Exam 2 Micro 1020 - Assignment Essays

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What are the three factors of production

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labor, land, capital

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Labor

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application of physical and mental skills people have

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Capital

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Machines, tools, buildings, software, inventories

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Land

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Actual land (space) or natural resources

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Production function

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A mathematical function that shows the maximum output possible for any combination of inputs with a particular technology

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Production function for quantity in micro terms

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Q = f(labor, capital, land)
Q = f(L, K, N)

L = labor
K = capital
N= land

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Marginal product definition

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The change in output created by a one-unit change in a particular input (while all other input amounts stay the same)

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Marginal product of labor (MPl)

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Marginal product of labor = change in quantity/change in labor
ex. adding a new worker, how effective is that worker to production

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Marginal product of capital (MPk)

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Marginal product of capital = change in quantity/change in capital
Ex. adding a new machin

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Marginal product graph

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Increases then decreases
- Increases on onset of production because the initially will have a large impact
- Decreases because of the law of diminishing marginal returns: increase in output gets smaller as more of one input is utilized

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In a model with only labor and capital as inputs, in the short run the amount of ______________ is fixed, while in the long run the amount of ______________ is variable.

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either labor or capital (usually capital); both labor and capital

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Average product definition

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Total product divided by the amount of a particular input utilized

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Average product of labor (APL)

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Q/L (Average product of labor = quantity / labor)

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Average product of capital (APK)

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Q/K (Average product of capital = quantity / capital)

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Graph for average product

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Increases, then goes constant, then decreases. (the increase and decrease is not as huge as marginal product)

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Relationships between marginal and average product: What happens when...
1. MP > AP
2. MP < AP
3. MP = AP (except for first observation)

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1. AP rises
2. AP decreases
3. AP is at its maximum

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What are the two types of costs

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Fixed (FC or TFC) and variable (VC or TVC)

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Fixed costs

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costs that are constant

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If the fixed cost of producing 50 units of output is $100,000 per year, the fixed cost of producing 100 units of output per year is _____.

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100,000. Fixed cost represents the cost per period for the fixed input. The amount paid is unrelated to the amount produced because the quantity of the fixed input does not change.

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Variable costs

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costs that change as output changes

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Total cost

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Combines fixed cost with variable cost for each level of output

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Will a change in fixed costs change marginal cost?

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No. A change in fixed costs will only change total costs and average costs. Marginal cost is affected only by changes in variable costs.

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Total cost equation

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TC = FC + VC
or
TC = TFC + TVC

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Graph with FC, VC, and TC

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- Fixed costs is a straight line
- Variable costs increases as output increases
- Total cost is variable cost plus fixed cost so it will be above the variable cost line

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Marginal cost (MC)

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the change in total costs associated with a one-unit change in output

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MC equation

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∆TC/∆Q

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Marginal cost graph

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- Begins decreasing because a lot of quantity is being generated in the beginning (gains in Q outweighs gains in variable cost)
- Increases because variable costs increase

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Diminishing marginal product

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As you increase production, the next unit produced requires an increasing amount of inputs. The marginal product of an input declines as the quantity of the input increases

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Diminishing marginal product of labor is a (short run/long run) occurrence when capital is (variable/fixed)

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Diminishing marginal product of labor is a short-run occurrence when capital is fixed.

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Why does marginal cost end up increasing (in addition to increasing variable costs)?

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Because of diminishing marginal product.
Diminishing marginal product: as you increase production, the next unit produced requires an increasing amount of inputs

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Diminishing marginal product implies what

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increasing marginal cost

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Marginal cost is the slope of ___________.

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total cost curve

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Diminishing marginal returns

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the additional output gained from each unit of input decreases as the quantity of inputs increases. This happens because as you add more units of an input, you eventually reach a point where the input becomes less productive due to factors such as overcrowding, limited resources, or inefficient use of resources

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The law of diminishing marginal returns is the cause of ______________ marginal product and ______________ marginal cost.

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decreasing, increasing

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Average cost

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Total cost dividing by total output: AC = TC/Q

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Marginal cost and average cost graph

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Accounting Profit = Total Revenue - Explicit Costs

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Accounting profits

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Direct expenses (clearly defined costs, expenses you must pay)

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What are explicit costs

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Total Revenue - (Explicit Costs + Implicit Costs)

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Economic profits

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implicit costs

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opportunity costs are

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zero or negative

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If a firm is earning positive accounting profits, economic profits can be

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your accounting profits are equal to your opportunity costs. This means there is a positive accounting profit

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What does zero economic profits mean? What does it mean for the accounting profit?

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inputs could be better elsewhere

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Negative economic profits mean

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the amount of money that could be earned elsewhere

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Normal profits

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- Variable costs: plug in Q for 10Q + 0.5Q^2
- ATC: Divide the equation by Q
- AVC: divide variable cost by q
- FC: 100
- AFC: 100/q
- MC: Derivative of variable cost (10Q +0.5Q^2)

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Total cost function example:
TC = 100 + 10Q + 0.5Q^2
What is VC? What is ATC? What is AVC? What is FC? What is AFC? What is MC?

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a time period long enough to allow a firm to change all of its inputs

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What is meant by "long run"

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Firms want to chose the lowest cost combination of inputs for any given output level

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Describe firms objective for any level of output

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Can use capital (K) or labor (L). Optimal input combination will be the lowest combination that we can use to produce the decided level of output.

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How does a firm find the most efficient input combinations?

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The change in output level as the result of hiring another worker

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Definition for MPL

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The change in output level as the result of buying another piece of capital

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Definition of MPk

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Marginal analysis to examine the productivity and cost of the inputs

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What is the combination of inputs decided

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If you keep adding machines and labor remains constant, the marginal productivity of machines will decrease as there won't be enough workers to operate the machines effectively.

