Competitive Strategy (7/7/2006)
Static efficiency in mature products may be good for consumers in the short run, but dynamic efficiency in innovative products is what drives the economy and elevates consumer welfare in the long run.
Keywords: brand dominance, consumer surplus, dynamic efficiency, economic surplus, innovative products, lock-in effect, market structure, mature products, monopoly, network product, oligopoly, patents, perfect competition, price discrimination, single pricing, standards, static efficiency
Marginal Revenue under Single-pricing - Price Searchers vs Price Takers (11/17/2007)
Single pricing leads to P = MR under price taking or P > MR under price searching.
Keywords: economic surplus, efficiency, price searching, price taking, profit, reservation price, single pricing, single-pricing
Maximization and Optimization at the Margin (7/7/2006)
Optimizing at the margin can bring about static economic efficiency.
Keywords: average benefit, entry, margin, marginal benefit, marginal cost, marginal revenue, Maximization, MB, MC, MR, optimization, pollution, profit, single pricing, tragedy of the commons
Pricing and economic surplus (7/7/2006)
Pricing affects how economic surplus is distributed between consumers and producers and thus the incentive and resources to come up with innovative products.
Keywords: commodity, consumer surplus, economic surplus, innovative products, marginal cost, marginal revenue, monopoly, perfect competition, price discrimination, reservation price, single pricing
Profit Maximization Under Natural Monopoly (1/23/2012)
Natural monopoly with decreasing average total cost can still make profit by equating marginal revenue with marginal cost while achieving economic efficiency through price discrimination.
Keywords: ATC, average total cost, marginal cost, marginal revenue, MC, MR, natural monopoly, price discrimination, profit maximization, regulation, single pricing, total revenue, total willingness to pay, TWP
Profit Maximization Under Natural Monopoly (transcript) (1/29/2012)
Natural monopoly with decreasing average total cost can still make profit by equating marginal revenue with marginal cost while achieving economic efficiency through price discrimination.
Keywords: ATC, average total cost, marginal cost, marginal revenue, MC, MR, natural monopoly, price discrimination, profit maximization, regulation, single pricing, total revenue, total willingness to pay, TWP
Profit Maximization Under Single Pricing (transcript) (1/20/2012)
Single-price searchers maximize profit by setting a uniform price where marginal revenue is equal to marginal cost.
Keywords: diminishing returns, marginal cost, marginal revenue, MR = MC, price searcher, profit maximization, single pricing
Profit Maximization under Single Pricing (transcript) (1/29/2012)
Single-price searchers maximize profit by setting a uniform price where marginal revenue is equal to marginal cost.
Keywords: diminishing returns, marginal cost, marginal revenue, MR=MC, price searcher, profit maximization, single pricing
Profit maximization under single pricing (11/2/2011)
Single-price searchers maximize profit by setting a uniform price where marginal revenue is equal to marginal cost.
Keywords: diminishing returns, marginal cost, marginal revenue, MR=MC, price searcher, profit maximization, single pricing
Profit vs Efficiency Maximization (11/2/2011)
Pricing modes determine the conflicts between profit maximization and efficiency maximization.
Keywords: consumer surplus, economic surplus, efficiency maximization, perfect price discrimination, price taking, profit maximization, single pricing
Profit vs Efficiency Maximization (transcript) (1/29/2012)
Pricing modes determine the conflicts between profit maximization and efficiency maximization.
Keywords: consumer surplus, economic surplus, efficiency maximization, perfect price discrimination, price taking, profit maximization, single pricing
There Are no Widgets - Types of Goods (7/7/2006)
The law of supply and demand applies differently depending on the exact types of goods.
Keywords: capacity, closed-standard goods, complementary goods, durable goods, first-party payment goods, independently-used goods, inferior goods, innovative products, mature products, networked goods, normal goods, open-standard goods, Perishable goods, price discrimination, private goods, public goods, replacement, single pricing, substitute goods, third-party goods, widgets
