Monday  March 19, 2018
 AmosWEB means Economics with a Touch of Whimsy!
 LOCATION THEORY: A theoretical framework for studying the location decisions made of firms and households based on transportation cost and spatial differences in the accessibility of inputs and markets for outputs. Location theory, developed with noted contributions from August Losch, Alfred Weber, Johann von Thunen, Walter Christaller, and Walter Isard, explicitly considers the cost of transportation in the production and consumption choices made by firms and households. Location theory has been used to explain urban density, labor migration, and land use.
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 Lesson Contents Unit 1: Intro Definition Making A Monopoly Real World Monopoly Perfect Competition Imperfect Competition Unit 1 Summary Unit 2: Revenue Market Control Monopoly Demand Monopoly Revenue The Numbers Marginal Revenue The Curves Elasticity And The Curves Unit 2 Summary Unit 3: Output Motivation Total Numbers Marginal Numbers Total Curves Profit Curve Marginal Curves Unit 3 Summary Unit 4: Evaluation Economic Profit Loss Minimization Efficiency Short-Run Supply? Unit 4 Summary Unit 5: Regulation Inefficiency Antitrust Laws Regulatory Pricing Unit 5 Summary Course Home
Monopoly

While this lesson on monopoly is not necessarily a "how to" guide for the monopolization of a market, it does provide insight into the nature and function of the monopoly market structure. We get a little insight into how a monopoly is created, and a lot of insight into what a monopoly does once it does have control of the market. Throughout this lesson, I'll me making snide comments about how inefficient monopoly is compared to more competitive markets.

• The first unit of this lesson, One Firm, begins this lesson with a look at the nature of monopoly and how it is related to other market structures.
• In the second unit, Revenue, we examine the revenue side of a market dominated by monopoly -- including total revenue, average revenue, and marginal revenue.
• The third unit, Output, then looks at the profit-maximizing output production decision by a monopoly using assorted graphs and tables.
• In the fourth unit, Evaluation, we analyze the profit-maximizing decision of monopoly in terms of profit, loss, efficiency, and short-run supply.
• The fifth and final unit, Regulation, then closes this lesson by considering the role government plays in regulating monopoly.

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ALTERNATIVE UNEMPLOYMENT RATES

The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.

 PINK FADFLY[What's This?] Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for high interest rates.Your Complete Scope
 Al Capone's business card said he was a used furniture dealer.
 "Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."-- Ralph Waldo Emerson