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Lecture

Markets, Monopolies, Price Discrimination

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Department
Economics
Course
ECON 1050
Professor
Bryce Mc Bride
Semester
Fall

Description
Lecture November 12 and 14November 12 2013257 PMFinal Writing Assignment Due November 21In the long run all costs are variableProduction functions give rise to shortrun costrevenue curves which in turn give rise to longrun costrevenue curves with economies and diseconomies of scaleProfit maximizing point marginal revenuemarginal costCompetitive market perfectly competitive market has two characteristicsThere are many buyers and sellers1The goods offered by the sellers are largely the same2Because the firms marginal cost curve determines the quantity of the good the firm is willing to supply at any price it is the competitive firms supply curveSunk cost has already been committed and cannot be recoveredEfficient scale the level of production with lowest average total costThe marginal revenue implies a competitive market pricePrices determine what firms doIf a firm is not covering its variable costs in the short run it will exit the marketIf a firm is not covering its variabl
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