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Diminishing marginal returns of capital (use machines as an example)

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Compare the marginal productivity of inputs per dollar spent on those inputs

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How to make input decisions between labor and capital

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when MPK/w = MPL/r

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What is the optimal cost minimizing combination of inputs

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If w is the wage rate and r is the rental rate (cost of capital), then the optimal combination occurs when MPK/r = MPL/w

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General rule for input choice

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output per dollar spent

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What is being compared for input choice

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hire more people (get more labor) until MPL = MPK

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If MPL/w > MPK/r what do you do

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Get more capital

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If MPL/w < MPK/r what do you do

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- Usually, there is a team of two or three workers on the truck, and the workers are doing division of labor to accomplish the job.
- If you hire a 4th, 5th, or 6th worker the marginal product of labor will decrease

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Describe a diminishing MPL example using a team of garbage collection and there is one truck

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All inputs are variable

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What is true about the long-run model of the firm?

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Diminishing MPL

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If a firm hires more labor while keeping physical capital consistent, then the firm will eventually see...

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Upward sloping

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A firm's long-run total cost curve is

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It depends on the output level. You are going to choose the AC curve that is closest to its minimum at that quantity

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How does a firm choose what average costs to take on?

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more capital is required, the firm will be on a new AC curve

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When output grows to a larger level...

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Get the minimum of all the short run AC curves (ends up being a straight line at the minimums of the AC curves). It is a function which shows the lowest average cost of producing any output level.

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How to derive the long run average cost curve

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- Occur when average costs fall as a firm grows
- Occurs when the curve is on the downward slope

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Economies of scale

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- occurs when average costs rise as a firm grows.
- When a firm grows very large, it may have new additional expenses.

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Diseconomies of scale

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Short run AC curves move down and to the right to create a downwards sloping long-run average cost line

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Economies of scale graph

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Short run AC curves move up and to the left to create an upwards sloping long-run average cost line

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Diseconomies of scale graph

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- Decreasing
- Increasing
- Not changing

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U-Shaped long run average cost

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- Changes in productivity resulting from improvements in technology (lowering costs) or decreases in prices of inputs will change long-run costs just as they change short-run costs.

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Long run Marginal Cost curves
If the long run marginal cost is...
- Below the average
- Above the average
- Constant and equal to the average

What happens to the long run average costs?

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- At any level of output, the output can be produced at a lower cost
- Increase in technology or decrease in input costs

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How can a long-run average cost curve shift

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- At any level of output, the output will be produced at a higher cost
- Increase in input costs

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What does a long-run average cost downward shift mean, and how can it shift downward

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Economies of scale

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What does a long-run average cost upward shift mean, and how can it shift upward

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- number of firms
- type of product
- influence over a price
- barriers to entry

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Suppose that as a firm grows, it is able to use larger-volume equipment in production. This will likely result in:

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a market structure in which a large number of firms all produce the same product. No producer has influence over the price and there are no barriers to entry.

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Characteristics that define a market structure

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profit maximization

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Perfect competition

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price takers

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In perfect competition, firms have still have a goal of

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farming commodities

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Firms in perfect competition are

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The market

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Examples of perfectly competitive markets

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Increases the level of output if price is greater than marginal cost. Stop increasing output when price equals marginal cost

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What determines the price of a good in perfect competition

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change in total revenue per unit of output.

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How does a firm get to the maximizing profit level of output

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market price

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Market supply and demand vs firm demand graphs

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No, it cannot influence price

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Marginal revenue

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If it is earning positive economic profits or zero economic profits.

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In perfect competition, marginal revenue is equal to what

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Because the firm is doing just as well as its opportunity cost of being in business elsewhere

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Can a firm in perfect competition influence price

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Its better to earn a small loss than a large loss. If some expenses can be covered, it may be better to produce some output rather than shutting down.

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When will a firm produce

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when any level of output results in larger losses compared to producing nothing at all

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Why will a firm produce with zero economic profits

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perfectly elastic

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Why might a firm continue to operate if profits are negative

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price

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When will a firm shut down

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As long as they can make money

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MC, ATC, AVC graph in perfectly competitive markets

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where MR(Price) = MC

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In competitive markets, demand is

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At a given price, go across until you hit MC, go down to ATC, and then back across the the y axis. This rectangle is the economic profit.

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In competitive markets, marginal revenue is also the

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At a given price, go across until you hit MC, go up to ATC, and then back across the the y axis. This rectangle is the economic loss.

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When will people enter a market with zero barriers to entry

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As long as the price is covering the average variable costs

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Where will a firm produce (always)

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you aren't covering anything, so you are worse off if you generate q in the short run, so you would get out of the business in the long run. In the short run, you may temporarily shut down

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How to calculate economic profit looking at an MC, ATC, AVC costs graph

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economic loss

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How to calculate economic loss looking at an MC, ATC, AVC costs graph

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continue to produce because you will cover the variable costs and some fixed costs

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In the short run, when will you continue to operate

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The firm temporarily shuts down

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If the price is below Average variable cost, then what

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Leave the market

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If price is < ATC you are at an

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- Profit = TR - TC
- Profit = (P X Q) - (VC + FC)
- Profit = (P X Q) - (ATC X Q)
- Profit = (P - ATC) * Q

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If P > AVC and < ATC

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MR = MC

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If P < AVC

answer

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In the long run, if p < AVC

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nothing

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How to calculate economic profit (using equations)

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-The supply curve in a perfectly competitive market is the sum of all of the individual firm's marginal cost curves
-The shutdown price is the minimum of the AVC function

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Reminder: A firm produces until

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- If the industry is profitable, more firms will enter.
- If the industry is experiencing losses, firms will exit.

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Reminder: If MR > MC you should produce ______

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where ATC = MC.
firms are breaking even with zero economic profit.

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Reminder: If MR < MC you should produce _____

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- if there is a demand shift, equilibrium price will change.
- It will result in firms going from zero profit to positive or negative profit depending on the direction of the demand shift

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Competitive firm supply

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- Firm entry or exit will follow (causing a supply shift), and the price will adjust so firms are once again making zero economic profits in the long run.

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Describe the Market equilibrium process

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There will be a change in profitability of competitive firms
- If firms costs increase, some firms will leave the industry

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Where is long run equilibrium?

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Entry and exit of firms might change costs. there will be varying outcomes of price and supply

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Industry demand changes

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one in which existing firm costs do not change as a result of new firm entry.

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Industry supply changes

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horizontal. Higher prices and profits will lead to firm entry, and firms entering will lower the price back down to a zero profit level

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What happens if production cost changes for a firm

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one in which existing firm costs increase as a result of new firm entry. Inputs may be scarce. Higher competition for inputs leads to higher costs for the firm.

