Microeconomics I partie 4/9
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| Karten | 40 |
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| Sprache | English |
| Kategorie | VWL |
| Stufe | Universität |
| Erstellt / Aktualisiert | 06.06.2019 / 02.10.2023 |
| Lizenzierung | Namensnennung - Nicht-kommerziell - Keine Bearbeitung (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.
Output rule
MR = MCs; price-taking behaviour implies
MR = p. Hence, profit maximisation gives p = MCs
Shutdowon condition
Supply condition: second order condition
Supply decision: first order condition
Demand curve facing a competitive firm graph
Assumptions of the perfect competition
Many firms, all making the same product.
Each firms output level is small relative to the total
Cost curves
