Flashcards

Flashcards 40 Flashcards
Students 0 Students
Sprache English
Level University
Created / Updated 06.06.2019 / 06.06.2019
Licencing Attribution-NonCommercial-NoDerivs (CC BY-NC-ND)     (Unversité de Genève, cours de Pr. Monika Mrazova)
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So MCs describes 

the supply behaviour of the firm...provided that the firm produces at all.
 

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Output rule

MR = MCs; price-taking behaviour implies
MR = p. Hence, profit maximisation gives p = MCs
 

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Shutdowon condition

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Supply condition: second order condition

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Supply decision: first order condition

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Demand curve facing a competitive firm graph

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Assumptions of the perfect competition

Many firms, all making the same product.
Each firms output level is small relative to the total

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Cost curves

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