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What happens to firms cost in the long run

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upward sloping. Higher prices and profits will lead to firm entry, and firms enter, causing higher costs and lower prices until a zero profit result is reached.

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Constant cost industry

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one in which existing firm costs decrease as a result of new firm entry.

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Constant cost industry long run supply curve is

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downward-sloping. Higher prices and profits will lead to firm entry, and firms enter, causing lower costs and lower prices until a zero profit result is reached.

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Increasing cost industry

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Perfectly competitive markets are efficient, both technically and allocatively.

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Increasing cost industry long-run supply curve is

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Any possible level of output is produced at the lowest average cost.

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Decreasing cost industry

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Market supply intersects market demand, and price equals marginal cost.
in other words, the opportunity cost of making the last unit is equal to society's valuation of that unit.

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Decreasing cost industry long-run supply curve is

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The market price

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Explain perfectly competitive markets in terms of efficiency

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Total economic profits

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Technically efficiency

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At the minimum of average total cost

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Allocative efficiency

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Increase short run average costs and long run average costs. Higher wages will simply make production more expensive, both in the short run and long run.

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Review question: For a firm in a perfectly competitive market, average revenue equals ________.

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not change; not change. The change in fixed costs does not affect the marginal costs and variable costs, so there is not a change on output choices (and therefore no change in the price of the good).

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Review question: In the theory of firm behavior, we assume that firms attempt to maximize _________.

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increase; decrease. Reasoning: With higher fixed costs, total costs go up. Firms will be making losses and some will leave, shifting the supply curve to the left. This will increase the price and decrease the quantity in the market.

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Review question: If a perfectly competitive industry is in long-run equilibrium, what is the price?

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decrease; increase. Reasoning: Lower variable costs also indicate lower marginal costs. All firms will produce more, thus shifting the supply curve to the right, lowering the price with the higher supply

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Review question: Consider the effect on costs of an increase in wages in an economy. What is the increase likely to do? In the short run? In the long run?

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decrease; increase by more than in the short run. Reasoning: The quantity increases more in the long run because the lower costs mean higher profits, so more firms enter, increasing the quantity further.

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Review question: Assume a constant-cost industry in a competitive market. What are the short-term effects of the following change?
An increase in fixed costs will ______________ the equilibrium price and ______________ equilibrium quantity in the market.

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A single firm operating in a market with no close substitutes and barriers to entry

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Review question: Assume a constant-cost industry in a competitive market. What are the long-term effects of the following change?
An increase in fixed costs will ______________ the equilibrium price and ______________ the market equilibrium quantity.

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monopoly resources, government regulation, production process, economies of scale, effective advertising

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Review question: Assume a constant-cost industry in a competitive market. What are the short-term effects of the following change?
A decrease in variable costs in the short run will ______________ the equilibrium price and ______________ equilibrium quantity in the goods' market.

answer

When MR = MC

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Review question: Assume a constant-cost industry in a competitive market. What are the long-term effects of the following change?
A decrease in variable costs in the long run will cause the equilibrium price to ______________ and the equilibrium quantity in the market to ______________.

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increase production, revenue would go up by more than cost would go up

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What is a monopoly

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decrease production because costs are rising by more than revenue is rising

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Barriers to entry in a monopoly

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the entire market demand curve

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When is profit maximized for monopolies

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lower the price, causing the marginal revenue to change

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If MR > MC

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- Revenue = Price * Quantity
- Marginal Revenue = Change in Revenue / Change in Quantity

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if MR < MC

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To sell more, the firm decreases the price, so the additional revenue gain has to be less than the price.

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A monopolist faces the

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ALWAYS less than price

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For a monopoly to sell one more unit it will have to

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Along the demand curve at the quantity where marginal revenue = marginal cost

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Revenue and Marginal Revenue

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Where marginal revenue = marginal cost

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Explain what happens when a monopoly tries to sell more of their good

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Marginal revenue = Marginal cost

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For a monopoly, marginal revenue is

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find the point of intersection between MC and MR, trace it up to the demand curve, and trace it down to the average total cost curve, then take it across to the y axis. Then plug in values into the formula: (P-ATC) * Q

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Monopoly market graph

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short run and long run

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How to find the price a monopoly will sell its good at

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squeezed out. This is where firms in competitive markets produce

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How to find the quantity produced by a monopoly

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No, the price for a monopoly is always greater than marginal revenue. Therefore, price > marginal cost. Marginal utility / price ≠ marginal utility/ marginal cost

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Where does equilibrium occur in a monopolistic market

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No, with barriers to entry, the price will not be pushed to the minimum average cost.

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How to find the profits of a monopoly

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- When a firm experience economies of scale (as they increase output, average costs are falling).
- These monopolies drive out other firms through lower prices.

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A monopoly can make this profit in the

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- They base it off of people's willingness to pay, which is their price elasticity
- The difference in price needs to be based on a certain characteristic (age, military service, student/faculty status).
- The product can't be resellable

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At the minimum of average total cost, profits are

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Decrease the price. reasoning: Lowering the variable cost will lower the marginal cost at each level of output. Therefore, the point where marginal revenue is equal to marginal cost is at a greater quantity, which is at a lower price on the demand curve

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Are monopolies allocatively efficient?

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elastic

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Are monopolies technically efficient?

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Because of barriers to entry. The monopoly has no incentive to produce where price is equal to the minimum of the average cost. Additionally, it would not be maximizing profits at that level.

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Natural monopoly

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There is no supply curve for a monopoly.

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How might a monopoly decide in changing their price (price discrimination)?

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- It is producing at the highest profit possible in their market
- It is producing where the additional revenue is just equal to the additional cost for each output

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Review question: A decrease in variable costs will cause the monopoly to do what to its price?

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Because marginal cost is always positive

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Review question: A monopoly produces a level of output where demand is ______________ (elastic / inelastic / unit elastic)

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Total revenue would decrease

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Review Question: Why won't a monopoly necessarily be technically efficient?

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A market structure in which a few large firms dominate a market. There are significant entry and exit barriers. Products can be homogenous or differentiated.

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Review question: What is the supply curve for a monopoly?

