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Lecture

ECON 2030 Economic Principles Chapter 13

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Department
Economics
Course
ECON 2030
Professor
All Professors
Semester
Fall

Description
TODAYS MENU Monday 23 June 2014IBUSINESSAPractice Problems1Chapter 131 2 5 7 8 11 1517 212Chapter 1414 710 12 13BSecond Exam This ThursdayIISUBSTANCEAPerfect competition1Market structureaMany small buyers and sellersbHomogeneous goodcPerfect information buyer knows what price other sellers are selling at dNo barriers to entryexit anyone can enter or exit the market Implication in the long run economic profits02Firm behavior in the short run How much to produce Where MRMCaCase 1 PATCiEquilibrium quantityiiProfit positive profit 0 iii Absolute best situation Will stay in business and produce the good because the best
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