MicroEconomics 5e by besanko braeutigam chapter 08
MicroEconomics 5e by besanko braeutigam chapter 08
... varies and w and r are fixed? Chapter Eight Long Run Total Cost Curve An Example Chapter Eight Long Run Total Cost Curve Chapter Eight Long Run Total Cost Curve Chapter Eight Long Run Total Cost ... TC(Q) = 2Q Chapter Eight A Total Cost Curve TC(Q) = 2Q TC ($ per year) $4M Q (units per year) Chapter Eight A Total Cost Curve TC(Q) = 2Q TC ($ per year) $2M Q (units per year) M Chapter Eight ... in Input Prices K TC0/r L Chapter Eight A Change in Input Prices K TC1/r TC0/r -w1/r -w0/r Chapter Eight L A Change in Input Prices K TC1/r TC0/r B • A • -w1/r -w0/r Chapter Eight L A Change in...
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MicroEconomics 5e by besanko braeutigam chapter 01
... Chapter One Overview 1 Defining DefiningMicroeconomics Microeconomics 2 Who WhoShould ShouldStudy StudyMicroeconomics? Microeconomics? 4 The TheTypes TypesofofMicroeconomic ... Example: C Chapter One 12 Copyright (c) 2014 John Wiley & Sons, Inc PFF + PCC = I The Constraint Optimization Example – Consumer Purchases F Example: 1/2 (FC) = S0 C Chapter One 13 Copyright (c) 2014 ... the last unit of the exogenous Chapter One 16 Copyright (c) 2014 John Wiley & Sons, Inc variable on the endogenous variable Equilibrium Chapter One 17 Copyright (c) 2014 John Wiley & Sons, Inc Example...
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MicroEconomics 5e by besanko braeutigam chapter 02
... slope of supply by a shift in demand We can “identify” the slope of demand by a shift in supply This technique only works if one or the other of the curves stays constant Chapter Two Chapter Two ... prices Chapter Two Supply Curve for Wheat Chapter Two The Law of Supply Defined: The Law of Supply states that the quantity of a good offered increases when the price of this good increases Chapter ... Strategy (Summer, 1992) 278-311 Chapter Two Estimating Demand & Supply Estimating Elasticity Chapter Two Estimating Demand & Supply Example: U.S Boilers 1990 Chapter Two Estimating Demand & Supply...
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MicroEconomics 5e by besanko braeutigam chapter 03
... utility Chapter Three 29 Marginal Rate of Substitution The Marginal Rate of Substitution 2 Example: U = Ax +By ; MU =2Ax; MU = 2By x y (where: A and B positive) = MU /MU x y = 2Ax/ 2By = Ax /By Copyright ... indifferent And thus a contradiction And thus a contradiction Chapter Three 21 Copyright (c)2014 John Wiley & Sons, Inc to C by transitivity to C by transitivity Indifference Curves Example U = xy Check ... ononly onlyone oneindifference indifferencecurve curve Chapter Three 19 Indifference Curves Copyright (c)2014 John Wiley & Sons, Inc Monotonicity Chapter Three 20 Indifference Curves Cannot Cross...
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MicroEconomics 5e by besanko braeutigam chapter 04
... the commodity being considered Chapter Four Some Concepts Chapter Four Some Concepts Chapter Four Some Concepts Chapter Four Some Concepts Chapter Four Some Concepts Chapter Four Duality The mirror ... in the marketplace.” Chapter Four Interior Consumer Optimum Y • B Preference Direction • •C Optimal Choice (interior solution) IC BL Chapter Four X Interior Consumer Optimum Chapter Four Interior ... Line 1: 20X + 40Y = 800 Or Y = 20 – X/2 Slope of Budget Line = -Px/Py = -1/2 Chapter Four A Budget Constraint Example Chapter Four Consumer Choice Assume: Only non-negative quantities "Rational”...
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MicroEconomics 5e by besanko braeutigam chapter 05
... words, words, market market demand demand isis obtained obtained by by adding adding the the quantities quantities demanded demandedby bythe theindividuals individuals(or (orsegments) segments)atateach ... Chapter Five Copyright (c)2014 John Wiley & Sons, Inc as aspoints pointson onaashifting shiftingdemand demandcurve curve 11 Copyright (c)2014 John Wiley & Sons, Inc Income Consumption Curve Chapter ... John Wiley & Sons, Inc Curve is positive Chapter Five 13 Engel Curves I ($) Engel Curve “X “Xisisaanormal normalgood” good” 92 40 10 18 X (units) 24 Chapter Five 14 Copyright (c)2014 John Wiley...
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MicroEconomics 5e by besanko braeutigam chapter 06
... L, K ) Chapter Six The Production Function & Technical Efficiency Chapter Six Labor Requirements Function • Labor requirements function L = g (Q) Example: L=Q for production function Q= L Chapter ... single input increases Chapter Six Total, Average, and Marginal Products L 12 18 24 30 Q 30 96 162 192 150 APL Chapter Six MPL 11 11 -7 Total, Average, and Marginal Products Chapter Six Total, Average, ... quantity of output And… Chapter Six Isoquants Chapter Six Isoquants K All combinations of (L,K) along the isoquant produce 20 units of output Example: Q = 20 Slope=∆K/∆L Q = 10 L Chapter Six Marginal...