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interdependent. One's firms actions will influence other firms' profits

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Review question: Describe the implications for a monopoly when they are producing where marginal revenue equals marginal cost

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short run and long run

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Review Question: Why won't a monopoly ever produce where marginal revenue is negative?

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squeezed out for everyone in the end

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Review question: If a monopoly increased the price above the profit maximizing level, what would happen?

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- Gas, banking, airlines, cars

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Oligopoly

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A group of producers agreeing to act in concert with one another.

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Firms in an oligopoly are

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A group of producers informally set the quantity or the price together

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In an oligopoly market structure, positive economic profits are possible in the

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Produce where monopolies produce, but each firm is producing a certain percentage of the output

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In an oligopoly market, profits may be

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undercut competitors and make more money

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Oligopoly examples

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Firms have more elastic demand than the industry as a whole.

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Oligopoly cartel

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Lowering the price to gain additional market share. They do this so they can undercut competitors prices to gain more customers. However, in the long run, firms will follow and lower their prices, thus it will return to even split market share

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Oligopoly collusion

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because in the long-run, all firms will drop their price and follow the strategy of the firm that is undercutting. Economic profits are being squeezed out.

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Oligopoly diagram

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the marginal cost

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In an oligopoly, individual firms can

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A branch of economics that studies the behavior of firms (or individuals) in a setting where:
- One firm's decisions affects the profits of others
- Firms are aware of the effect of their own choices on the profits and choices of their competitors
- Take into account the choices of competitors in deciding what to do

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Compare the demand and marginal revenue curves in oligopoly markets for the market and the firm

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- Players: refer to individuals or firms.
- Strategies: refer to the actions taken by each player.
- Outcomes: refer to all possible results given all of the strategies taken by all players.

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What is an unstable solution for oligopolies

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1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly

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Why is market demand split equally in an oligopoly

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- Many producers
- A variety of products, each one slightly different
- Freedom of entry and exit

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The new marginal revenue for oligopolies are greater than

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Local restaurants, gas stations, hair stylists

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Game theory

answer

produce until MR=MC. Go up to the demand curve from that point and over to the y axis to get the profit-maximizing price. Average cost is along the same vertical line as MR=MC and over to the y axis

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Basic game theory set up

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There is a change in the short run and long run because more firms will enter if they see positive economic profits. This will cause demand and marginal revenue to shift to the left

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The four market models

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Short run: Monopolistically competitive firms will produce where the marginal revenue of the last unit produced is equal to the marginal cost of production. At this output level, the firm will earn a positive economic profit, but this profit will not be sustainable in the long run because of entry by new firms.
Long run: As new firms enter the market, they will offer similar products and compete for the same customers, driving down the demand and market power of the existing firms. This will lead to a decrease in prices and profits, and firms will produce where their ATC curve intersects the demand curve, earning zero economic profit in the long run.

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monopolistic competition

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Firms in monopolistic competition have more market power because their products are differentiated.

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Examples of monopolistic competition

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Monopolistically competitive firms will produce where marginal revenue (MR) equals marginal cost (MC), just like perfectly competitive firms. However, because monopolistically competitive firms have some market power due to product differentiation, they will not produce at the minimum point of their average total cost (ATC) curve, as perfectly competitive firms do. Monopolistically competitive firms will produce where their ATC curve intersects the demand curve, earning zero economic profit in the long run.

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Monopolistic competition in the short run. How do you find profit?

answer

Monopoly demand curve is more steep because they are the only producer

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Explain why there is a change in the short run and long run market for monopolistically competitive firms

answer

- Positive profit and low entry barriers will attract new firms.
- Demand and MR shift to the left and potentially flatten. Why?
Increase in substitutes, demand is more elastic because now there are more options
- Profits will shrink until economic profit is zero.

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Provide an in depth explanation of where firms produce in monopolistically competitve markets in the short run compared to the long run.

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Less than, greater than

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How is monopolistic competition and perfect competition different

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equals marginal cost and is greater than average cost

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Compare and contrast monopolistic competition and perfect competition as to where they produce in the long run compared to average total cost

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short run, enter

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Compare the demand slopes for monopolistic competition and a monopoly

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zero

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Monopolistic competition in the long run

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new firms will enter until all firms make zero economic profits

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A monopolistically competitive firm in the long run will produce an amount that is _______ the quantity where average cost is at a minimum and charge a price that is _______ marginal cost.

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Limit supply and raise prices

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In the long run, a monopolistically competitive firm will produce where price __________

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when price is below average cost

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When the price is greater than the average cost in a monopolistic competitive market, it means that the firm is operating in the _____ and we can expect firms to ______ the market

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Monopoly

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What is the long run economic profit for monopolistic competition

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monopolistically competitive

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If firms are making a lot of economic profits, what will happen in the long run

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zero in perfect competition and monopolistic competition, perhaps positive in a monopoly and perhaps positive in oligopoly

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If two firms collude to earn more profits, what might they do?

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Yes.

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When does a monopolistic competitive firm operate at a loss

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Only in perfect competition does price equal marginal cost

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What market has the highest profit level

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Perfect competition

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If a large number of firm face a downward sloping demand curve, what market is this

answer

Perfect competition

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Compare the levels of economic profits in a long-run equilibrium for a perfectly competitive firm, a monopoly, a monopolistically competitive firm, and an oligopoly. Go through the economic profits for all 4 firms:

answer

perfect competition, monopolistic competition, oligopoly, monopoly

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Can all 4 market structures we looked at have economic profits in the short run

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monopoly, oligopoly, monopolistic competition, perfect competition

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Go through each market type and determine whether or not their price equals their marginal cost

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Only perfect competition

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What is the only market that achieves economic efficiency

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Average revenue and price

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What is the only market that has their average costs at a minimum at the profit-maximizing quantity

answer

Whenever two or more competitors agree to take actions that have the effect of raising, lowering or stabilizing the price of any product or service without any legitimate justification.

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Rank each type of market on their industry quantities from highest to lowest.

