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Series: Economics: Perfect Competition


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About this Series

  • Lessons: 14
  • Total Time: 2h 32m
  • Use: Watch Online & Download
  • Access Period: Unlimited
  • Created At: 12/08/2010
  • Last Updated At: 12/08/2010

The fourteen videos in this series deal with perfect competition. The first four videos cover basic assumptions of competitive markets including revenue calculations, the role of price, different market structures, and finding both economic and accounting profit. The first lesson will teach you how to calculate total revenue including discussion of the factors involved in calculating revenue and an explaination of why its important value to calculate. In the second lesson you will learn the role that price plays in competitive markets and how and why it fluctuates. The third lesson will look at different market structures such as a monopoly and perfect competition. This lesson will explain the power each one has over the total market and what that means in terms of competition. Finally, the fourth lesson in the series will teach about economic profit and accounting profit. You will learn the importance of these values and how these two values differ.

The next five videos will teach you how to calculate and consider profit and loss. The first video will look at how to find a firm's profit-maximizing output level. The next one will teach you how to prove the profit-maximizing rule. The following two videos will walk you through calculations of both profit and loss levels. Last, you'll learn how to find the point at which a firm should shut-down based upon profit and loss measures.

The next four videos in this series cover market supply. The first one will teach you how to derive the short-run market supply curve. The next one will walk you through the relationship between an individual firm and the market. The final two videos cover shifts in the short-run market supply curve and teh derivation of the long-run market supply curve.

The final video covers competitive firms' responses to price changes.

Taught by Professor Tomlinson, this video series was selected from a broader, comprehensive course, Economics. This course and others are available from Thinkwell, Inc. The full course can be found at http://www.thinkwell.com/student/product/economics. The full course covers economic thinking, markets, consumer choice, household behavior, production, costs, perfect competition, market models, resource markets, market failures, market outcomes, macroeconomics, macroeconomic measurements, economic fluctuations, unemployment, inflation, the aggregate expenditures model, banking, spending, saving, investing, aggregate demand and aggregate supply model, monetary policy, fiscal policy, productivity and growth, and international examples.

Steven Tomlinson teaches economics at the Acton School of Business in Austin, Texas. He graduated with highest honors from the University of Oklahoma and earned a Ph.D. in economics at Stanford University. Prof. Tomlinson's academic awards include the prestigious Texas Excellence Teaching Award given by the University of Texas Alumni Association and being named "Outstanding Core Faculty in the MBA Program" several times. He has developed several instructional guides and computerized educational programs for economics.

About this Author

2174 lessons

Founded in 1997, Thinkwell has succeeded in creating "next-generation" textbooks that help students learn and teachers teach. Capitalizing on the power of new technology, Thinkwell products prepare students more effectively for their coursework than any printed textbook can. Thinkwell has assembled a group of talented industry professionals who have shaped the company into the leading provider of technology-based textbooks. For more information about Thinkwell, please visit www.thinkwell.com or visit Thinkwell's Video Lesson Store at http://thinkwell.mindbites.com/.

Thinkwell lessons feature a star-studded cast of outstanding university professors: Edward Burger (Pre-Algebra through...

Lessons Included

None of the lesson in this series have been reviewed.

Below are the descriptions for each of the lessons included in the series:

Supplementary Files: