101 lecture 17 oligopoly

3. Quiz 8 Name_____________ ID ________ 100 90 80 70 60 50 40 30 20 10 0 D MC MR ATC 0 1 2 3 4 5 6 7 8 9 10 1. What Q will maximize profits? 2. What is total revenue? 3. What is profit?

12. Quiz 8 Name_____________ ID ________ 100 90 80 70 60 50 40 30 20 10 0 D MC MR ATC Profit 0 1 2 3 4 5 6 7 8 9 10 1. What Q will maximize profits? 2. What is total revenue? 3. What is profit?

13. Perfect Competition

14. Perfect Competition $ Quantity

15. P Perfect Competition $ Quantity Demand=MR

16. P Perfect Competition $ Quantity Demand=MR 1. MR=MC?

17. P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC?

18. P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC?

19. Q P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC?

20. Q P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q

21. Q P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q Total Revenue

22. Q P Perfect Competition Marginal Cost MC $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q Total Revenue

23. Q P Perfect Competition Marginal Cost MC Average Cost ATC $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q Total Revenue

26. Q P Perfect Competition Marginal Cost MC Average Cost ATC Total Cost $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q

27. Q P Perfect Competition Marginal Cost MC Average Cost ATC Total Cost $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

28. Q P Perfect Competition Marginal Cost MC Average Cost ATC Profit Total Cost $ Quantity Demand=MR 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

29. Monopoly $ Q

30. Monopoly $ Demand Q

31. Monopoly Demand Marginal Revenue MR $ Q

32. Monopoly Marginal Cost MC Demand Marginal Revenue MR $ Q

33. Monopoly Marginal Cost MC Demand Marginal Revenue MR $ Q 1. MR=MC?

34. Monopoly Marginal Cost MC Demand Marginal Revenue MR $ Q 1. MR=MC?

35. Monopoly Marginal Cost MC Q Demand Marginal Revenue MR $ Q 1. MR=MC?

36. Monopoly Marginal Cost MC Q P Demand Marginal Revenue MR $ Q 1. MR=MC?

37. Monopoly Marginal Cost MC Q P Demand Marginal Revenue MR $ Q 1. MR=MC? 2. TR= P x Q

38. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR $ Q 1. MR=MC? 2. TR= P x Q

39. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q

43. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR Cost $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q

44. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR Cost $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

45. Monopoly Marginal Cost MC Q P Average Cost ATC Demand Marginal Revenue MR Cost $ Q 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

46. Monopoly Marginal Cost MC Q P Average Cost ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Marginal Revenue MR Cost $ Q Profit Demand

47. Monopoly Marginal Cost MC Q P Average Cost ATC 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q Marginal Revenue MR Cost $ Q Profit Demand

48. Monopoly Marginal Cost MC Q P Average Cost ATC Marginal Revenue MR Cost $ Q Profit Demand Consumer Surplus 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

49. Monopoly Marginal Cost MC Q P Average Cost ATC Marginal Revenue MR Cost $ Q Profit Demand Consumer Surplus 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

50. Monopoly Marginal Cost MC Q P Average Cost ATC Marginal Revenue MR Cost $ Q Profit Demand Deadweight Loss Consumer Surplus 1. MR=MC? 2. TR= P x Q 3. TC=ATC x Q 4. Profit =TR-TC or (P-ATC) x Q

51. Monopolistic Competition Q $ Short Run D MR

52. Monopolistic Competition Q $ Short Run D MR MC

53. Monopolistic Competition Q $ Short Run D MR MC

54. Monopolistic Competition Q $ Short Run D MR MC QS

55. Monopolistic Competition Q $ Short Run D MR MC QS

56. Q $ Short Run D MR MC QS PS Monopolistic Competition

57. Q $ Short Run D MR MC ATC QS PS Monopolistic Competition

61. Q $ Short Run D MR MC Profit ATC QS PS Monopolistic Competition

62. Q $ Short Run D MR MC Profit ATC High Price Large Quantity QS PS Monopolistic Competition

63. Q $ Short Run Long Run D MR MC Profit ATC High Price Large Quantity QS PS Monopolistic Competition

64. Q $ Short Run Long Run D MR MC ATC High Price Large Quantity QS PS Demand Flattens Monopolistic Competition

65. Q $ Short Run Long Run MC MR D ATC High Price Large Quantity QS PS Demand Flattens Monopolistic Competition

70. Q $ Short Run Long Run MC MR D ATC High Price Large Quantity Lower Price Lower Quantity QS PS Demand Flattens Monopolistic Competition

