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PERFECT PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed first-degree price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.
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Lesson 14: Production | Unit 2: Production Measures
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Page: 10 of 25
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In this unit, you should have learned about:- Total product as the total quantity of output produced for different amounts of variable input.
- How total product increases as the quantity of variable inputs are added, reaches a peak, and then declines.
- Average product as the output produced per unit of variable input.
- How average product increases for the first few units of variable inputs, reaches a peak, and then declines.
- Marginal product as the change in total product resulting from a change in variable input.
- How Marginal product increases for the first few units of variable inputs, reaches a peak, and then declines.
- The law of diminishing marginal returns as the guiding principle for short-run production.
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COLLUSION PRODUCTION ANALYSIS To avoid competition, oligopolistic firms are occasionally inclined to cooperate through collusion. Collusion occurs when two or more oligopolistic firms jointly agree to control market prices and quantity and to generally act like a monopoly. Colluding firms set a price and produce a quantity that maximizes industry-wide economic profit, the same price and quantity that would be selected by a profit-maximizing monopoly. Once the industry-wide price and production are determined, each individual firm produces the quantity of output that equates the marginal cost of the firm to the marginal revenue for the industry.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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AASB
American Assocation of Small Business
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