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Micro Unit 2: Model of Perfect Competition, Demand $3.20
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Micro Unit 2: Model of Perfect Competition, Demand

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  • Course
  • Principles of Economics
  • Institution
  • Universidad Carlos III De Madrid (UC3M)
  • Book
  • Principles Of Microeconomics

Apuntes sobre Microeconomics: Model of Perfect Competition: Demand en inglés para estudiantes de "Principios de economía" o para cualquiera buscando explicaciones claras y sencillas. Apuntes abarcan the market, model of perfect competition and its assumptions, market power, law of demand, demand ...

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  • January 13, 2020
  • 3
  • 2019/2020
  • Class notes
  • Unknown
  • All classes

Subjects

  • microeconomics
  • microeconomia
  • principles of economics
  • carlos iii
  • linear demand
  • demand curve
  • the market
  • competitive market
  • law of demand
  • ceteris p
  • university level economics
  • model of perfect competition

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  • Universidad Carlos III de Madrid (UC3M)
  • Business Administration
  • Principles of Economics
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Content preview

v
r s
2 Model Competition o d
of perfect
THE MARKET
market institutions in whichbuyers seller exchange a good
P
seller rules of trade supply
buyer
determines
supply determines demand XQ Conyer

markets face competition model of Perfectcompetition P mc
characteristics Assumptions
I Goods offered for sale are the same homogeneous goods
2 Buyers sellers are pricetakers so numerous that no single one has influence
manyof them overtheprice of the good'strading

If agentisn't a price taker he has market power
Model applies to some markets9 Ex wheat
other markets
L competitive market a market with
manybuyers sellers interested inthe sam
good so that eachhas a negligible impact on the market price
i monopoly a single seller can change prices to his
liking
i oligopoly few sellers playingwith price can bepossible
i monopolistic competition manysellers with slightly products ex bakeries


THE DEMAND

quantity demanded amountof a good buyers are willing able to purchase related
to the price of the good
Relationshipbetweenprice quantity Lawofdemand claimthatotherthingsequal quantity
demanded of a good
favswhentheprice
Demand schedule table showingpricevsquantitydemanded ofthegoodrises
Demand curvefunction showing quantitydemanded
as a function oftheprice

DEMAND satisfies law of demand
CURVE Ivprices T quantities
Decreased
in price constructed under ceteris paribas condition
all other factors are constant

shifs in demand have no priceeffect
quantity curvetorightoincreaseindemand
s curvetoleft deceaseindemard
increase in quantity
demand

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