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Y1 - Microeconomics

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Summary

Week 4

Erasmus Universiteit · Int. Economics and Business Economics

Y1 - Microeconomics

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Week 4
Chapter 10: Production
Chapter 10: Appendix Mathematical extensions of production theory
Chapter 11 Costs
Chapter 11 Appendix Mathematical extensions of the theory of costs
Chapter 12 - Perfect competition
The goal of profit maximization
The four conditions for perfect competition
The short-run condition for profit maximization
The short-run competitive industry supply and short-run competitive equilibrium
Producer surplus
Adjustments in the long-run
The long-run competitive industry supply curve
The elasticity of supply
Applying the competitive model
Chapter 13 - Monopoly

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