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How large are the merging firms relative to the size of the market in which the firms compete

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Rank each type of market on their prices from highest to lowest

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Department of Justice and Federal Trade Commission

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For what graphs do the demand curve also represent marginal revenue

answer

measures the sums of squares of the market shares of all firms in the market, which gives the greater weight to the largest firms and it is used today by the Federal Trade Commission.

question

The demand curve always represents

answer

If the concentration index is high, then merged firms will have increased their market power significantly and thus made price increases a win-win for the merged firm. That is unlike a low concentration index environment, where a price increase on the part of one firm is likely to result in lower profits.

question

Price Fixing

answer

When a firm lowers prices with some or all customers and causes itself to incur avoidable losses and forgo short run profits

question

What question is taken into account for mergers

answer

to drive competitors out of a market, prevent entry by one or more potential rivals, in order to increase its own market power, and eventually reduce output and raise prices, it is engaging in predatory pricing.

question

Who measures the degree of existing concentration and the amount of change in concentration to determine if the merger will be harmful?

answer

Herfindahl-Hirschman Index (HHI)

question

The sums of the squares concentration index

answer

sum the squared market shares for all firms.
Take the square root of all the market shares and add them up (10,000 is the highest)

question

Merger rules

answer

moderately concentrated

question

Predatory pricing

answer

highly concentrated

question

Why would a firm use predatory pricing

answer

It will be flagged the overall market share for HHI goes up by more than 200

question

How to measure concentration of market share

answer

undefined

question

How to calculate HHI

answer

undefined

question

HHI between 1,500-2,500 is considered to be

answer

undefined

question

HHI above 2,500 is considered to be

answer

undefined

question

What point level increase will be flagged if two firms decide to merge?

answer

undefined

1 of 214

question

What are the three factors of production

answer

labor, land, capital

question

Labor

answer

application of physical and mental skills people have

question

Capital

answer

Machines, tools, buildings, software, inventories

question

Land

answer

Actual land (space) or natural resources

question

Production function

answer

A mathematical function that shows the maximum output possible for any combination of inputs with a particular technology

question

Production function for quantity in micro terms

answer

Q = f(labor, capital, land)
Q = f(L, K, N)

L = labor
K = capital
N= land

question

Marginal product definition

answer

The change in output created by a one-unit change in a particular input (while all other input amounts stay the same)

question

Marginal product of labor (MPl)

answer

Marginal product of labor = change in quantity/change in labor
ex. adding a new worker, how effective is that worker to production

question

Marginal product of capital (MPk)

answer

Marginal product of capital = change in quantity/change in capital
Ex. adding a new machin

question

Marginal product graph

answer

question

In a model with only labor and capital as inputs, in the short run the amount of ______________ is fixed, while in the long run the amount of ______________ is variable.

answer

either labor or capital (usually capital); both labor and capital

question

Average product definition

answer

Total product divided by the amount of a particular input utilized

question

Average product of labor (APL)

answer

Q/L (Average product of labor = quantity / labor)

question

Average product of capital (APK)

answer

Q/K (Average product of capital = quantity / capital)

question

Graph for average product

answer

Increases, then goes constant, then decreases. (the increase and decrease is not as huge as marginal product)

question

Relationships between marginal and average product: What happens when...
1. MP > AP
2. MP < AP
3. MP = AP (except for first observation)

answer

1. AP rises
2. AP decreases
3. AP is at its maximum

question

What are the two types of costs

answer

Fixed (FC or TFC) and variable (VC or TVC)

question

Fixed costs

answer

costs that are constant

question

If the fixed cost of producing 50 units of output is $100,000 per year, the fixed cost of producing 100 units of output per year is _____.

answer

100,000. Fixed cost represents the cost per period for the fixed input. The amount paid is unrelated to the amount produced because the quantity of the fixed input does not change.

question

Variable costs

answer

costs that change as output changes

question

Total cost

answer

Combines fixed cost with variable cost for each level of output

question

Will a change in fixed costs change marginal cost?

answer

No. A change in fixed costs will only change total costs and average costs. Marginal cost is affected only by changes in variable costs.

question

Total cost equation

answer

TC = FC + VC
or
TC = TFC + TVC

question

Graph with FC, VC, and TC

answer

- Fixed costs is a straight line
- Variable costs increases as output increases
- Total cost is variable cost plus fixed cost so it will be above the variable cost line

question

Marginal cost (MC)

answer

the change in total costs associated with a one-unit change in output

question

MC equation

answer

∆TC/∆Q

question

Marginal cost graph

answer

- Begins decreasing because a lot of quantity is being generated in the beginning (gains in Q outweighs gains in variable cost)
- Increases because variable costs increase

question

Diminishing marginal product

answer

As you increase production, the next unit produced requires an increasing amount of inputs. The marginal product of an input declines as the quantity of the input increases

question

Diminishing marginal product of labor is a (short run/long run) occurrence when capital is (variable/fixed)

answer

Diminishing marginal product of labor is a short-run occurrence when capital is fixed.

question

Why does marginal cost end up increasing (in addition to increasing variable costs)?

answer

Because of diminishing marginal product.
Diminishing marginal product: as you increase production, the next unit produced requires an increasing amount of inputs

question

Diminishing marginal product implies what

answer

increasing marginal cost

question

Marginal cost is the slope of ___________.

answer

total cost curve

question

Diminishing marginal returns

answer

question

The law of diminishing marginal returns is the cause of ______________ marginal product and ______________ marginal cost.

answer

decreasing, increasing

question

Average cost

answer

Total cost dividing by total output: AC = TC/Q

question

Marginal cost and average cost graph

answer

Accounting Profit = Total Revenue - Explicit Costs

question

Accounting profits

answer

Direct expenses (clearly defined costs, expenses you must pay)

question

What are explicit costs

answer

Total Revenue - (Explicit Costs + Implicit Costs)

question

Economic profits

answer

implicit costs

question

opportunity costs are

answer

zero or negative

question

If a firm is earning positive accounting profits, economic profits can be

answer

your accounting profits are equal to your opportunity costs. This means there is a positive accounting profit

question

What does zero economic profits mean? What does it mean for the accounting profit?

