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LOSS MINIMIZATION, MONOPOLY: The marginal revenue and marginal cost approach to analyzing a monopoly firm's short-run production decision can be used to identify economic loss. The U-shaped cost curves used in this analysis provides all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue curve) and the firm's marginal revenue curve provides the information needed on the revenue side.

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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 3 of 24

Topic: Limitations <=PAGE BACK | PAGE NEXT=>

The production possibilities analysis has two main limitations:
  • First, Preferences: This analysis says nothing about which goods people want and which provide the most satisfaction. It only indicates the available options.
  • Second, Economic Efficiency: This analysis does not ensure we have economic efficiency-the combination that would generate the most satisfaction from the resources.

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GAINS FROM TRADE

The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.

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