Assumptions of the model
Now that we have looked at what makes up perfect competition, we turn our attention to imperfect competition and go right to the opposite end of the market structure spectrum... monopoly. We'll start off with looking at what characterizes the market and then look at the graphs. These are a bit more complicated than perfect competition so it's important that you follow the steps so that you don't put price in the wrong place... also be neat (with a ruler!) and remembere the relationsip between MC and AC curves. The profit maximising rule is still the same.... "where MR equals MC, that is where we want to be"! The second video above is mandatory viewing for anyone who misses me showing you how to do this in class. You will receive a copy of this packet https://drive.google.com/file/d/1jyAyXxWndcYWVdPcO8AkmpURjaClI3Ia/view?usp=sharing
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