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101 lecture 15 monopoly
- 2. How many firms does it take to compete?
- 3. How many firms does it take to compete? One
- 4. Monopoly
- 5. Monopoly Only Seller No Close Substitutes
- 7. Barriers to Entry Government Protection Key Resource Network Externalities Economies of Scale
- 10. Franchise
- 12. New Drugs
- 13. New Drugs 10 Years of Testing before Approval ! 10 Years of Monopoly
- 15. Network Externalities The more who use it ! The more valuable it becomes
- 16. Natural Monopoly
- 17. Natural Monopoly One firm can supply entire market at a lower average cost than two or more firms
- 18. Natural Monopoly
- 19. Natural Monopoly The more I make the lower my costs ! Large Fixed Costs
- 21. Is competition always good? Sometimes it can lead to higher prices
- 23. Monopoly Output and Price Lower Price: Good: Sell More Bad: Less Revenue Per Unit
- 30. Perfect Competition $ Marginal Cost MC P Demand=MR Total Revenue Quantity Q
- 31. Perfect Competition $ Marginal Cost Average Cost MC ATC P Demand=MR Total Revenue Quantity Q
- 32. Perfect Competition $ Marginal Cost Average Cost MC ATC P Demand=MR Total Revenue Quantity Q
- 33. Perfect Competition $ Marginal Cost Average Cost MC ATC P Demand=MR Total Cost Quantity Q
- 34. Perfect Competition $ Marginal Cost Average Cost MC ATC P Demand=MR Profit Total Cost Quantity Q
- 38. Perfect Competition Demand = MR
- 42. Perfect Competition Q D TR MR Monopoly D TR MR 1 2 3 4 5 Monopoly: To get more Quantity must lower price
- 43. Perfect Competition Q D TR MR Monopoly D TR MR 1 2 3 4 5 Monopoly: To get more Quantity must lower price
- 44. Perfect Competition Q D 1 $3 2 $3 3 $3 4 $3 5 TR MR Monopoly D TR MR $3 Monopoly: To get more Quantity must lower price
- 45. Perfect Competition Q D TR 1 $3 $3 2 $3 $6 3 $3 $9 4 $3 $12 5 $3 MR Monopoly D TR MR $15 Monopoly: To get more Quantity must lower price
- 46. Perfect Competition Q D TR MR 1 $3 $3 $3 2 $3 $6 $3 3 $3 $9 $3 4 $3 $12 $3 5 $3 $15 Monopoly D TR MR $3 Monopoly: To get more Quantity must lower price
- 47. Perfect Competition Monopoly Q D TR MR D 1 $3 $3 $3 $5 2 $3 $6 $3 $4 3 $3 $9 $3 $3 4 $3 $12 $3 $2 5 $3 $15 $3 TR MR $1 Monopoly: To get more Quantity must lower price
- 48. Perfect Competition Monopoly Q D TR MR D TR 1 $3 $3 $3 $5 $5 2 $3 $6 $3 $4 $8 3 $3 $9 $3 $3 $9 4 $3 $12 $3 $2 $8 5 $3 $15 $3 $1 MR $5 Monopoly: To get more Quantity must lower price
- 49. Perfect Competition Monopoly Q D TR MR D TR MR 1 $3 $3 $3 $5 $5 $5 2 $3 $6 $3 $4 $8 $3 3 $3 $9 $3 $3 $9 $1 4 $3 $12 $3 $2 $8 -$1 5 $3 $15 $3 $1 $5 -$3 Monopoly: To get more Quantity must lower price
- 51. Perfect Competition Demand = MR
- 58. Price Qty $5 1 Monopoly $4 Price 2 TR $5 $8 $5 $4 $3 $2 Demand $1 $0 1 2 3 4 5 Qty MR $5 Lose Gain
- 90. Monopoly $ Q
- 94. Monopoly $ Marginal Cost MC 1. MR=MC? Demand Marginal Revenue MR Q
- 95. Monopoly $ Marginal Cost MC 1. MR=MC? Demand Marginal Revenue MR Q
- 96. Monopoly $ Marginal Cost MC 1. MR=MC? Demand Marginal Revenue MR Q Q
- 97. Monopoly $ Marginal Cost MC 1. MR=MC? P Demand Marginal Revenue MR Q Q
- 98. Monopoly $ Marginal Cost MC 1. MR=MC? 2. TR= P x Q P Demand Marginal Revenue MR Q Q
- 99. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q P Demand Marginal Revenue MR Q Q
- 100. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q P Demand Marginal Revenue MR Q Q
- 101. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q P Demand Marginal Revenue MR Q Q
- 102. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q P Demand Marginal Revenue MR Q Q
- 103. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q P Demand Marginal Revenue MR Q Q
- 104. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q P Cost Demand Marginal Revenue MR Q Q
- 105. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q P Cost Demand Marginal Revenue MR Q Q
- 106. Monopoly $ Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q P Cost Demand Marginal Revenue MR Q Q
- 107. Monopoly $ P Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Profit Cost Demand Marginal Revenue MR Q Q
- 108. Monopoly $ P Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Profit Cost Demand Marginal Revenue MR Q Q
- 109. Monopoly $ Consumer Surplus P Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Profit Cost Demand Marginal Revenue MR Q Q
- 110. Monopoly $ Consumer Surplus P Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Profit Cost Demand Marginal Revenue MR Q Q
- 111. Monopoly $ Consumer Surplus P Marginal Cost Average Cost MC ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Deadweight Loss Profit Cost Demand Marginal Revenue MR Q Q
- 133. Price Discrimination
- 134. Price Discrimination Selling the same good to different customers at different prices