Total-revenue-total-cost approach Marginal-revenue-marginal-cost approach Both apply to pure competition, pure monopoly, monopolistic competition, oligopoly Short Run Profit Maximization · Profits (p) = TR - TC. - p are often the objective or goal of firm. · The firm will choose to produce and offer for sale all additional units of output that they can produce for a cost (MC) that is less than the additional revenue (MR) that they collect. · Maximum profits (or minimum loses) for a firm occur when MR = MC. Ideally, the market will "signal" the costs of sellers and benefits to buyers with the market price; P = MR = MC Total-revenue-total-cost approach Should we produce this product? Profit Yes; Loss No In what amount? Output level where economic profit is maximized
Barriers to Entry (BTE) Social or political institutions or economic conditions that prevent firms from entry into a market. There are three major types of barriers to entry: economic, legal and deliberate. laws, regulations, patents, copyrights, trademarks, . . . location, natural ability, information, economics of scale (natural monopolies) Economic Barriers:Economic barriers include economies of scale, capital requirements, cost advantages and technological superiority Economic Barriers Economies of scale: Monopolies are characterized by declining costs over a relatively large range of production. Declining costs coupled with large start up costs give monopolies an advantage over would be competitors. · Monopolies are often in a position to cut prices below a new entrant's operating costs and drive them out of the industry.
enterprise to arrive at the total. The expenditure approach works on the principle that all of the product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers") must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes "Gross" means that GDP measures production regardless of the various uses to which that production can be put. Production can be used for immediate consumption, for investment in new fixed assets or inventories, or for replacing depreciated fixed assets. "Domestic" means that GDP measures production that takes place within the country's borders. · In the expenditure-method equation, the exports-minus-imports term is necessary in order to null out expenditures on things not produced in the country (imports) and add in
Example: Airline travel prices target business travelers vs. leisure time travelers · discriminator is advance notice, shorter the notice, the higher the price Some Examples of Price Discriminations Doctors often charge rich patients more than poor patients · They may have one price for those with insurance and another price for those without insurance Movies in the evening cost more than those in the early afternoon Senior citizen, youth, and student discounts New and used cars Youth fairs on airlines Evening meals in restaurants often cost more than the same meal at lunch Practicing Price Discrimination The firm that practices price discrimination must be able to distinguish between two or more separate groups of buyers Price discriminators must also be able to prevent buyers from reselling the product or service
chapters distributed in three parts. The first guished international experts from fifteen part deals with the description of meat chem- countries. The editor wishes to thank all the istry, its quality for further processing, contributors for their hard work and for and the main technologies used in meat sharing their valuable experience, as well as processing, such as decontamination, aging, to thank the production team at Wiley- freezing, curing, emulsification, thermal pro- Blackwell. I also want to express my appre- cessing, fermentation, starter cultures, drying, ciation to Ms. Susan Engelken for her kind smoking, packaging, novel technologies, support and coordination of this book. and cleaning. The second part describes the manufacture and main characteristics of Fidel Toldrá
It often doesn't. I'm not suggesting that you start injecting yourself with odd substances never before tested on humans. I am suggesting, however, that government agencies (the U.S. Department of Agriculture, the Food and Drug Administration) are at least 10 years behind current research, and at least 20 years behind compelling evidence in the field. More than a decade ago, a close friend named Paul was in a car accident and su ered brain damage that lowered his testosterone production. Even with supplemental testosterone treatments (creams, gels, short-acting injectables) and after visiting scores of top endocrinologists, he still su ered from the symptoms of low testosterone. Everything changed-- literally overnight--once he switched to testosterone enanthate, a variation seldom seen in the medical profession in the United States. Who made the suggestion? An advanced bodybuilder who knew his biochemistry. It shouldn't have made a difference, yet it did.
opposite number in S.I.S. to the President, the secretaries of State, War, and Navy, and a handful of top-ranking Army and Navy officers. The two others were file copies. This decode was part of a whole series of Japanese intercepts, which had long ago been given a collective codename, partly for security, partly for ease of reference, by a previous director of naval intelligence, Rear Admiral Walter S. Anderson. Inspired, no doubt, by the mysterious daily production of the information and by the aura of sorcery and the occult that has always enveloped cryptology, he called it MAGIC. When Bryant had finished, Kramer sent S.I.S. its seven copies, and at 8 o'clock took a copy to his superior, Captain Arthur H. McCollum, head of the Far Eastern Section of the Office of Naval Intelligence. From: Tokyo To: Washington December 7, 1941 Purple (Urgent - Very Important) #907. To be handled in goverment code. Re: my #902a.
New insights are derived from the become the most popular feature of research findings, sayings, and customs the book. Boston. New York • San Francisco Mexico City • Montreal • Toronto • London • Madrid • Munich • Paris Hong Kong • Singapore • Tokyo • Cape Town • Sydney Acquisitions Editor: Michelle Limoges Editorial Assistant: Christina Manfroni Executive Marketing Manager: Wendy Gordon Production Supervisor: Liz Napolitano Editorial Production Service: Modern Graphics, Inc. Manufacturing Buyer: JoAnne Sweeney Electronic Composition: Modern Graphics, Inc. Interior Design: Modern Graphics, Inc. Photo Researcher: Rachel Lucas Cover Design: Joel Gendron For related titles and support materials, visit our online catalog at www.pearsonhighered.com Copyright © 2009, 2001 Pearson Education, Inc. All rights reserved. No part of the material protected by this copyright notice may be
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