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elastic demand curve
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when price goes down, total revenue increases
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5 types of demand
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elastic, inelastic, unit elasticity, perfectly elastic, perfectly inelastic
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Elastic demand
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when price goes down, total revenue goes up
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inelastic demand
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when price goes down, total revenue goes down
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unit elasticity
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Price goes up or down and total revenue stays the same
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Total revenue
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price times quantity
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perfectly elastic
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price stays the same when quantity changes
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perfectly inelastic
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price changes when quantity stays the same
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Ed coefficient
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percent of change in QD over percent of change in P
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Pure Monopoly Model
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one seller has complete control of market
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1st degree discrimination
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no set price for item, charge different customers different prices.
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2nd degree discrimination
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monopolies give portion of customer surplus to buyer and retain portion of surplus for themselves
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3rd degree discrimination
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monopolies divide market into different segments and charge different prices for different segments
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Monopsony
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One buyer of resources
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2 segments
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2 demand curves, 2 average revenues, 2 marginal revenues and 1 marginal cost
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Marginal Revenue is halfway between
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Average Revenue and Zero
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Average Revenue and Demand are
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The same
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Monopolistic Competition
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many sellers, each seller claims that their product is different
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Pure Monopoly
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one seller
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Monopoly
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one seller
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Firms will always produce the amount where
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Marginal revenue equals marginal cost
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Conspicuous consumption
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buy expensive items as status symbol
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Monopoly graph
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1 demand curve and 1 supply curve, 1 AR and one MR
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