ECO 365 Week 3 participation Principles of Microeconomics, Ch. 15: Monopoly

ECO 365 Week 3 participation Principles of Microeconomics, Ch. 15: Monopoly

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https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM

 

 ECO 365 Week 3 participation Principles of Microeconomics, Ch. 15: Monopoly
 

Read Ch. 15 of Principles of Microeconomics:

 

 

 

15-1 Why Monopolies Arise, pp. 300-303
 

 

15-2 How Monopolies Make Production and Pricing Decisions, pp. 303-310
 

 

15-3 The Welfare Cost of Monopolies, pp. 310-313
 

 

15-4 Price Discrimination, pp. 314-318
 

 

Consider the following as you read:

 

 

 

Understand the terms price taker and price maker and how it relates to the consumer.
 

 

Consider methods to examine the implications of market power.
 

 

Understand methods that market power alters the relationship between a firm’s costs and the price at which it sells its product.
 

 

Understand methods to examine the production and pricing decisions of monopolies.
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