LECTURE SIX: ECONOMIC EFFICIENCY IPEM Tohoku University Managerial Economics Lecturer: Jack Wu Period 3/ February 16 ECON EFFICIENCY: CONDITIONS for all users, same marginal…

Monopoly A monopoly is a single supplier to a market This firm may choose to produce at any point on the market demand curve Barriers to Entry The reason a monopoly exists…

Andrei Shatalov Mr. Gill 2B 18 January 2010 The MR=MC point is located on a graph where the marginal revenue curve intersects with the marginal cost curve. This point is…

ECONOMIC EFFICIENCY Managerial Economics Jack Wu ECON EFFICIENCY: CONDITIONS for all users, same marginal benefit for all suppliers, same marginal cost marginal benefit =…

The Law of Supply The Law of Supply When prices go up, quantity supplied goes up When prices go down, quantity supplied goes down Why Does it Work That Way? Every company…

Scarcity Fundamental Economic Concepts What is Economics? - The study of mankindâs unlimited desires in a world of limited resources. -Economics is a social science, dealing…