Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed.
PART 5 Firm Behavior and the Organization of Industry
Chapter 14 of 36 - Firms In Competitive Markets
Section 16 of 22
…
Figure 6 - Short-Run Market Supply
In the short run, the number of firms in the market is fixed.
As a result the market supply curve, panel (b) reflects the individual firms' marginal-cost curves of panel (a).
Here, in a market of 1,000 firms the quantity of output supplied to the market
is 1,000 times the quantity of 100 supplied by each firm.
…
Table 2 and Figure 4 from Chapter 13 attached for reference review of marginal cost components.
…
There are two market supply curve cases to consider
· short-run situation: a market with a fixed number of firms
· long-run situation: a market where the number of firms change as firms exit and enter the market
Over short periods of time it is difficult for firms to quickly enter and exit a market, so the assumption is there are a fixed number of firms.
Over long periods of time the number of firms adjust to changing market conditions.
… …
long time period and short time period
nagai kikan to mijikai kikan
長い期間と短い期間

Comments

Post a Comment

Popular posts from this blog

HAT Manifesto Part 1/3 - Rubric Cube - 241201 revision

Image
  The world we see that seems so insane is the result of a belief system that is not working. To perceive the world differently, we must be willing to change our belief system, let the past slip away, expand our sense of now, and dissolve the fear in our minds. - William James All experience has shown mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. - Thomas Jefferson Wherever good fortune enters envy lays siege and attacks it. And when it departs, sorrow and repentance remain behind. - Leonardo da Vinci Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepherd life in complete harmony, contentment, and mutual love. But in that case all their talents would...
Read more
  From article What 10 Years of U.S. Meddling in Ukraine Have Wrought (Spoiler alert: Not democracy). Aaron Mate. April 30, 2024. Section 2. Seeking to capitalize on the unrest in Ukraine in 2013, U.S. figures including State Department official Victoria Nuland, Republican Sen. John McCain, and Democratic Sen. Chris Murphy visited Maidan Square. In a show of support for the movement’s hardline faction, which went beyond supporting the EU trade deal to demand Yanukovych’s ouster, the trio met privately with Tyahnybok and appeared with him on stage. The senators’ mission, Murphy said, was to “bring about a peaceful transition in ukraine.” … The Maidan Movement’s most significant U.S. endorsement came from then-Vice President Joe Biden. “Nothing would have greater impact for securing our interests and the world’s interests in Europe than to see a democratic, prosperous, and independent Ukraine in the region,” Biden said. According to Andrii Telizhenko, a former Ukrainian...
Read more

Scot and Fumiko pictures and information

Image
  Fumiko Scot's information: Weight at 163 pounds, got to 160 pounds five years ago and have recently been bouncing between 163 and 170. Common sense ways to lose and keep off weight are eat right and light and get lots of exercise. Main exercise is walking, do 1~2 miles most days. Over career worked as a salesman in the steelmaking, fasteners, and auto manufacturing industries, lots of travel in U.S., Canada, Mexico, and Japan. Have visited every U.S. city with a major league, MLB, NFL, NBA, NHL, sports team except Sacramento, have gotten as close as Travis Air Force Base. Often traveled on Sundays, much time on the road so could not eat right and get enough exercise so got heavy, up to 200 lbs. Was on commission and made enough to retire early, now eat right and light, get enough exercise. Now am spending most time reading and writing. Our Wick branch goes back to the brother of owner of the Wick House at Morristown National Historical Park in Morristown New Jersey, and on back t...
Read more