No better place to start than at the beginning.

Your third exam will be given on July 28.

So far we have discussed monopoly.

- Monopoly topics have included:
- Profit maximization numerically
- Profit maximization graphically

We have also discussed resource markets.

This included an extensive look at MRP, a discussion of using both capital and labor both in the cost minimizing manner and the profit maximizing manner. Cost min - hire K & L in such quantities that the ratios of marginal product to price are equal for each. Profit max - hire K & L in such quantities that the ratios of MRP to price are both equal to 1. We also began discussing labor markets.