MicroEconomics: Profit Maximization
In this lecture, we will study four types of competitions: the perfect competition, the monopoly, the monopolistic competition and the oligopoly (Cournot, Bertrand and von Stackelberg). We will look at the properties of each one of these competitions, what make them special, and how firms within these competitions behave. In particular, we will focus on how to find the maximum profits of competing firms, and how this can be achieved. Students should at least have studied an introductory course in economics, and should be familiar with the definitions of perfect competition, monopoly and oligopoly. In addition, it is recommended that students should also have taken a first-year level calculus course that covers how to maximize functions.
In this series: 6 Videos | 00:53:46 Total Length
The topic of profit maximization is introduced and Academic Expert Albert Li hosts a calculus review.
Two competitions, Perfect competition and Monopoly, are discussed.
Cournot Duopoly and Von Stackelberg Duopoly are explained with examples.
Von Stackelberg Duopoly continues and Bertrand Duopoly is explained with examples.
Cournet Duopolies in the form of unstable cartels are explained.
The series concludes with Monopolistic competition and Albert Li summarizes the series.