Market Definition

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Dynamic Demand Response – Non - Durables (cont.) • If price goes up or incomes go down, think of a negative shock Quantity Sold Original Equilibrium Sales Negative Shock New Equilibrium Sales (long term effect after negative shock) Time Midterm Review 26 10/06/04
Dynamic Demand Response – Non - Durables (cont.) • We can also observe the effect of a price increase on quantity sold using supply and demand charts. P S Initial Equilibrium S.T. Equilibrium P’ Q decreases a little initially P QLT QST Q 0 DShort-term L.T. Equilibrium DLong-term Q decreases more later Qsold Midterm Review 27 10/06/04
Page 1 and 2: 15.010/15.011: ECONOMIC ANALYSIS FO
Page 3 and 4: Market Definition Example: True / F
Page 5 and 6: Elasticities An elasticity is a mea
Page 7 and 8: P0 Government Policies: Unregulated
Page 9 and 10: Example: If supply is very inelasti
Page 11 and 12: Impact of a tax depends on εs and
Page 13 and 14: Production Costs: Terms • Economi
Page 15 and 16: How do we find the minimum ATC? Not
Page 17 and 18: Network Externalities • Quantity
Page 19 and 20: TRUE/FALSE The snob effect makes ma
Page 21 and 22: What is NOT a learning curve? • W
Page 23 and 24: Wait a minute! If I start selling a
Page 25: Dynamic Demand Response - Non - Dur
Page 29 and 30: Time and Uncertainty - Present Valu
Page 31 and 32: Time and Uncertainty - Option Value
Page 33 and 34: Question (True or False?) When choo
Page 35 and 36: Monopoly power • A firm has monop
Page 37 and 38: Monopolistic vs. competitive market
Page 39 and 40: Question (True or False?) A monopol

Market Definition

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