Determining the Efficiency of Firms in Different Market Structures
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- Опубликовано: 1 авг 2024
- This lesson will define productive and allocative efficiency and determine whether firms in three different market structures will achieve efficiency in the long-run.
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I really admire the last segment of your videos in which you connect the theoretical concepts to the real world.
Thanks Sir !
wow , I'm really impressed by the quality of teaching shown in this video ,you make this topic so much easier to understand and it helps me a lot in revising for my exam
Yes he is quite the perfect teacher for any economics course and beyond. Many teachers are not able to make real-life connections whereas applications and interpretations are very important in the ever-expanding world economy. Mr. Welker is indeed one of those rare economists and I'm sure he's up to great things!
Terrific explanation. I tutor students in this subject and these videos help me refresh my knowledge before our sessions.
You're an incredible teacher, thank you for your thorough explanations!!
Thank you so much for this video it is really informative.
Thank you so much for this! cleared most of my doubts for this chapter:)
Awesome! Another great video Jason, your work is much appreciated and infinitely useful.
it helps alot..finals tomorrow!
Great.thanks.
Thank you so much , it is very nice.
Hei Jason , I really liked the way you described it .Can you tell me the which the least and most efficient imperfect competitive market and why ?
HI, why does marginal cost intersect at minimum average total cost curve?
thank you
IMPRESSIVE! how about the oligopoly market structure?
how come there's no oligopoly?
Hey Jason. I'm having some problems with the productive efficiency in the monopoly graph. You said a monopolist will not be producing at min ATC, but what if the demand curve is highly elastic and the profit-maximizing quantity where MC = MR happens to be at min ATC level? Thank you.
Sure, in that case the firm would be productively efficient.
@@JasonWelker Thank you so much because all the textbooks I've read never mentioned that.
@@JasonWelker One more question when you said P>ATC so the monopolist is not being allocatively efficient, were you referring P as the cost of production? Or is it the price consumers have to pay? Thanks.
@@mingfengqiu8295 p refers the price consumers have to pay.
Technology limit efficient or increase efficiency base of public fear and intellectual property
Good content, just need a better microphone.
why productive efficiency is not possible without allocative efficiency
It is possible. The only condition for productive efficiency is that the firm should produce output where there is minimum total cost. Ie intersection of Mc and atc