+ All Categories
Home > Documents > University of Hawai‘i at Mānoa Department of Economics

University of Hawai‘i at Mānoa Department of Economics

Date post: 12-Jan-2016
Category:

Documents
Upload: bayle
View: 25 times
Download: 1 times
Download Report this document
Share this document with a friend
Description:
University of Hawai‘i at Mānoa Department of Economics. ECON 130 (003): Principles of Economics (Micro) http://www2.hawaii.edu/~lindoj Gerard Russo Lecture #22 Thursday, April 1, 2004. LECTURE 22. The Perfectly Competitive Firm in the Long-Run - PowerPoint PPT Presentation
13
University of Hawai‘i at Mānoa Department of Economics ECON 130 (003): Principles of Economics (Micro) http://www2.hawaii.edu/~lindoj Gerard Russo Lecture #22 Thursday, April 1, 2004
Transcript
Page 1: University of Hawai‘i at Mānoa Department of Economics

University of Hawai‘i at MānoaDepartment of Economics

ECON 130 (003): Principles of Economics (Micro)

http://www2.hawaii.edu/~lindoj

Gerard Russo

Lecture #22

Thursday, April 1, 2004

Page 2: University of Hawai‘i at Mānoa Department of Economics

LECTURE 22The Perfectly Competitive Firm in the Long-Run

The Perfectly Competitive Industry in the Long-Run: Long-Run SupplyConstant-Cost Industry Increasing-Cost IndustryDecreasing-Cost Industry

Page 3: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly Competitive Firm

Perfectly Competitive Industry

MC

LATCS0

P0

Q0q00

ATC

D0

Long-Run Equilibrium: P=AR=MR=MC=ATC=LATC

Page 4: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly Competitive Firm

Perfectly Competitive Industry

MC

LATC

S0

P0

Q0q00

ATC

D0

New Short-Run Equilibrium: P=AR=MR=MC>ATC>LATC

D1

Q1

P1

q1

Page 5: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly Competitive Firm

Perfectly Competitive Industry

MC LATC S0

P0

Q0q00

ATC

D0

D1

Q1

P1

q1

S1

Q2

LRS

CONSTANT-COST INDUSTRY

Page 6: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly Competitive Firm

Perfectly Competitive Industry

MC

LATC

S0

P0

Q0q00

ATC

D0

New Short-Run Equilibrium: P=AR=MR=MC>ATC>LATC

D1

Q1

P1

q1

Page 7: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly Competitive Firm

Perfectly Competitive Industry

MC0

LATC0

S0

P0

Q0q00

ATC0

D0

New Long-Run Equilibrium: Entry Causes Price to Fall and Costs to Rise

D1

Q1

P1

q1

S1

Q2

LATC1

ATC1

MC1

q2

P2

Costs go up.

Price goes down

Page 8: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly Competitive Firm

Perfectly Competitive Industry

MC0

LATC0

S0

P0

Q0q00

ATC0

D0

D1

Q1

P1

q1

S1

Q2

LATC1

ATC1

MC1

q2

P2

Costs go up.

Price goes down

LRS

INCREASING-COST INDUSTRY

Page 9: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly CompetitiveFirm

Perfectly CompetitiveIndustry

MC

LATC

S0

P0

Q0q00

ATC

D0

Page 10: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly CompetitiveFirm

Perfectly CompetitiveIndustry

MC

LATC

S0

P0

Q0q00

ATC

D0

D1

Q1

P1

q1

Page 11: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly Competitive Firm

Perfectly Competitive Industry

MC0

LATC0 S0

P0

Q0q00

ATC0

D0

D1

Q1

P1

q1

LATC1

ATC1

S1

Q2

P2

MC1

New Long-Run Equilibrium: Entry Causes Price to Fall and Costs to Fall

Page 12: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly CompetitiveFirm

Perfectly CompetitiveIndustry

MC0LATC0

S0

P0

Q0q00

ATC0

D0

D1

Q1

P1

q1

LATC1

ATC1

MC1

S1

P2

Q2

Page 13: University of Hawai‘i at Mānoa Department of Economics

(milllions)(thousands)

$/q

$/q

Perfectly CompetitiveFirm

Perfectly CompetitiveIndustry

MC0LATC0

S0

P0

Q0q00

ATC0

D0

D1

Q1

P1

q1

LATC1

ATC1

MC1

S1

P2

Q2

Decreasing-Cost Industry


Recommended
Hawai‘i State Legislature 2011 Regular Session Update for the University of Hawai‘i at Mānoa Faculty Senate By Elmer K. Ka‘ai Government Relations Manager.

Hawai‘i State Legislature 2011 Regular Session Update for the University of Hawai‘i at Mānoa Faculty Senate By Elmer K. Ka‘ai Government Relations Manager.

