Slide 1Perfect Competition 14 Perfect Competition Theres no resting place for an enterprise in a competitive economy. Alfred P. Sloan CHAPTER 14 Copyright © 2010 by the…

Slide 1 Slide 2 Prices Slide 3 Theory of Production What are the Factors of Production? Theory deals with the Factors of Production and the output of goods and services.…

Slide 1Monopoly Profit Maximization Chapter 15-3 Slide 2 A Model of Monopoly How much should the monopolistic firm choose to produce if it wants to maximize profit? Slide…

Slide 1Monopoly 15 Monopoly Monopoly is business at the end of its journey. — Henry Demarest Lloyd CHAPTER 15 Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights…

1. CostsTotal, Fixed, Variable, Average and MarginalECON3 2. Fixed Costs (FC)• ‘A cost which is independent of output in the short run’• This can include Rent on…

Slide 1 MANAGERIAL ECONOMICS BEEG5013 PREPARED FOR: LT COL PROF DR ABDUL RAZAK CHIK PREPARED BY: NUR ASIAH MOHD SHARI 813934 NUR HADILA ISMAIL 813935 Slide 2 QUESTION 6 The…