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Thread: Econ Help (SRS)

  1. #1
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    Econ Help (SRS)

    25 dollars paypal.. for whoever helps with this problem




    The author defines market equilibrium as generating the largest possible total surpluses and being efficient when four conditions are met. What is meant by "total surpluses", and what are the four conditions that must be met? Can you name a market in which these conditions exist?
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    Originally Posted by econsucksbad View Post
    25 dollars paypal.. for whoever helps with this problem




    The author defines market equilibrium as generating the largest possible total surpluses and being efficient when four conditions are met. What is meant by "total surpluses", and what are the four conditions that must be met? Can you name a market in which these conditions exist?
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    wat
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    This seems like something that could be found pretty easily in your textbook OP.

    What book is it? I may have it here.
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    Registered User econsucksbad's Avatar
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    Originally Posted by wills12 View Post
    This seems like something that could be found pretty easily in your textbook OP.

    What book is it? I may have it here.
    Textbook was sold out. I'm unsure what book it is in.
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    perfectly competitive market

    p=mc
    mr=mc
    MR = AR = P
    breakeven; P = AR = ATC
    minimum production cost (MC = ATC), and minimum efficient scale (MC = ATC = LRAC = LRMC).

    P = AR = MR = MC = LRMC = ATC = LRAC

    edit - total surplus = producers surplus + consumer surplus. To maximize it you have to be in perfectly competitive market so the firm has no market power. If a firm has market power they can charge at MR, which would create DWL
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    Registered User econsucksbad's Avatar
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    Originally Posted by Irishpandah View Post
    perfectly competitive market

    p=mc
    mr=mc
    MR = AR = P
    breakeven; P = AR = ATC
    minimum production cost (MC = ATC), and minimum efficient scale (MC = ATC = LRAC = LRMC).

    P = AR = MR = MC = LRMC = ATC = LRAC
    What makes you feel this way?
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    consumer surplus and supplier surplus.

    a consumer is willing and able to buy a product at $8 but gets it at $5. there is a consumer surplus of $3

    a supplier is willing and able to supply a product at $2 but gets to sell it at $5 there is a supplier surplus of $3

    thats what is ment by total surplus
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    Originally Posted by Irishpandah View Post
    perfectly competitive market

    p=mc
    mr=mc
    MR = AR = P
    breakeven; P = AR = ATC
    minimum production cost (MC = ATC), and minimum efficient scale (MC = ATC = LRAC = LRMC).

    P = AR = MR = MC = LRMC = ATC = LRAC
    but in this market there is no producer surplus, only in monopoly and duopolies..?

    anyhoow in a perfectly competitive market. 1buyers and sellers have perfect knowledge of the market..2many firms and buyers in the market..3freedom of entry and exit.. 4same product
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    Originally Posted by KingofE View Post
    but in this market there is no producer surplus, only in monopoly and duopolies..?

    anyhoow in a perfectly competitive market. 1buyers and sellers have perfect knowledge of the market..2many firms and buyers in the market..3freedom of entry and exit..4and same product
    So what would be the answer?
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  11. #11
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    Originally Posted by econsucksbad View Post
    What makes you feel this way?
    p=mc is the standard condition for economic efficiency. all consumers who are willing to purchase the good at a P that allows the firm to break even are able to. Maximizes Consumer surplus

    mr=mc is the standard condition for profit-maximization by a firm, which maximizes producer surplus. This is what a monopoly operates at, which generates a loss of CS.

    MR = AR = P is the standard condition for a perfectly competitive firm. This condition means that a firm is a price taker with no market control and faces a perfectly elastic demand curve equal to the market price.

    breakeven; P = AR = ATC. The condition that price equals both short-run average total cost and long-run average cost (P = ATC = LRAC) indicates that a firm is producing breakeven output, earning exactly a normal profit. The perfectly competitive firm is not receiving an economic profit nor incurring an economic loss.

    minimum production cost (MC = ATC). This condition means a firm is producing output at the lowest possible per unit cost and that the capital is being used in the most technically efficient manner possible in the short run

    and minimum efficient scale (MC = ATC = LRAC = LRMC). same as above but in the long run
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    Originally Posted by Irishpandah View Post
    perfectly competitive market

    p=mc
    mr=mc
    MR = AR = P
    breakeven; P = AR = ATC
    minimum production cost (MC = ATC), and minimum efficient scale (MC = ATC = LRAC = LRMC).

    P = AR = MR = MC = LRMC = ATC = LRAC

    edit - total surplus = producers surplus + consumer surplus. To maximize it you have to be in perfectly competitive market so the firm has no market power. If a firm has market power they can charge at MR, which would create DWL
    With your edit.. what would I change on

    p=mc
    mr=mc
    MR = AR = P
    breakeven; P = AR = ATC
    minimum production cost (MC = ATC), and minimum efficient scale (MC = ATC = LRAC = LRMC).

    P = AR = MR = MC = LRMC = ATC = LRAC

    or would I change any of the writings?
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    Originally Posted by KingofE View Post
    but in this market there is no producer surplus, only in monopoly and duopolies..?
    hmmm....your right, they don't earn an economic profit but they still make a normal profit right? as in their opportunity cost is still better than not producing or doing something else. Is there PS is that? its been awhile since micro
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    Originally Posted by Irishpandah View Post
    hmmm....your right, they don't earn an economic profit but they still make a normal profit right? as in their opportunity cost is still better than not producing or doing something else. Is there PS is that? its been awhile since micro
    This is Macro -- what should I writ ethen brah
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    ?????


    3. The author defines market equilibrium as generating the largest possible total surpluses and being efficient when four conditions are met. What is meant by "total surpluses", and what are the four conditions that must be met? Can you name a market in which these conditions exist?

    Total Surplus is consumer surplus, producer surplus, costs of externalities, and the government surplus.

    Perfectly Competitive Market is the market that would exist under these conditions.

    p=mc
    mr=mc
    MR = AR = P
    breakeven; P = AR = ATC
    minimum production cost (MC = ATC), and minimum efficient scale (MC = ATC = LRAC = LRMC).

    P = AR = MR = MC = LRMC = ATC = LRAC
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    Originally Posted by econsucksbad View Post
    ?????


    3. The author defines market equilibrium as generating the largest possible total surpluses and being efficient when four conditions are met. What is meant by "total surpluses", and what are the four conditions that must be met? Can you name a market in which these conditions exist?

    Total Surplus is consumer surplus, producer surplus, costs of externalities, and the government surplus.

    Perfectly Competitive Market is the market that would exist under these conditions.

    p=mc
    mr=mc
    MR = AR = P
    breakeven; P = AR = ATC
    minimum production cost (MC = ATC), and minimum efficient scale (MC = ATC = LRAC = LRMC).

    P = AR = MR = MC = LRMC = ATC = LRAC
    This and check this out: http://www.basiceconomics.info/effic...of-markets.php
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