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Lecture Understanding economics (2nd edition): Chapter 6 - Mark Lovewell, Khoa Nguyen

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Chapter 6 - Monopoly and imperfect competition. In this chapter you will: Consider the demand conditions faced by monopolists, monopolistic competitors, and oligopolists; see how monopolists, monopolistic competitors, and oligopolists maximize profits; learn about nonprice competition, and the arguments over industrial concentration. | Understanding Economics Chapter 6 Monopoly and Imperfect Competition Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 2nd Edition by Mark Lovewell and Khoa Nguyen Chapter Objectives In this chapter you will: consider the demand conditions faced by monopolists, monopolistic competitors, and oligopolists see how monopolists, monopolistic competitors, and oligopolists maximize profits learn about nonprice competition, and the arguments over industrial concentration Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. Monopolist’s Demand A monopolist’s demand curve is the same as for the entire market it is downward sloping * Demand Faced by a Monopolist Figure 6.1, Page 138 Demand Schedule for Megacomp Quantity Demanded (computers per year) Price ($ millions per computer) 160 120 80 1 2 3 0 1 2 3 4 Quantity (computers per year) Demand Curve for Megacomp Price ($ millions per . | Understanding Economics Chapter 6 Monopoly and Imperfect Competition Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 2nd Edition by Mark Lovewell and Khoa Nguyen Chapter Objectives In this chapter you will: consider the demand conditions faced by monopolists, monopolistic competitors, and oligopolists see how monopolists, monopolistic competitors, and oligopolists maximize profits learn about nonprice competition, and the arguments over industrial concentration Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. Monopolist’s Demand A monopolist’s demand curve is the same as for the entire market it is downward sloping * Demand Faced by a Monopolist Figure 6.1, Page 138 Demand Schedule for Megacomp Quantity Demanded (computers per year) Price ($ millions per computer) 160 120 80 1 2 3 0 1 2 3 4 Quantity (computers per year) Demand Curve for Megacomp Price ($ millions per computer) 40 80 120 160 200 a b c D Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. Monopolistic Competitor’s Demand A monopolistic competitor’s demand curve is elastic because of many substitutes for the business’s product * Demand Faced by a Monopolist Competitor Figure 6.2, Page 139 Demand Schedule for Jaded Palate Quantity Demanded (meals per day) Price ($ per meal) 11 10 9 8 100 200 300 400 D Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 0 100 200 300 400 Quantity (meals per day) Demand Curve for Jaded Palate Price ($ per meal) 2 4 6 8 10 12 * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. Oligopolist’s Demand All oligopolies are characterized by mutual interdependence. Oligopolists in a market characterized by rivalry face a kinked demand curve. A business raising price finds rivals keep theirs constant (so demand is flat). A business reducing .