Documents

University of Hawai‘i at Mānoa Department of Economics

University of Hawai‘i at Mānoa Department of Economics

Documents

CONFERENCE EVALUATION REPORT - NFLRCnflrc.hawaii.edu/NetWorks/NW56.pdf · CONFERENCE EVALUATION REPORT John McE. Davis, Larry Davis University of Hawai‘i at Mānoa, ... and the

CONFERENCE EVALUATION REPORT - NFLRCnflrc.hawaii.edu/NetWorks/NW56.pdf · CONFERENCE EVALUATION REPORT John McE. Davis, Larry Davis University of Hawai‘i at Mānoa, ... and the

Documents

University of Hawai‘i at Mānoa The PrismUniversity of Hawai‘i at Mānoa 2014 Winter, Issue 6 Ke Aniani ‘Ōpaka The Prism CONTENTS ... I didn’t want to go to a mainland school,

University of Hawai‘i at Mānoa The PrismUniversity of Hawai‘i at Mānoa 2014 Winter, Issue 6 Ke Aniani ‘Ōpaka The Prism CONTENTS ... I didn’t want to go to a mainland school,

Documents

HAWAI‘I GRADUATION INITIATIVEblog.hawaii.edu/hawaiigradinitiative/files/2014/10/SHEEO2014Pres... · New Student Orientations. ... ‣Federal Workstudy Pilot Project (Mānoa) ‣Project

HAWAI‘I GRADUATION INITIATIVEblog.hawaii.edu/hawaiigradinitiative/files/2014/10/SHEEO2014Pres... · New Student Orientations. ... ‣Federal Workstudy Pilot Project (Mānoa) ‣Project

Documents

University of Hawai`i at Mānoa Department of Economics ... · PDF fileUniversity of Hawai`i at Mānoa Department of Economics Working Paper Series Saunders Hall 542, 2424 Maile Way,

University of Hawai`i at Mānoa Department of Economics ... · PDF fileUniversity of Hawai`i at Mānoa Department of Economics Working Paper Series Saunders Hall 542, 2424 Maile Way,

Documents

Preparing to Study at the University of Hawai‘i at Mānoa ...

Preparing to Study at the University of Hawai‘i at Mānoa ...

Documents

DSpace @ University of Hawai‘i at Mānoa LibraryUniversity of Hawai‘i at Mānoa Library Mar 23, 2007 2 Definition A set of services that a university offers to the members of its

DSpace @ University of Hawai‘i at Mānoa LibraryUniversity of Hawai‘i at Mānoa Library Mar 23, 2007 2 Definition A set of services that a university offers to the members of its

Documents

University of Hawai‘i at Mānoa Department of Economics ECON 130 (003): Principles of Economics (Micro) Gerard Russo Lecture.

University of Hawai‘i at Mānoa Department of Economics ECON 130 (003): Principles of Economics (Micro) Gerard Russo Lecture.

Documents

Roger S. Debreceny Shidler College of Business University of Hawai‘i at Mānoa Glen L. Gray College of Business & Economics California State University,

Roger S. Debreceny Shidler College of Business University of Hawai‘i at Mānoa Glen L. Gray College of Business & Economics California State University,

Documents

University of Hawaiʻi at Mānoa Study Abroad Center Faculty ......While writing your narrative, please refer to the University of Hawai‘i at Mānoa Study Abroad Center Mission Statement

University of Hawaiʻi at Mānoa Study Abroad Center Faculty ......While writing your narrative, please refer to the University of Hawai‘i at Mānoa Study Abroad Center Mission Statement

Documents

University of Hawai‘i at Mānoa Librarylibweb.hawaii.edu/intranet/intranet/CMSEvaluation.doc  · Web viewUniversity of Hawai‘i at Mānoa Library. Intranet . Content Management

University of Hawai‘i at Mānoa Librarylibweb.hawaii.edu/intranet/intranet/CMSEvaluation.doc  · Web viewUniversity of Hawai‘i at Mānoa Library. Intranet . Content Management

Documents

VOLUME 109 ISSUE 45 of the University of Hawai‘i at M of the … · 2014. 1. 24. · Ka Leo O Hawai‘i is the campus newspa-per of the University of Hawai‘i at Mānoa. It is

VOLUME 109 ISSUE 45 of the University of Hawai‘i at M of the … · 2014. 1. 24. · Ka Leo O Hawai‘i is the campus newspa-per of the University of Hawai‘i at Mānoa. It is

Documents

MEGAN A. CONWAY, PH.D. CENTER ON DISABILITY STUDIES UNIVERSITY OF HAWAI‘I AT MĀNOA MCONWAY@HAWAII.EDU Cultural Diversity & Disability Studies What We Have.

MEGAN A. CONWAY, PH.D. CENTER ON DISABILITY STUDIES UNIVERSITY OF HAWAI‘I AT MĀNOA [email protected] Cultural Diversity & Disability Studies What We Have.

Documents

Hawaii State Legislature 2011 Regular Session Update for the University of Hawai‘i at Mānoa

Hawaii State Legislature 2011 Regular Session Update for the University of Hawai‘i at Mānoa

Documents

The Linguistics of Language RevitalizationGradyWilliam.pdf · The Linguistics of Language Revitalization William O’Grady Department of Linguis8cs University of Hawai‘i at Mānoa

The Linguistics of Language RevitalizationGradyWilliam.pdf · The Linguistics of Language Revitalization William O’Grady Department of Linguis8cs University of Hawai‘i at Mānoa

Documents

KEAWE‘AIMOKU KAHOLOKULA, PHD PROFESSOR & CHAIR OF NATIVE HAWAIIAN HEALTH UNIVERSITY OF HAWAI‘I AT MĀNOA Balancing Indigenous Worldviews with Global Perspectives.

KEAWE‘AIMOKU KAHOLOKULA, PHD PROFESSOR & CHAIR OF NATIVE HAWAIIAN HEALTH UNIVERSITY OF HAWAI‘I AT MĀNOA Balancing Indigenous Worldviews with Global Perspectives.

Documents

UNIVERSITY OF HAWAI‘I AT MĀNOA UNIVERSITY OF HAWAI‘I …

UNIVERSITY OF HAWAI‘I AT MĀNOA UNIVERSITY OF HAWAI‘I …

Documents