answer

inputs could be better elsewhere

question

Negative economic profits mean

answer

the amount of money that could be earned elsewhere

question

Normal profits

answer

- Variable costs: plug in Q for 10Q + 0.5Q^2
- ATC: Divide the equation by Q
- AVC: divide variable cost by q
- FC: 100
- AFC: 100/q
- MC: Derivative of variable cost (10Q +0.5Q^2)

question

Total cost function example:
TC = 100 + 10Q + 0.5Q^2
What is VC? What is ATC? What is AVC? What is FC? What is AFC? What is MC?

answer

a time period long enough to allow a firm to change all of its inputs

question

What is meant by "long run"

answer

Firms want to chose the lowest cost combination of inputs for any given output level

question

Describe firms objective for any level of output

answer

Can use capital (K) or labor (L). Optimal input combination will be the lowest combination that we can use to produce the decided level of output.

question

How does a firm find the most efficient input combinations?

answer

The change in output level as the result of hiring another worker

question

Definition for MPL

answer

The change in output level as the result of buying another piece of capital

question

Definition of MPk

answer

Marginal analysis to examine the productivity and cost of the inputs

question

What is the combination of inputs decided

answer

If you keep adding machines and labor remains constant, the marginal productivity of machines will decrease as there won't be enough workers to operate the machines effectively.

question

Diminishing marginal returns of capital (use machines as an example)

answer

Compare the marginal productivity of inputs per dollar spent on those inputs

question

How to make input decisions between labor and capital

answer

when MPK/w = MPL/r

question

What is the optimal cost minimizing combination of inputs

answer

If w is the wage rate and r is the rental rate (cost of capital), then the optimal combination occurs when MPK/r = MPL/w

question

General rule for input choice

answer

output per dollar spent

question

What is being compared for input choice

answer

hire more people (get more labor) until MPL = MPK

question

If MPL/w > MPK/r what do you do

answer

Get more capital

question

If MPL/w < MPK/r what do you do

answer

question

Describe a diminishing MPL example using a team of garbage collection and there is one truck

answer

All inputs are variable

question

What is true about the long-run model of the firm?

answer

Diminishing MPL

question

If a firm hires more labor while keeping physical capital consistent, then the firm will eventually see...

answer

Upward sloping

question

A firm's long-run total cost curve is

answer

It depends on the output level. You are going to choose the AC curve that is closest to its minimum at that quantity

question

How does a firm choose what average costs to take on?

answer

more capital is required, the firm will be on a new AC curve

question

When output grows to a larger level...

answer

Get the minimum of all the short run AC curves (ends up being a straight line at the minimums of the AC curves). It is a function which shows the lowest average cost of producing any output level.

question

How to derive the long run average cost curve

answer

- Occur when average costs fall as a firm grows
- Occurs when the curve is on the downward slope

question

Economies of scale

answer

- occurs when average costs rise as a firm grows.
- When a firm grows very large, it may have new additional expenses.

question

Diseconomies of scale

answer

Short run AC curves move down and to the right to create a downwards sloping long-run average cost line

question

Economies of scale graph

answer

Short run AC curves move up and to the left to create an upwards sloping long-run average cost line

question

Diseconomies of scale graph

answer

- Decreasing
- Increasing
- Not changing

question

U-Shaped long run average cost

answer

- Changes in productivity resulting from improvements in technology (lowering costs) or decreases in prices of inputs will change long-run costs just as they change short-run costs.

question

Long run Marginal Cost curves
If the long run marginal cost is...
- Below the average
- Above the average
- Constant and equal to the average

What happens to the long run average costs?

answer

- At any level of output, the output can be produced at a lower cost
- Increase in technology or decrease in input costs

question

How can a long-run average cost curve shift

answer

- At any level of output, the output will be produced at a higher cost
- Increase in input costs

question

What does a long-run average cost downward shift mean, and how can it shift downward

answer

Economies of scale

question

What does a long-run average cost upward shift mean, and how can it shift upward

answer

- number of firms
- type of product
- influence over a price
- barriers to entry

question

Suppose that as a firm grows, it is able to use larger-volume equipment in production. This will likely result in:

answer

a market structure in which a large number of firms all produce the same product. No producer has influence over the price and there are no barriers to entry.

question

Characteristics that define a market structure

answer

profit maximization

question

Perfect competition

answer

price takers

question

In perfect competition, firms have still have a goal of

answer

farming commodities

question

Firms in perfect competition are

answer

The market

question

Examples of perfectly competitive markets

answer

Increases the level of output if price is greater than marginal cost. Stop increasing output when price equals marginal cost

question

What determines the price of a good in perfect competition

answer

change in total revenue per unit of output.

question

How does a firm get to the maximizing profit level of output

answer

market price

question

Market supply and demand vs firm demand graphs

answer

No, it cannot influence price

question

Marginal revenue

answer

If it is earning positive economic profits or zero economic profits.

question

In perfect competition, marginal revenue is equal to what

answer

Because the firm is doing just as well as its opportunity cost of being in business elsewhere

question

Can a firm in perfect competition influence price

answer

Its better to earn a small loss than a large loss. If some expenses can be covered, it may be better to produce some output rather than shutting down.

question

When will a firm produce

answer

when any level of output results in larger losses compared to producing nothing at all

question

Why will a firm produce with zero economic profits

answer

perfectly elastic

question

Why might a firm continue to operate if profits are negative

answer

price

question

When will a firm shut down

answer

As long as they can make money

question

MC, ATC, AVC graph in perfectly competitive markets

answer

where MR(Price) = MC

question

In competitive markets, demand is

answer

At a given price, go across until you hit MC, go down to ATC, and then back across the the y axis. This rectangle is the economic profit.

question

In competitive markets, marginal revenue is also the

answer

At a given price, go across until you hit MC, go up to ATC, and then back across the the y axis. This rectangle is the economic loss.

