Managerial Economics
The Types of Monopoly
Twelve kinds of monopoly, from pure and natural monopolies to cartels, franchises and patents, with how each arises and how governments keep them in check.
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Managerial Economics
Demand, supply, cost, market structure and the policy that shapes them.
Managerial Economics
Monopoly: One Seller, and What Follows From It
A monopoly has a single seller and no close substitutes. Here is why monopolies arise, their main features, some examples, and how they differ from oligopolies.
Managerial Economics
Perfect and Imperfect Competition Compared
A side-by-side comparison of perfect and imperfect competition: number of firms, market power, products, entry barriers, pricing, efficiency and examples.
Managerial Economics
Imperfect Competition
Imperfect competition covers every market that falls short of perfect competition: monopoly, duopoly, oligopoly and monopsony. Here is how each works, with its pros and cons.
Managerial Economics
Perfect Competition
Perfect competition is a theoretical market with many small sellers of an identical product. Here are its features, why it rarely exists, and the markets that come closest.
Managerial Economics
What a Market Structure Is
A market structure describes how a market is organised: how many firms there are, how easy entry is and how alike the products are. Here is why it matters.
Managerial Economics
Externalities: When a Price Leaves Something Out
An externality is a cost or benefit that falls on someone outside a transaction. Here are positive and negative production and consumption externalities, and how they are corrected.
Managerial Economics
Economies and Diseconomies of Scale
Why long-run average cost first falls and then rises as a firm grows: economies of scale, diseconomies of scale and the minimum efficient scale.
Managerial Economics
The Long-Run Cost Curve
The long-run average cost curve is an envelope of short-run cost curves. A worked graph shows how a firm picks the plant size that gives the lowest cost for its planned output.
Managerial Economics
Long-Run Cost Analysis
In the long run every cost is variable. A simple bakery example shows the difference from the short run, and how long-run total and average cost are defined.
Managerial Economics
Short-Run Cost Analysis
In the short run some inputs are fixed. Here is how fixed, variable, marginal and average costs are defined, and how MC = W/MPL and AVC = W/APL link cost to productivity.
Managerial Economics
The Cost of Production: Fixed, Variable and Total
Cost of production is everything a firm spends to make and deliver its product. Here are fixed, variable, total and average costs, with worked tables and cost curves.
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