PPT-Profit Maximization in the Short Run

Mr Henry AP Economics AP Review Questions from Yesterday A requirement of perfect competition is that Many firms sell an identical product to many buyers There are no restrictions on entry into or exit from the market and established firms have no advantage over new firms. 1 RACE RUNNING TERMS FLEX DAY The best day of the week to substitute your run with a cro ss training session or a day o57375 REGULAR RUN Reg Run A run performed at a comfortable nottoohard pace EASY RUN A recovery run during which you focus on runni Track your software investments and understand how your Embarcadero software is being used With the Embarcadero License Center ELC you can have centralized and simplified control over license administration It is one more way Embarcadero Technologie Machine Learning. Last Time. Expectation Maximization. Gaussian Mixture Models. Today. EM Proof. Jensen’s Inequality. Clustering sequential data. EM over . HMMs. EM in any Graphical Model. Gibbs Sampling. 14. March 7. th. , 2014. Lecture . 20. Ch. . 10 (up to p. . 231). and Ch. 11. . Firms Maximize Profit. Profit. is the difference between total revenue and total cost.. Profit = Total revenue – Total cost. A2 Economics Unit 3. Aims and Objectives. Aim:. Understand the divorce of ownership and control.. Objectives:. Describe the conflict in objectives between managers and shareholders.. Analyse the relationship between sales maximisation and profit maximisation.. Profit Maximizing Assumptions. Firm: Technical unit that produces goods or services.. Entrepreneur (owner and manager) . Gains the firm’s profits and suffers losses and has the goal of maximizing profit.. Profit-Maximization. Economic Profit. A firm uses inputs j = 1…,m to make products i = 1,…n.. Output levels are y. 1. ,…,y. n. .. Input levels are x. 1. ,…,x. m. .. Product prices are p. 1. ,…,p. Honglei. . Zhuang. , . Yihan. Sun, Jie Tang, Jialin Zhang, Xiaoming Sun. Influence Maximization. 0.6. 0.5. 0.1. 0.4. 0.6. 0.1. 0.8. 0.1. A. B. C. D. E. F. Probability . of . influence. Marketer Alice. Chair-nominee . Janey. . Yellen. J. M. Keynes. Paper topic. Last problem is short paper (1000 words + tables, figures). Due in reading week (exact date to follow). Broad latitude on particular topic, but must be . PERFECTLY COMPETITIVE MARKET. The four distinct market models are;. Perfect Competition. Monopolistic Competition. Oligopoly. Pure Monopoly. MARKETS AND ITS FORMS. PERFECT COMPETITION - . Characteristics. AP Micro Economics final project. Leah Sturgis. What is monopolistic competition?. A market structure in which there are…. -Many competing firms (many buyers and sellers). -differentiated products. Marginal Revenue (MR): . Change. in the firm’s total revenue resulting from a . one unit change. in production.. Marginal Cost (MC): . Change. in the firm’s total cost resulting . from . a . one unit change . Short-run Aggregate Supply (SRAS). SRAS. shows the relationship between the economy’s aggregate price level and the total quantity of final goods and services (aggregate output or RGDP) producers are willing to supply.. Acknowledgments. This PowerPoint presentation is based on and includes content derived from the following OER resource:. Principles of Microeconomics. An OpenStax book used for this course may be downloaded for free at:.