71. Q $ Short Run Long Run MC MR D ATC High Price Large Quantity Lower Price Lower Quantity Q QS PS P L L Demand Flattens Monopolistic Competition

75. Q $ Short Run Long Run MC MR D ATC High Price Large Quantity Lower Price Lower Quantity Q QS PS P L L Demand Flattens Profit Monopolistic Competition

76. Q $ Short Run High Price Large Quantity Long Run MC MR D ATC Lower Price Lower Quantity Profits disappear in the long run due to competition Q QS PS P L L Demand Flattens Profit Monopolistic Competition

77. Q $ Monopolistic Competition

78. Q $ Monopolistic Competition Short Run Demand Short Run Marginal Revenue

79. Q $ Monopolistic Competition Short Run Demand Short Run Marginal Revenue Marginal Costs

83. Q $ Monopolistic Competition Short Run Demand Short Run Marginal Revenue Marginal Costs QSR PSR

84. Q $ Monopolistic Competition Short Run Demand Short Run Marginal Revenue Marginal Costs Average Total Costs QSR PSR

89. Q $ Monopolistic Competition Short Run Demand Short Run Marginal Revenue Long Run Demand Long Run Marginal Revenue Marginal Costs Average Total Costs QSR PSR

93. Q $ Monopolistic Competition Short Run Demand Short Run Marginal Revenue Long Run Demand Long Run Marginal Revenue Marginal Costs Average Total Costs QSR PSR QLR PLR

94. Microeconomics Oligopoly Few to Sell

95. Perfect Competition Monopoly Monopolistic Competition Oligopoly Number of Firms Many One Many Few Type of Product Identical Unique Brands Similar Ease of Entry Easy Blocked Easy Hard Demand D = MR D > MR Dynamic Game Theory Examples Commodities Rice Apples Utilities Government Brands Coke Apple STC-Mobily HyperPanda Danube Pairs

96. Collusion Dominant Strategy Nash Equilibrium Cooperative Equilibrium Non-cooperative Equilibrium Key Terms

97. Oligopoly

98. Oligopoly Small number of interdependent firms compete

99. Oligopoly

100. Oligopoly Cannot use usual methods Demand curves not obvious Complex Strategy

101. Oligopoly

102. Oligopoly Don’t know Demand Curve Don’t know Marginal Revenue curve Don’t know where to find profit maximization point

103. Eddie Willie Betrays Silent Willie 1 Year Silent Betrays Eddie 1 Year Eddie Goes Free Willie 10 Years Willie Goes Free Eddie 10 Years Willie 5 Years Eddie 5 Years Prisoner's Dilemma

104. Prisoner's Dilemma

105. Prisoner's Dilemma Pursuing the Dominant Strategy Results in Non-Cooperation and Leaves Everyone Worse Off

106. Game Theory

107. Game Theory Rules Strategies Payoffs

108. John Nash (1928 - ) Game Theory Nash Equilibrium Nobel 1994 A Beautiful Mind

109. Duoploy

110. Duoploy Two Sellers

111. Profits Attract Competition

112. Five Competitive Forces

113. Five Competitive Forces Existing Firms Potential Firms Substitutes Buyers Suppliers

114. 100 150 Mobily 1,000 150 STC 1,000 100 Mobily 500 Mobily 2,000 Mobily 700 STC 2,000 STC 500 STC 700

101 lecture 17 oligopoly

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101 lecture 17 oligopoly