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SHORT-RUN EQUILIBRIUM
All firms are assumed to aim at maximizing profits or minimizing losses. The monopolist controls his output or price, but not both.
The monopoly maximizes profits where: MR = MC (the necessary condition of profit maximisation)
He cannot produce at less than Qo because MR will be greater than MC. The monopolist will determine his output at Q Xo and set the price at Po and his total Revenue is OQo X OPo and the to total cost will be OCo X bQo and abnormal profits Po CO AB
Price Elasticity at Terminal Points The price elasticity at terminal point N equals 0 means that at point N, e = 0. At terminal point M, although, price-elasticity is undefined
Normal 0 false false false EN-IN X-NONE X-NONE
Price Elasticity of Demand and the slope of the Demand Curve Elasticity determines the shape of the demand curve. From the formulas
STABEX The STABEX scheme was designed to stabilize earnings from exports of the African, Caribbean and Pacific (ACP) countries to the Community. It covered seventeen agricult
explain the cyert and march theory of firm
how much output should a firm produce? 80$ per unit C(Q)=40+8Q+2Qsquared
williamson model and managerial discretion about its objective and statement of problem
Explain baumol''s static model
Factors affecting the total market demand These are broadly divided into the determinants of demand and conditions of demand. (a) Own price of the product This
Contributions of economic theory to business economics According to Baumol, there are 3 key contributions of economic theory to business economics. 1. Practice of building
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