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MicroEconomics 5e by besanko braeutigam chapter 07
... Wiley & Sons, Inc for forthe thefirm firm Chapter Seven Isocost Line w = $10/hour r = $20/hour TC = $1 million Or more generally: TC K= r − (w / r ) L Chapter Seven 10 Copyright (c)2014 John Wiley ... w r Chapter Seven 15 Long-Run Cost Minimization MPL w > MPK r • At point E • This implies the firm could spend an additional MPL MPK (or ) > w r dollar on labor and save more than a dollar by ... constant Chapter Seven 16 Long-Run Cost Minimization MPL w < MPK r • At point F • This implies the firm could spend an additional MPL MPK (or ) < w r dollar on capital and save more than a dollar by...
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MicroEconomics 5e by besanko braeutigam chapter 09
... maximization condition for a price-taking firm is P = MC Chapter Nine 11 Copyright (c)2014 John Wiley & Sons, Inc The Profit Maximization Condition Chapter Nine 12 The Profit Maximization Condition ... Wiley & Sons, Inc “firm demand" = P (sells as much as likes at P) “firm supply" defined by MC curve? Not quite: Chapter Nine 13 Short Run Equilibrium For Forthe thefollowing, following,the theshort ... theAVC AVCcurve curve Chapter Nine 17 Copyright (c)2014 John Wiley & Sons, Inc P > AVC(q) Short Run Supply Function Therefore, the firm’s short run supply function is defined by: P=SMC, where SMC...
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MicroEconomics 5e by besanko braeutigam chapter 10
... good at the point of sale (The amount paid by the demanders exceeds the total amount received by the sellers by amount T) Chapter Ten Policy: Excise Tax Chapter Ten Policy: Excise Tax With No Tax ... by which the price paid by buyers, Pd, rises over the non-tax equilibrium price, P*, is the incidence of the tax on consumers; the amount by which the price received by sellers, Ps, falls below ... on producers Chapter Ten Incidence of Tax in Two Extreme Cases P Pd=P*+T S’ T Ps = P* S P D S Q Case I Pd = P* Ps = P*-T Chapter Ten Case II T D Q Incidence of Tax in Two Cases Chapter Ten Back...
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MicroEconomics 5e by besanko braeutigam chapter 11
... analogous to exit by higher cost firms and an increase in entry by low-cost firms in the perfectly competitive model in entry by low-cost firms in the perfectly competitive model 3 Chapter Eleven ... analogous to exit by higher cost firms and an increase This is analogous to exit by higher cost firms and an increase in entry by low-cost firms in the perfectly competitive model in entry by low-cost ... subjecttotothe theconstraint constraintthat thatprice pricebe bedetermined determinedby bythe thedemand demandcurve curve Chapter Eleven 22 Price Elasticity of Demand Market A profit maximizing price...
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MicroEconomics 5e by besanko braeutigam chapter 12
... Two steps: (1) maximize the benefits to the consumers by charging r = MC = 10 (2) capture this benefit by setting F = consumer benefits = 4050 Chapter Twelve Two Part Tariff Any higher usage charge ... Discrimination 100 70 Single Price Monopoly 100 Demand Demand 450 55 450 40 2700 1 012. 5 2025 450 10 P 30 60 100 Q Chapter Twelve 1 012. 5 45 MR MC 100 Q Block Pricing If the monopolist could set a different ... discriminating monopolist Chapter Twelve Utility Pricing D - small D - large MC Chapter Twelve Q Utility Pricing D - small D - large Additional CS P1 Additional PS P2 MC Q1s Q1L Q2L Chapter Twelve Q Third...
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MicroEconomics 5e by besanko braeutigam chapter 13
... price,taking takingasasgiven giventhe theprice(s) price(s)set setby byother other firm(s), firm(s),sosoasastotomaximize maximizeprofits profits Chapter Thirteen 16 Setting Price • Homogeneity implies ... whereby the dominant firm keeps its price below the level that maximizes its current profit in order to reduce the rate of expansion by the Copyright (c)2014 John Wiley & Sons, Inc fringe Chapter ... Copyright (c)2014 John Wiley & Sons, Inc minus the amount of demand fulfilled by other firms in the market: Q1 = Q - Q Chapter Thirteen 10 Residual Demand Price 10 units Residual Marginal Revenue...
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MicroEconomics 5e by besanko braeutigam chapter 14
... first player Chapter Fourteen Sequential Move Games – Game Tree Game Tree 1: Toyota and Honda, Revisited Chapter Fourteen Sequential Move Games – Game Tree Game trees often are solved by starting ... (four, each represented by one cell of matrix) Payoffs: The benefit that each player gets from each possible outcome of the game (the profits entered in each cell of the matrix) Chapter Fourteen Capacity ... Equilibrium) Chapter Fourteen Nash Equilibrium Definition: A Nash Equilibrium occurs when each player chooses a strategy that gives him/her the highest payoff, given the strategy chosen by the other...
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MicroEconomics 5e by besanko braeutigam chapter 15
... anotherparty party Chapter Fifteen 32 Adverse Selection & Moral Hazard Definition: Definition: Adverse AdverseSelection Selectionisisopportunism opportunismcharacterized characterizedby byan aninformed ... characterizedby byan aninformed informedperson's person'staking takingadvantage advantageofofaaless less informed informedperson personthrough throughan anunobserved unobservedaction action Chapter ... $54,000 5xU($4,000) + 5xU($104,000) = 5(60) + 5(320) = 190 Chapter Fifteen 11 Evaluating Risky Outcomes Utility Utility function 104 Chapter Fifteen Income (000 $ per year) 12 Copyright (c)2014...
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