question

When will people enter a market with zero barriers to entry

answer

As long as the price is covering the average variable costs

question

Where will a firm produce (always)

answer

you aren't covering anything, so you are worse off if you generate q in the short run, so you would get out of the business in the long run. In the short run, you may temporarily shut down

question

How to calculate economic profit looking at an MC, ATC, AVC costs graph

answer

economic loss

question

How to calculate economic loss looking at an MC, ATC, AVC costs graph

answer

continue to produce because you will cover the variable costs and some fixed costs

question

In the short run, when will you continue to operate

answer

The firm temporarily shuts down

question

If the price is below Average variable cost, then what

answer

Leave the market

question

If price is < ATC you are at an

answer

- Profit = TR - TC
- Profit = (P X Q) - (VC + FC)
- Profit = (P X Q) - (ATC X Q)
- Profit = (P - ATC) * Q

question

If P > AVC and < ATC

answer

MR = MC

question

If P < AVC

answer

question

In the long run, if p < AVC

answer

nothing

question

How to calculate economic profit (using equations)

answer

-The supply curve in a perfectly competitive market is the sum of all of the individual firm's marginal cost curves
-The shutdown price is the minimum of the AVC function

question

Reminder: A firm produces until

answer

- If the industry is profitable, more firms will enter.
- If the industry is experiencing losses, firms will exit.

question

Reminder: If MR > MC you should produce ______

answer

where ATC = MC.
firms are breaking even with zero economic profit.

question

Reminder: If MR < MC you should produce _____

answer

- if there is a demand shift, equilibrium price will change.
- It will result in firms going from zero profit to positive or negative profit depending on the direction of the demand shift

question

Competitive firm supply

answer

- Firm entry or exit will follow (causing a supply shift), and the price will adjust so firms are once again making zero economic profits in the long run.

question

Describe the Market equilibrium process

answer

There will be a change in profitability of competitive firms
- If firms costs increase, some firms will leave the industry

question

Where is long run equilibrium?

answer

Entry and exit of firms might change costs. there will be varying outcomes of price and supply

question

Industry demand changes

answer

one in which existing firm costs do not change as a result of new firm entry.

question

Industry supply changes

answer

horizontal. Higher prices and profits will lead to firm entry, and firms entering will lower the price back down to a zero profit level

question

What happens if production cost changes for a firm

answer

one in which existing firm costs increase as a result of new firm entry. Inputs may be scarce. Higher competition for inputs leads to higher costs for the firm.

question

What happens to firms cost in the long run

answer

upward sloping. Higher prices and profits will lead to firm entry, and firms enter, causing higher costs and lower prices until a zero profit result is reached.

question

Constant cost industry

answer

one in which existing firm costs decrease as a result of new firm entry.

question

Constant cost industry long run supply curve is

answer

downward-sloping. Higher prices and profits will lead to firm entry, and firms enter, causing lower costs and lower prices until a zero profit result is reached.

question

Increasing cost industry

answer

Perfectly competitive markets are efficient, both technically and allocatively.

question

Increasing cost industry long-run supply curve is

answer

Any possible level of output is produced at the lowest average cost.

question

Decreasing cost industry

answer

Market supply intersects market demand, and price equals marginal cost.
in other words, the opportunity cost of making the last unit is equal to society's valuation of that unit.

question

Decreasing cost industry long-run supply curve is

answer

The market price

question

Explain perfectly competitive markets in terms of efficiency

answer

Total economic profits

question

Technically efficiency

answer

At the minimum of average total cost

question

Allocative efficiency

answer

Increase short run average costs and long run average costs. Higher wages will simply make production more expensive, both in the short run and long run.

question

Review question: For a firm in a perfectly competitive market, average revenue equals ________.

answer

not change; not change. The change in fixed costs does not affect the marginal costs and variable costs, so there is not a change on output choices (and therefore no change in the price of the good).

question

Review question: In the theory of firm behavior, we assume that firms attempt to maximize _________.

answer

question

Review question: If a perfectly competitive industry is in long-run equilibrium, what is the price?

answer

question

Review question: Consider the effect on costs of an increase in wages in an economy. What is the increase likely to do? In the short run? In the long run?

answer

question

answer

A single firm operating in a market with no close substitutes and barriers to entry

question

answer

monopoly resources, government regulation, production process, economies of scale, effective advertising

question

answer

When MR = MC

question

answer

increase production, revenue would go up by more than cost would go up

question

What is a monopoly

answer

decrease production because costs are rising by more than revenue is rising

question

Barriers to entry in a monopoly

answer

the entire market demand curve

question

When is profit maximized for monopolies

answer

lower the price, causing the marginal revenue to change

question

If MR > MC

answer

- Revenue = Price * Quantity
- Marginal Revenue = Change in Revenue / Change in Quantity

question

if MR < MC

answer

To sell more, the firm decreases the price, so the additional revenue gain has to be less than the price.

question

A monopolist faces the

answer

ALWAYS less than price

question

For a monopoly to sell one more unit it will have to

answer

Along the demand curve at the quantity where marginal revenue = marginal cost

question

Revenue and Marginal Revenue

answer

Where marginal revenue = marginal cost

question

Explain what happens when a monopoly tries to sell more of their good

answer

Marginal revenue = Marginal cost

question

For a monopoly, marginal revenue is

answer

question

Monopoly market graph

answer

short run and long run

question

How to find the price a monopoly will sell its good at

answer

squeezed out. This is where firms in competitive markets produce

question

How to find the quantity produced by a monopoly

answer

No, the price for a monopoly is always greater than marginal revenue. Therefore, price > marginal cost. Marginal utility / price ≠ marginal utility/ marginal cost

question

Where does equilibrium occur in a monopolistic market

answer

No, with barriers to entry, the price will not be pushed to the minimum average cost.

question

How to find the profits of a monopoly

answer

- When a firm experience economies of scale (as they increase output, average costs are falling).
- These monopolies drive out other firms through lower prices.

question

A monopoly can make this profit in the

answer

question

At the minimum of average total cost, profits are

answer

question

Are monopolies allocatively efficient?

answer

elastic

question

Are monopolies technically efficient?

answer

Because of barriers to entry. The monopoly has no incentive to produce where price is equal to the minimum of the average cost. Additionally, it would not be maximizing profits at that level.

question

Natural monopoly

answer

There is no supply curve for a monopoly.

question

How might a monopoly decide in changing their price (price discrimination)?

answer

- It is producing at the highest profit possible in their market
- It is producing where the additional revenue is just equal to the additional cost for each output

question

Review question: A decrease in variable costs will cause the monopoly to do what to its price?

answer

Because marginal cost is always positive

question

Review question: A monopoly produces a level of output where demand is ______________ (elastic / inelastic / unit elastic)

answer

Total revenue would decrease

question

Review Question: Why won't a monopoly necessarily be technically efficient?

