particular sexual activity there is no competition between the two, sex forces people to work together.

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1a. Compare the characteristics of monopoly, oligopoly, and monopolistic competition.

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1c. Firms experience losses, normal profits, and economic profits. Explain why M and O tend to experience economic profits in the long run.

1d. Explain why MC can experience economic profits in the short run but not the long run.

1e. Compare MC and pure competition in terms of normal profits in the long run. Why must this occur? (10)

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ECN 340 Lecture : Lecture 4

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