Lecture 10: Competition I
author: Jonathan Gruber,
Department of Economics, Massachusetts Institute of Technology, MIT
recorded by: Massachusetts Institute of Technology, MIT
published: Dec. 3, 2012, recorded: November 2011, views: 2548
released under terms of: Creative Commons Attribution Non-Commercial Share Alike (CC-BY-NC-SA)
recorded by: Massachusetts Institute of Technology, MIT
published: Dec. 3, 2012, recorded: November 2011, views: 2548
released under terms of: Creative Commons Attribution Non-Commercial Share Alike (CC-BY-NC-SA)
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Description
Working with the firm's cost function enables us to learn how much of each input the firm should optimally use to produce a given level of output. However, the firm still has to decide how much output it should produce. This decision depends on the type of market the firm is operating in. We begin by analyzing the most common type of market: perfect competition.
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