Subjects under University of Technology Sydney
Document Details

Lectures 7-8 Summary

User Description:

Summary of lectures 7-8:

  • Lecture 7 - Market Structures
  • Lecture 8 - Market Failures and Externalities

Thinkswap Satisfaction Guarantee

Each document purchased on Thinkswap is covered by our Satisfaction Guarantee policy. If you are not satisfied with the quality of any document, or you believe the document was incorrectly described or categorised, Thinkswap will provide a full refund of exchange credits so you can check out another document. For more information please click here.

This student studied:
Claim a Thinkswap Bounty

Do you know if the Subject listed above has changed recently? Click report to earn free Exchange Credits!

Document Information:
10 Pages Partial Study Notes > 2 Years old
Share

1 Ex Credit


Document Screenshots:
Lectures 7-8 Summary
Topics this document covers:
Economy Economics Microeconomics Market Imperfect competition Consumer theory Demand Perfect competition Marginal cost Monopolistic competition Supply and demand Monopoly
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

What are Exchange Credits:

Exchange Credits represent the worth of each document on Thinkswap. In exchange for uploading documents you will receive credits. These can then be used to checkout other documents on Thinkswap.

Topics this document covers:
Economy Economics Microeconomics Market Imperfect competition Consumer theory Demand Perfect competition Marginal cost Monopolistic competition Supply and demand Monopoly
Sample Text:
s are price takers horizontal (perfectly elastic) demand curve Product is standardised and uniform (extreme situation) no room for non-price discrimination Firms are free to enter or leave the industry Allocative and productive efficiency achieved (P=MC=ATC) How much to produce: The perfectly competitive firm has no control over price but has control over quantity will only produce if profitable MR-MC approach produce where MR=MC TR-TC approach produce where difference between TR and TC is the greatest In the short run will: o Make a profit if Price > ATC o Make a loss if Price < ATC o Break even if Price = ATC When to temporarily shut down: In the short run, a firm has the option of shutting down temporarily and incurring only its fixed costs Firms will shut down only if their revenue does not allow them to cover their variable costs better to shut down and ma...
Similar Documents to Lectures 7-8 Summary

Complete ECON10004 notes

This student studied:
University of Melbourne - ECON10004 - Introductory Microeconomics

Complete ECON10004 notes covering all topics from the semester University of Melbourne 27 Pages

5 Ex Credits

View Details

ECON1101 Finals Notes

This student studied:
University of New South Wales - ECON1101 - Microeconomics 1

Covers all topics from the Introductory Microeconomics topic for the course ECON1101 at UNSW.

5 Ex Credits

View Details

BUSS1040 Complete Notes HD

This student studied:
University of Sydney - BUSS1040 - Economics for Business Decision Making

A full set of complete BUSS1040 notes that got me an HD in this subject. Made mainly using the lecture slides and supplemented with textbook, readings and own research.

5 Ex Credits

View Details

Case Analysis on Uber

This student studied:
Macquarie University - ECON111 - Microeconomic Principles

Microeconomic Case Analysis on Uber. Includes economic models and theoretical answers

2 Ex Credits

View Details