Business Online Course by Udemy, On Sale Here
A guide to understand Perfect Competition
An excellent training about Other Business
Understanding Markets: Perfect Competition
The course contains four sections. Section A defines market introducing its essential features. It also defines market structure and its different forms. The basic concepts of revenue and costs that are necessary to understand the operationof firms in different market structures are discussed in detail. Section Bworks with basic postulates of Perfect Competition (PC). The price taking role of firmunder PCthat makes it unique from firms in other market structure is discussed in detail. The concepts of total revenue (TR), average revenue (AR) and marginal revenue (MR) under PC is explained. Section C focuses on the short-run equilibrium of PC firm. In this section, learners will also be able toknow the production decision of a PC firm in the short-run. Firm’s super normal profit situation, normal profit or break evensituation, and the situation of loss will be examined with necessary illustrations. Whether firm produces in the short-run facing loss or not is an important issue. Section D provides a detail when a firm under PC produces in the short-run and when it stops operation facing loss. It ends with the examination of lung run equilibrium of PC firm. The course consists of 20 lectures and a total of 1 hour 40 minutes. It combines both mathematical and graphical contents where possible, so that one can learnalternative ways of interpreting theconcepts. The course is designed considering the desire of students of economics and business. But thecontents are arranged in such a way that learners from other disciplines can easily go through the course.
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