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Economics Lecture Eight (view source)

Revision as of 13:27, October 24, 2009

397 bytes removed ,  13:27, October 24, 2009
→‎Honors: trimmed
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===Honors===
 
===Honors===
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monopolistic competition
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perfectly contestable markets
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cartels
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monopsony (a “buyer’s monopoly” – i.e., only one buyer)
      
cross-elasticity of demand (percent change in demand for good X divided by percent change in price for good Y)
 
cross-elasticity of demand (percent change in demand for good X divided by percent change in price for good Y)
    
income elasticity of demand (percent change in demand for good X divided by percent change in income)
 
income elasticity of demand (percent change in demand for good X divided by percent change in income)
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consumer surplus (savings by consumers who would pay more than the market price for a good)
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social cost (P-MC summed over the Q not produced due to a monopoly)
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indifference curve
      
law of equiproportional marginal benefit  
 
law of equiproportional marginal benefit  
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condition for shutting down (P<AVC in short run or P<ATC in long run)
 
condition for shutting down (P<AVC in short run or P<ATC in long run)
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kinked demand curve model for oligopoly
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dominant demand curve model for oligopoly
      
===Equations===
 
===Equations===
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