Lec 6 - Lecture 3 (Regular) - Industry Supply and Rents. ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College "Industry Supply and Rents." The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics. This lecture considers the different talents and abilities of individual firms and how they generate an industry supply. We begin by deriving the basic concepts of industry supply from individual firm supply and producer surplus. We then turn to the notion of long-run industry supply, contrasting the traditional view that competition erodes profits to the importance of rare talents and superstars. Finally we discuss prominent empirical regularities about the distribution of talents, such as power laws and particularly Zipf's law. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching
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Tags: university chicago education economics business
Uploaded by: uofcecon ( Send Message ) on 28-08-2012.
Duration: 58m 6s
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This video is a part of a lecture series from of University of Chicago
Lec 1 - Lecture 1 (Regular) - Theory of the Firm
Lec 2 - Lecture 1 (Turbo) - Theory of the Firm
Lec 3 - Lecture 7 - Theory of Monopoly Price Theory
Lec 4 - Lecture 4 (Turbo) - Perfect Competition
Lec 5 - Lecture 2 (Regular) - Supply and Duration
Lec 7 - Lecture 3 (Turbo) - Industry Supply and Rents
Lec 8 - Lecture 5 - Payment in Accordance with Product
Lec 9 - Lecture 6 (Regular) - Assessing Externalities
Lec 10 - Lecture 6 (Turbo) - Assessing Externalities
Lec 11 - Lecture 8B - Product Design Price Theory
Lec 12 - Lecture 7 (Regular) - Basic Monopoly Theory
Lec 13 - Lecture 8 (Regular) - Price Discrimination
Lec 14 - Lecture 8 (Turbo) - Price Discrimination
Lec 15 - Lecture 9 (Regular) - Regulation