Type of cost that doesn't affect decision making
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Sunk Cost
This degree of Price Discrimination is based on buyers (such as adults vs children)
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3rd
Type of monopoly where there are 2 firms with homogenous products, such as Coke
and Pepsi
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Bertrand Duopoly
Lowest price producer is willing to sell an extra unit for
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WTA
The best response for both players
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Nash equilibrium
money is a language; prices are a form of communication
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Paradigm of Economics
As price of one good increases, QD for this type of good will increase
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, Substitute
QD will rise when price falls
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Law of Demand
What should a producer do when VMPL > wage?
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Hire more workers
Type of cost that can change in the short run
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Variable Costs
QD = QS
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Sunk Cost
This degree of Price Discrimination is based on buyers (such as adults vs children)
Give this one a try later!
3rd
Type of monopoly where there are 2 firms with homogenous products, such as Coke
and Pepsi
,Give this one a try later!
Bertrand Duopoly
Lowest price producer is willing to sell an extra unit for
Give this one a try later!
WTA
The best response for both players
Give this one a try later!
Nash equilibrium
money is a language; prices are a form of communication
Give this one a try later!
Paradigm of Economics
As price of one good increases, QD for this type of good will increase
Give this one a try later!
, Substitute
QD will rise when price falls
Give this one a try later!
Law of Demand
What should a producer do when VMPL > wage?
Give this one a try later!
Hire more workers
Type of cost that can change in the short run
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Variable Costs
QD = QS
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