Lec 12 - Lecture 7 (Regular) - Basic Monopoly Theory. ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College "Basic Monopoly Theory," October 25, 2011. 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 begins the second half of the course, which focuses on imperfect competition. We begin by developing the basic incentive of a monopolist to reduce quantity in order to raise price and how to measure the inefficiency this creates. We consider some empirical measurements of these incentives and inefficiencies. We then consider the comparative statics of monopoly and how the rate at which the monopolist passes through cost changes into price changes measures many dimensions of her behavior. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching
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