Introductory Microeconomics (ES10001) Topic 5: Imperfect Competition.
INTRODUCTION TO THE ECONOMICS OF ANTITRUST. ASSUMPTIONS OF CLASSICAL ECONOMICS PEOPLE ACT RATIONALLY TO MAXIMIZE THEIR OWN INTERESTS.
Market Structure By Group #1: Silvia Luque Kyoungoung Min Jasung Park Charlie Li Qian Samantha Rodriguez.
Unit V Costs and Marginal Analysis (Chapter 9). In this chapter, look for the answers to these questions: Why are implicit as well as explicit costs.
How Firms behave and the Interest of Consumers. Competition Competition exists to attract maximum number of customers Price competition Non-price competition.
Copyright 2004 McGraw-Hill Australia Pty Ltd PPTs t/a Microeconomics 7/e by Jackson and McIver Slides prepared by Muni Perumal, University of Canberra,
Basic Terms Revenue = income from sales ($ in) Cost = an expense ($ out) Profit = Revenue – Cost Marginal = Additional from One Unit.
1 Theory of the firm: Profit maximization Chapters 6, 7 & 8 Theory of the firm: Profit maximization Chapters 6, 7 & 8.
