In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.
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Syllabus
Week 1
Production
The Production Process: How Firms Convert Inputs into Final Outputs.
Week 2
Cost Minimisation
How Firms Minimize the Cost of Producing Output.
Week 3
Profit Maximization in Perfectly Competitive Markets
How Firms Maximize Profits in Perfectly Competitive Markets.
Week 4
Monopoly Power: Its Sources and How to Use It
The Sources and Uses of Monopoly Power.
