TAILIEUCHUNG - Lecture Macroeconomics (20/e): Chapter 10 - McConnell, Brue, Flynn

Chapter 10 - Basic macroeconomic relationships. This chapter introduces three basic macroeconomic relationships. First, the focus is on the income-consumption and income-saving relationships. Second, the relationship between the interest rate and investment is examined. Finally, the multiplier concept is developed, relating changes in spending to changes in output. | Chapter 10 Pure Competition in the Short Run Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Explanations and characteristics of the four models are outlined at the beginning of this chapter, then the characteristics of a purely competitive industry are detailed. There is an introduction to the concept of the perfectly elastic demand curve facing an individual firm in a purely competitive industry. Next, the total, average, and marginal revenue schedules are presented in numeric and graphic form. Using the cost schedules from the previous chapter, the idea of profit maximization is explored. The total revenue and total cost approach is analyzed first because of its simplicity. More space is devoted to explaining the MR = MC rule, and to demonstrating how this rule applies in all market structures, not just in pure competition. Next, the firm’s short‑run supply schedule is shown to

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