Class 5 Slides Flashcards
1
Q
The Firm
A
2
Q
Opportunity Cost
A
3
Q
Firm’s Own Use of Capital
A
4
Q
Opportunity Cost
A
5
Q
The Production Function
A
6
Q
Production Function Example
A
7
Q
Marginal Products of Labor and Capital
A
8
Q
Marginal Product Example
A
9
Q
Short Run vs Long Run
A
10
Q
Production Costs
A
11
Q
Cost Minimization
A
12
Q
Takeaways regarding cost minimization
A
13
Q
Cost Function
A
14
Q
Variable vs Fixed Cost
A
15
Q
Short-run vs Long-run Costs
A
16
Q
Average costs
A
17
Q
Profit maximization
A
18
Q
Two views of profit maximization
A
19
Q
How is profit maximized?
A
20
Q
When is profit maximized?
A
21
Q
Supply curve
A
22
Q
Supply curve vs average variable cost curve
A
23
Q
Role of fixed costs in long-term
A
24
Q
When does marginal cost curve cross the average cost curve?
A
25
How does a demand shock affect the market?
26
Entry, Exit, and Long-Run Economic Profit Takeaways
27
Monopolist supply curve
28
What price does a monopolist choose?
29
Monopolists marginal revenue curve
30
How monopolists maximize profits
31
Welfare
32
Monopolist takeaways
33
Monopolistic competition
34
How do firms earn profits in monopolistic competition?
35
What happens to demand when firms steal market share
36
What happens when a monopolistic competitive firm earns profits?
37
Key takeaways of monopolistic competition
