What is financial capital?

Outline for Material on the Second Exam:  March 17, 2017 – 09:53 pm
New York Isn't the World's

Production and Costs

  • Output is produced by combining inputs: Q = f[ L, K, Entrepreneurship, etc..]
  • Fixed versus Variable Inputs
  • Every factor of production (i.e. input) has an associated factor price.
  • Explicit versus Implicit Costs
  • Accounting versus Economic Profits
  • Short Run Production…. Diminishing Marginal Productivity
  • Long Run Production
  • Marginal Average Rule
  • Total, Average and Marginal Product
  • Short Run Costs versus Long Run Costs
  • Total, Average and Marginal Costs, Fixed versus variable costs

Mechanics of Producer Equilibrium

  • Market Demand versus the Firm’s Demand
  • Profit Maximization using the Total Approach
  • Profit Maximization using the Marginal Approach
  • MR = MC !
  • Average Revenue (P) versus Average Cost
  • Breakeven Point versus Shutdown Point

Firms’ Behavior in the Real World

  • Value Creation vs. Exploiting Market Power
  • Net Value Creation = Consumer Surplus + Producer Surplus
  • Sources of Market/Monopoly Power
  • Zero Economic Profits means firms are earning a “normal” accounting profit.
  • Monopoly Profits = Positive Economic Profits
  • Economic Rent
  • Product Innovation
  • Price Discrimination
  • Product Differentiation and Advertising

Source: Dr. Greenlaws ECON 202

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