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Boundless Teaching Platform: Engage Students with Affordable and Customizable Textbooks

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Boundless Teaching Platform: Engage Students with Affordable and Customizable Textbooks

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. Perfect Competition Competitive Markets Production Decisions in Perfect Competition Long-Run Outcomes ] Competitive Markets Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Competitive Markets > Perfect Competition Perfect Competition • Definition of Perfect Competition • Conditions of Perfect Competition • The Demand Curve in Perfect Competition Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/competitive-markets-10/perfect-competition-66/

  6. Competitive Markets > Production Decisions in Perfect Competition Production Decisions in Perfect Competition • Relationship Between Output and Revenue • Marginal Cost Profit Maximization Strategy • Shut Down Case • The Supply Curve in Perfect Competition • Short Run Firm Production Decision Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/competitive-markets-10/production-decisions-in-perfect-competition-67/

  7. Competitive Markets > Long-Run Outcomes Long-Run Outcomes • Long Run Supply Decisions • Long Run Market Equilibrium • Productive Efficiency • Allocative Efficiency • Entry and Exit of Firms Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/competitive-markets-10/long-run-outcomes-68/

  8. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  9. Competitive Markets Key terms • Allocative efficiencyA state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing. • Barriers to entryObstacles that make it difficult to enter a given market. The term can refer to hindrances a firm faces in trying to enter a market or industry, such as government regulation, or a large, established firm taking advantage of economies of scale. • barriers to exitObstacles in the path of a firm that want to leave a market or industrial sector. • constant returns to scaleChanges in output resulting from a proportional change in all inputs (where all inputs increase by a constant factor). If output increases by that same proportional change then there are constant returns to scale (CRS). • decreasing returns to scaleChanges in output resulting from a proportional change in all inputs (where all inputs increase by a constant factor). If output increases by less than the proportional change then there are decreasing returns to scale. • economic profitThe difference between the total revenue received by the firm from its sales and the total opportunity costs of all the resources used by the firm. • increasing returns to scaleThe characteristic of production in which output increases by more than the proportional increase in inputs. • long-runThe conceptual time period in which there are no fixed factors of production. • marginal costThe increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output. Additional cost associated with producing one more unit of output. • marginal costThe increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output. Additional cost associated with producing one more unit of output. • marginal revenueThe additional profit that will be generated by increasing product sales by one unit. • marginal revenueThe additional profit that will be generated by increasing product sales by one unit. Free to share, print, make copies and changes. Get yours at www.boundless.com

  10. Competitive Markets • marginal revenueThe additional profit that will be generated by increasing product sales by one unit. • Monopolistic competitionA market structure in which there is a large number of firms, each having a small proportion of the market share and slightly differentiated products. • monopolyA situation, by legal privilege or other agreement, in which solely one party (company, cartel etc. ) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it. • oligopolyAn economic condition in which a small number of sellers exert control over the market of a commodity. • outputProduction; quantity produced, created, or completed. • Perfectly elasticDescribes a situation when any increase in the price, no matter how small, will cause demand for a good to drop to zero. • Productive EfficiencyAn economic status that occurs when when the highest possible output of one good is produced, given the production level of the other good(s). • profitTotal income or cash flow minus expenditures. The money or other benefit a non-governmental organization or individual receives in exchange for products and services sold at an advertised price. • revenueThe total income received from a given source. • shutdownThe action of stopping operations; a closing, of a computer, business, event, etc. • Total RevenueThe profit from each item multiplied by the number of items sold. • variable costA cost that changes with the change in volume of activity of an organization. Free to share, print, make copies and changes. Get yours at www.boundless.com

  11. Competitive Markets • variable costA cost that changes with the change in volume of activity of an organization. Free to share, print, make copies and changes. Get yours at www.boundless.com

  12. Competitive Markets Total cost curve This graph depicts profit maximization on a total cost curve. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Profit max total small."CC BY-SAhttp://en.wikipedia.org/wiki/File:Profit_max_total_small.svgView on Boundless.com

  13. Competitive Markets Marginal cost curve This graph shows profit maximization using a marginal cost curve. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Profit max marginal small."CC BY-SAhttp://en.wikipedia.org/wiki/File:Profit_max_marginal_small.svgView on Boundless.com

  14. Competitive Markets Marginal cost curve This graph shows a typical marginal cost (MC) curve with marginal revenue (MR) overlaid. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Costcurve - Marginal Cost 2."CC BY-SAhttp://en.wikipedia.org/wiki/File:Costcurve_-_Marginal_Cost_2.svgView on Boundless.com

  15. Competitive Markets Marginal profit maximization This graph shows profit maximization using the marginal cost perspective. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Profit max marginal small."CC BY-SAhttp://en.wikipedia.org/wiki/File:Profit_max_marginal_small.svgView on Boundless.com

  16. Competitive Markets Short run supply curve This graph shows a short run supply curve in a perfect competitive market. The short run supply curve is the marginal cost curve at and above the shutdown point. The portions of the marginal cost curve below the shutdown point are not part of the supply curve because the firm is not producing in that range. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Perfect competition in the short run (simple)."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Perfect_competition_in_the_short_run_(simple).svgView on Boundless.com

  17. Competitive Markets Demand Curve for a Firm in a Perfectly Competitive Market The demand curve for an individual firm is equal to the equilibrium price of the market. The market demand curve is downward-sloping. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Demand in Perfectly Competitive Market."CC BY-SAhttps://commons.wikimedia.org/wiki/File:Demand_in_Perfectly_Competitive_Market.jpgView on Boundless.com

