Econ 201 end of semester

ATC=VC

VC=MC

MC=MTC

MR=MC

Perf competition, oligopoly, duopoly ,profitopoly

Imperfect competition, monopoly, oligopoly, competition

Monopoly, Perf competition, monopolistic competition, oligopoly

monopoly, oligopoly,monopolistic competition, profitoploy

Imperfect competition

Oligopoly

Monopoly

Monopolistic competition

They should shutdown

There’s nothing better out there

There’s a loss of surplus

There’s the most CS

We make no profits

As input costs go down, marginal product goes up

As input cost goes up, marginal product goes down

Marginal cost < average variable cost

Rent of a space

Investment in branding at the start of business

Taking money out of a bank account earning interest

Outfitting a space to be used as a bakery

Multiple long run ATC’s

Multiple short run VC’

Multiple long run AFC’s

Multiple short run ATC’s

Maximizing interest

Minimizing losses

Minimizing failures

Maximizing marginal losses

Outlier points

Peak mp

High value points

Extreme points

Land, labor, people

Land, sea, air

Land, capital, labor

Capital, labor, profit

No output can change

Only variable inputs

All inputs

Factors can change

Fixed+ short run

Variable+fixed

Total costs- variable costs

Fixed+ total costs

Maximize profits

Maximize costs

Maximize accounting profit

Minimize economic profit

1

Positive

Negative

0

Rival, excludable

No rival, excludable

Rival, non excludable

Non rival, non excludable

Free rider problem

Tragedy of free rider

Free rider problem

Tragedy of commons

0 economic profit

Private goods

Monopolistic competition

Natural monopolies

Subsidies

externalities

Pigocian

Pigovian

6ft

5 ft 9

5 ft 6

5 ft 10