answer

A market structure in which a few large firms dominate a market. There are significant entry and exit barriers. Products can be homogenous or differentiated.

question

Review question: What is the supply curve for a monopoly?

answer

interdependent. One's firms actions will influence other firms' profits

question

Review question: Describe the implications for a monopoly when they are producing where marginal revenue equals marginal cost

answer

short run and long run

question

Review Question: Why won't a monopoly ever produce where marginal revenue is negative?

answer

squeezed out for everyone in the end

question

Review question: If a monopoly increased the price above the profit maximizing level, what would happen?

answer

- Gas, banking, airlines, cars

question

Oligopoly

answer

A group of producers agreeing to act in concert with one another.

question

Firms in an oligopoly are

answer

A group of producers informally set the quantity or the price together

question

In an oligopoly market structure, positive economic profits are possible in the

answer

Produce where monopolies produce, but each firm is producing a certain percentage of the output

question

In an oligopoly market, profits may be

answer

undercut competitors and make more money

question

Oligopoly examples

answer

Firms have more elastic demand than the industry as a whole.

question

Oligopoly cartel

answer

question

Oligopoly collusion

answer

because in the long-run, all firms will drop their price and follow the strategy of the firm that is undercutting. Economic profits are being squeezed out.

question

Oligopoly diagram

answer

the marginal cost

question

In an oligopoly, individual firms can

answer

question

Compare the demand and marginal revenue curves in oligopoly markets for the market and the firm

answer

- Players: refer to individuals or firms.
- Strategies: refer to the actions taken by each player.
- Outcomes: refer to all possible results given all of the strategies taken by all players.

question

What is an unstable solution for oligopolies

answer

1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly

question

Why is market demand split equally in an oligopoly

answer

- Many producers
- A variety of products, each one slightly different
- Freedom of entry and exit

question

The new marginal revenue for oligopolies are greater than

answer

Local restaurants, gas stations, hair stylists

question

Game theory

answer

produce until MR=MC. Go up to the demand curve from that point and over to the y axis to get the profit-maximizing price. Average cost is along the same vertical line as MR=MC and over to the y axis

question

Basic game theory set up

answer

There is a change in the short run and long run because more firms will enter if they see positive economic profits. This will cause demand and marginal revenue to shift to the left

question

The four market models

answer

question

monopolistic competition

answer

Firms in monopolistic competition have more market power because their products are differentiated.

question

Examples of monopolistic competition

answer

question

Monopolistic competition in the short run. How do you find profit?

answer

Monopoly demand curve is more steep because they are the only producer

question

Explain why there is a change in the short run and long run market for monopolistically competitive firms

answer

question

Provide an in depth explanation of where firms produce in monopolistically competitve markets in the short run compared to the long run.

answer

Less than, greater than

question

How is monopolistic competition and perfect competition different

answer

equals marginal cost and is greater than average cost

question

Compare and contrast monopolistic competition and perfect competition as to where they produce in the long run compared to average total cost

answer

short run, enter

question

Compare the demand slopes for monopolistic competition and a monopoly

answer

zero

question

Monopolistic competition in the long run

answer

new firms will enter until all firms make zero economic profits

question

A monopolistically competitive firm in the long run will produce an amount that is _______ the quantity where average cost is at a minimum and charge a price that is _______ marginal cost.

answer

Limit supply and raise prices

question

In the long run, a monopolistically competitive firm will produce where price __________

answer

when price is below average cost

question

When the price is greater than the average cost in a monopolistic competitive market, it means that the firm is operating in the _____ and we can expect firms to ______ the market

answer

Monopoly

question

What is the long run economic profit for monopolistic competition

answer

monopolistically competitive

question

If firms are making a lot of economic profits, what will happen in the long run

answer

zero in perfect competition and monopolistic competition, perhaps positive in a monopoly and perhaps positive in oligopoly

question

If two firms collude to earn more profits, what might they do?

answer

Yes.

question

When does a monopolistic competitive firm operate at a loss

answer

Only in perfect competition does price equal marginal cost

question

What market has the highest profit level

answer

Perfect competition

question

If a large number of firm face a downward sloping demand curve, what market is this

answer

Perfect competition

question

answer

perfect competition, monopolistic competition, oligopoly, monopoly

question

Can all 4 market structures we looked at have economic profits in the short run

answer

monopoly, oligopoly, monopolistic competition, perfect competition

question

Go through each market type and determine whether or not their price equals their marginal cost

answer

Only perfect competition

question

What is the only market that achieves economic efficiency

answer

Average revenue and price

question

What is the only market that has their average costs at a minimum at the profit-maximizing quantity

answer

Whenever two or more competitors agree to take actions that have the effect of raising, lowering or stabilizing the price of any product or service without any legitimate justification.

question

Rank each type of market on their industry quantities from highest to lowest.

answer

How large are the merging firms relative to the size of the market in which the firms compete

question

Rank each type of market on their prices from highest to lowest

answer

Department of Justice and Federal Trade Commission

question

For what graphs do the demand curve also represent marginal revenue

answer

measures the sums of squares of the market shares of all firms in the market, which gives the greater weight to the largest firms and it is used today by the Federal Trade Commission.

question

The demand curve always represents

answer

question

Price Fixing

answer

When a firm lowers prices with some or all customers and causes itself to incur avoidable losses and forgo short run profits

question

What question is taken into account for mergers

answer

question

Who measures the degree of existing concentration and the amount of change in concentration to determine if the merger will be harmful?

answer

Herfindahl-Hirschman Index (HHI)

question

The sums of the squares concentration index

answer

sum the squared market shares for all firms.
Take the square root of all the market shares and add them up (10,000 is the highest)

question

Merger rules

answer

moderately concentrated

question

Predatory pricing

answer

highly concentrated

question

Why would a firm use predatory pricing

answer

It will be flagged the overall market share for HHI goes up by more than 200

question

How to measure concentration of market share

answer

undefined

question

How to calculate HHI

answer

undefined

question

HHI between 1,500-2,500 is considered to be

answer

undefined

question

HHI above 2,500 is considered to be

answer

undefined

question

What point level increase will be flagged if two firms decide to merge?

answer

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