UPenn - Microeconomics: When Markets Fail 

1.1.0: When Markets Fail: Introduction

1.1.1: Defining Profits

1.1.2: Defining Fixed Costs and Variable Costs

1.1.3: Marginal Productivity

1.1.4: Marginal Productivity: Definition

1.1.5: Marginal Cost

1.1.6: Average Cost

1.1.7: Graph of Marginal and Average Cost Curves

1.2.1: Perfect Competition: Definition

1.2.2: Profit Maximization Perfect Competition

1.2.3: Profit Maximization: MR=MC

1.2.4: Profit Maximizations vs. Making Profits

1.2.5: Profit Maximization: The Case of Losses

1.2.6: Perfect Competition: The Firm's Supply Curve REPLACE

1.2.7: Definition of Short Run vs. Long Run

1.3.1: Perfect Competition: Firm Entry When Profits are Positive

1.3.2: Perfect Competition: Firm Entry When Profits are Negative

1.3.3: Perfect Competition: An Efficient Outcome

1.3.4: Perfect Competition: In The Long Run

1.3.5: Perfect Competition: An Efficient Outcome Pt 2

Participate in a Purdue Research Project (Optional)

1.1: Costs and Profits

1.2: Perfect Competition: Definition and Output

1.3: Perfect Competition: Implications for Efficiency

2.1.1 Monopoly: Definition

2.1.2: The Monopoly as a Price Setter

2.1.3 Marginal Revenue vs Price: Numerical Example

2.1.4 Marginal Revenue vs Price: Graphical Example

2.1.5 Marginal Revenue vs Price: Example Using Calculus

2.1.6 Profit Maximization in a Monopoly

2.1.7 Profit Maximization in a Monopoly: Numerical Example

2.2.1 Monopoly vs Perfect Competition

2.2.2 Efficiency loss under a Monopoly

2.2.3 Monopoly vs Perfect Competition: Numerical Example

2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss

2.2.5 Monopoly vs Perfect Competition: Summary

2.2.6 Why do we allow monoplies?

2.1: Monopoly definition

2.2: Monopoly vs. Perfect Competition Numerical example

3.1.1 Natural Monopoly: Definition

3.1.2 Government Regulation and Antitrust Law

3.1.3 Natural Monopoly: Implications for the Average Total Cost

3.1.4 Natural Monopoly: Graphical Presentation

3.1.5 Natural Monopoly: Profit Maximizing Outcome

3.1.6 Natural Monopoly: Regulation though Marginal Cost Pricing

3.1.7 Natural Monopoly: Regulation though Average Cost Pricing

3.2.1 Price Discrimination: Definition

3.2.2 Price Discrimination: Graphical Example

3.3.1 Monopolistic Competition: Definiton

3.3.2 Monopolistic Competition: Core Results

3.3.3 Monopolistic Competition: Graphical Presentation in the Short Run

3.3.4 Monopolistic Competition: Graphical Presentation in the Long Run

3.3.5 Monopolistic Competition: Mark up and Excess Capacity

3.1: Natural Monopoly

3.2: Price Discriminating Monopoly

3.3 Monopolistic Competition

4.1.1: Externalities: Definition

4.1.2: Externalities: Allocative Efficiency: Refresher

4.1.3: Negative Externalities: Implications for Efficiency

4.1.4: Positive Externalities: Implications for Efficiency

4.1.5: The Coase Theorem

4.1.6: Interalizing a Negative Externality via a Per Unit Tax

4.1.7: Interalizing a Positive Externality via a Per Unit Subsidy

4.2.1: Externalities: A Numerical Example

4.2.2: Interalizing a Negative Externality via Tax: A Numerical Example

4.2.3 Government Intervention in the Case of Externalities

4.2.4 Externality: Conclusion

4.3.1 Pure Public Goods: Nonexcludable and Nonrival

4.3.2: Examples of Different Types of Goods

4.3.3: Implications of Nonexcludability

4.3.4: Free Riding

4.3.5: Implications of Nonrivalness

4.4.1: The Role of the Government in Providing Public Goods

4.4.2: Provision of Public Good by the Government

4.4.3: Free Riding as a Prisoners' Dilemma

4.4.4: Public Goods Conclusion

4.1: Externalities

4.2: Solutions to Externalities

4.3: Public Goods

4.4: Solutions to Public Goods

5.1.1 Adverse Selection

5.1.2 Adverse Selection: Consequences and Solutions

5.1.3 Adverse Selection: A Numerical Example

5.1.4 Adverse Selection: A Numerical Example with Private Information

5.1.5 Adverse Selection: Possible Solutions

5.1.6 Moral Hazard

5.1.7 Moral Hazard: Consequences and Solutions

5.2.1 Inequality

5.2.2 Poverty

5.2.3 Income Redistribution

5.1: Asymmetric Information

5.2: Poverty and Inequality

Final Exam