TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12/e): Chapter 9 - Browning, Zupan

Chapter 9 - Profit maximization in perfectly competitive markets. In this chapter students will be able to: Outline the conditions that characterize perfect competition, explain why it is appropriate to assume profit maximization on the part of firms, show why the fact that a competitive firm is a price taker implies that the demand curve for the firm is perfectly horizontal,. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 9: Profit Maximization in Perfectly Competitive Markets Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Outline the conditions that characterize perfect competition. Explain why it is appropriate to assume profit maximization on the part of firms. Show why the fact that a competitive firm is a price taker implies that the demand curve for the firm is perfectly horizontal. Explain a competitive firm’s optimal output choice in the short run and how the firm’s shortrun supply curve may be derived through this output selection. Describe the firm’s short-run supply curve. (continued) Learning Objectives (continued) Explain how the short-run industry supply curve is derived. Define the conditions characterizing long-run competitive equilibrium. Understand how the long-run industry supply curve describes the relationship between price .

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Profit maximization
• Perfectly competitive markets
• Scope of microeconomic theory
• Normative analyses
• Consumer choice
• Theory of consumer choice
• Consumer choice theory
• Excise subsidies
• Game theory
• Economics of information
• Demand curves
• Supply curves
• Consumption choices
• Substitution effects
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power