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.