1. Theory of the Firm Section 2.3 HL Discuss the following with the person next to you:•What is the difference between profit and revenue? •Come up with concrete examples…

1. Theory of the Firm Section 2.3 HL Discuss the following with the person next to you:•What is the difference between profit and revenue? •Come up with concrete examples…

1. Firm Supply: Market Structure & Perfect Competition 2. Firm Supply How does a firm decide how much to supply at a given price? This depends upon the firm’s – goals;…

Slide 1Imagine the price of all the items below has doubled? What will happen to demand? Slide 2 PED measures the responsiveness of quantity demanded to a change in price…

Slide 1 A.S 3.1 Understand Marginal analysis and the behaviour of firms Slide 2 SLO: Describe characteristics of a perfectly competitive firm. Derive the demand curve for…

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Slide 1 Slide 2 P ERFECT C OMPETITION (C H. 10) Claudia Garcia-Szekely ©2001ClaudiaGarcia-Szekely 1 Slide 3 “THE MARKET IS THE WORST SYSTEM OF ECONOMIC AND SOCIAL DEVELOPMENT…

Slide 1 a)the price of the good falls as does the quantity purchased. b)the price of the good falls, but the quantity purchased may increase or decrease. c)the price of the…

Slide 1 Elasticity of Demand IB Business and Management Slide 2 What is Elasticity? Elasticity measures how responsive demand is to a change in a particular variable Elasticity…

Market Structure The nature and degree of competition between firms operating in the same industry. STORE (LOCATION OF BUSINESS) INDUSTRY (TYPE OF BUSINESS) FIRM (NAME OF…