Episodes
Sunday Jul 21, 2013
Episode 49: Market Structure
Sunday Jul 21, 2013
Sunday Jul 21, 2013
A discussion of the effect of market outcomes on firm behavior, consumer welfare, and market outcomes. I examine perfect competition, monopoly, oligopoly, and monopolistic competition, comparing their outcomes and when each type of structure tends to occur. Also includes a discussion of cartels, when they form, and why they tend to fail. Recommended prerequisites are Episode 48: Theory of the Firm, Episode 16: Profits and Competition, and Episode 12: The Price System.
Tuesday Jul 09, 2013
Episode 48: Theory of the Firm
Tuesday Jul 09, 2013
Tuesday Jul 09, 2013
A discussion of the nature of the firm, the different types of firms, and the reasons for the existence of firms. This leads to an overview of the objectives of firms, including decisions regarding how to produce and the profit maximizing quantity to produce, and a discussion of the implications of this behavior for consumers and the economy at large. Recommended prelistening are Episode 12: The Price System and Episode 16: Profits and Competition.