Profit Maximization in Perfect Competition

Concepts

  • Most Efficient Market Structure
  • Allocative Efficiency (P = MC)
  • Relationship Between Demand and Marginal Revenue (Revenue Analysis)
  • Profit Max/Loss Min
    • TR Exceeds TC by Great Amount/ TC Exceeds TR by Smallest Amout
  • The Market
    • Demand
    • Supply
    • Market Equilibrium
  • The Firm
    • Price Taker (Perfectly Elastic Demand)
    • D=P=MR=AR
    • Marginal Cost (MC)
    • Average Total Cost (ATC)
    • Profit Maximization (MC=MR)
    • Economic Profit in the Short-Run (P>ATC)
    • Economic Loss in the Short-Run (P<ATC)
    • Zero Economic Profit, Normal Profit, Breaking Even (P=ATC)

Overview

Coming Soon

Materials

Lecture

Profit Maximization in Perfect Competition Video

 

Characteristics of Perfect Competition Lecture Video

 

Side by Side Graphs Lecture Video

 

Quiz

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