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Supply and Demand

Supply and Demand

Supply and Demand. We are confronted with the fact that Mickey Mantle baseball cards have a higher price than Hank Aaron cards? This may seem strange when you consider the fact that Hank Aaron had much better career statistics. We turn to a model of supply and demand to explore this phenomenon.

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647 views • 52 slides
Market failure: Externalities & Public goods

Market failure: Externalities & Public goods

Market failure: Externalities & Public goods. Part I: Externalities. Price. Competitive markets achieve Allocative efficiency (maximum satisfaction) when the highest price the consumer is willing to pay = the cost of producing the next unit of the good ( P = MB = MC )...

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814 views • 49 slides
Unit VI. ii

Unit VI. ii

0. Unit VI. ii. Oligopoly Chapter 15. 0. In this chapter, look for the answers to these questions:. What market structures lie between perfect competition and monopoly, and what are their characteristics? What outcomes are possible under oligopoly?

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510 views • 40 slides
The Design of the Tax System

The Design of the Tax System

Chapter 12. The Design of the Tax System. E conomics. P R I N C I P L E S O F. N. Gregory Mankiw. Introduction. One of the Ten Principles from Chapter 1: A government can sometimes improve market outcomes. Providing public goods Regulating use of common resources

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1.14k views • 33 slides
Practice Problem

Practice Problem

Practice Problem. Mexico represents a small part of the world orange market: Draw a diagram depicting the equilibrium in the Mexican orange market without international trade. Identify the equilibrium price, equilibrium quantity, consumer surplus and producer surplus.

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427 views • 33 slides
Types of profit The invisible hand

Types of profit The invisible hand

Types of profit The invisible hand. Today: Some fundamental ideas that are important to every economist. Applications of supply and demand. Today, we will continue to apply what we have learned about supply and demand

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395 views • 31 slides
Monopolistic Competition

Monopolistic Competition

P R I N C I P L E S O F. F O U R T H E D I T I O N. 0. Monopolistic Competition. 17. In this chapter, look for the answers to these questions:. 0. How is monopolistic competition similar to perfect competition? How is it similar to monopoly?

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978 views • 24 slides
Competition And Market Structure

Competition And Market Structure

Competition And Market Structure. Types Of Market Structure. Monopolistic Competition: - Many firms produce differentiated products. - Sold the products to many buyers. - Such as: local physicians market, local markets for video rental, dry cleaning.

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318 views • 17 slides
Competition And Market Structure

Competition And Market Structure

Competition And Market Structure. Types Of Market Structure. Monopolistic Competition: - Many firms produce differentiated products. - Sold the products to many buyers. - Such as: local physicians market, local markets for video rental, dry cleaning.

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198 views • 17 slides
Profit-Maximizing Firms in Perfectly Competitive Markets

Profit-Maximizing Firms in Perfectly Competitive Markets

Profit-Maximizing Firms in Perfectly Competitive Markets. Profit Maximization Profit Total Revenue - All Costs (explicit & implicit) Profit-Maximizing Firms Goal of the firm is to maximize the difference between total revenues and total costs.

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68 views • 6 slides

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