  18. Competitive Markets Production Possibilities on Frontier Curve This chart shows production possibilities for production of guns and butter. Points B, C, and D are productively efficient and point A is not. Point X is only possible if the means of production improve. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Production Possibilities Frontier Curve."CC BY-SAhttp://en.wikipedia.org/wiki/File:Production_Possibilities_Frontier_Curve.svgView on Boundless.com

  19. Competitive Markets Long-run Supply Curve As the chart demonstrates, a market's long-run supply curve is the sum of a series of short-run supply curves in a given market. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikibooks."HouSupply5."CC BY-SA 3.0http://en.wikibooks.org/wiki/File:HouSupply5.pngView on Boundless.com

  20. Competitive Markets Perfectly Elastic Demand In a perfectly competitive market, demand is perfectly elastic. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Elasticity-elastic."CC BY-SAhttp://en.wikipedia.org/wiki/File:Elasticity-elastic.pngView on Boundless.com

  21. Competitive Markets A patent is an example of an intangible asset with a limited life. Patents are an example of intellectual property. If a firm does not own intellectual property relevant to the industry, that could prove to be a significant barrier to entry into that market. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Patent russ."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Patent_russ.jpgView on Boundless.com

  22. Competitive Markets Output and Revenue Krispy Kreme's output is donuts. It generates revenue by selling its output. It is however, a profit maximizer, not an output or revenue maximizer. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Krispy Kreme Doughnuts."CC BY-SAhttp://en.wikipedia.org/wiki/File:Krispy_Kreme_Doughnuts.jpgView on Boundless.com

  23. Competitive Markets Shutdown Condition Firms will produce as long as marginal revenue (MR) is greater than average total cost (ATC), even if it is less than the variable, or marginal cost (MC) Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Costcurve - Combined."CC BYhttp://commons.wikimedia.org/wiki/File:Costcurve_-_Combined.svgView on Boundless.com

  24. Competitive Markets Final goods When an economy has allocative efficiency, it produces goods and services that have the highest demand and that society finds most desirable. For example, for the U.S. to achieve an allocative efficient market, it would need to produce a lot of coffee. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | Ti(RED) | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/hryckowian/3084169856/sizes/m/in/photostream/View on Boundless.com

  25. Competitive Markets Perfect Competition in the Short Run In the short run, it is possible for an individual firm to make an economic profit. This scenario is shown in this diagram, as the price or average revenue, denoted by P, is above the average cost denoted by C . Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Perfect competition in the short run."CC BY-SAhttp://en.wikipedia.org/wiki/File:Perfect_competition_in_the_short_run.svgView on Boundless.com

  26. Competitive Markets Perfect Competition in the Long Run In the long-run, economic profit cannot be sustained. The arrival of new firms in the market causes the demand curve of each individual firm to shift downward, bringing down the price, the average revenue and marginal revenue curve. In the long-run, the firm will make zero economic profit. Its horizontal demand curve will touch its average total cost curve at its lowest point. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Economics Perfect competition."CC BY-SAhttp://en.wikipedia.org/wiki/File:Economics_Perfect_competition.svgView on Boundless.com

  27. Competitive Markets Attribution • Wiktionary."oligopoly."CC BY-SA 3.0http://en.wiktionary.org/wiki/oligopoly • Wikipedia."Monopolistic competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Monopolistic%20competition • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/monopoly • Wikispaces.CC BY-SAhttp://mbaecon.wikispaces.com/Perfect+competition+- Interpretation+of+the+long-run+supply+curve • Wikibooks."IB Economics/Microeconomics/Markets."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Markets • Wikibooks."IB Economics/Microeconomics/Theory of the Firm (HL)."CC BY-SA 3.0http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Theory_of_the_Firm_(HL)%23Perfect_Competition • Wikibooks."Principles of Economics/Perfect Competition."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/Perfect_Competition%23Perfect_competition • Wikipedia."Market structure."CC BY-SA 3.0http://en.wikipedia.org/wiki/Market_structure • Wikipedia."Imperfect competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Imperfect_competition • Wikipedia."Perfect competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Perfect_competition • Wikipedia."Perfect competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Perfect_competition • Wikipedia."Perfect competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Perfect_competition • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/economic-profit--2 • Wikibooks."Microeconomics/Perfect Competition."CC BY-SA 3.0http://en.wikibooks.org/wiki/Microeconomics/Perfect_Competition • Wikispaces.CC BY-SAhttp://mbaecon.wikispaces.com/Perfect+competition+- Interpretation+of+the+long-run+supply+curve • Wikispaces."mrski-apecon-2008 - Chapter 14 FIRMS IN COMPETITIVE MARKET Erica."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Chapter+14+FIRMS+IN+COMPETITIVE+MARKET+Erica • Wikispaces."mrski-apecon-2008 - Ch.14 Firms in Competitive Markets."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Ch.14+Firms+in+Competitive+Markets Free to share, print, make copies and changes. Get yours at www.boundless.com

  28. Competitive Markets • Wikipedia."Perfectly elastic."CC BY-SA 3.0http://en.wikipedia.org/wiki/Perfectly%20elastic • Wikispaces."MBA651Fall2007 - Perfect competition - Interpretation of the long-run supply curve (perfect competition)."CC BY-SAhttp://mba651fall2007.wikispaces.com/Perfect+competition+-+Interpretation+of+the+long-run+supply+curve+(perfect++competition) • Wikia."Perfect Competition - Central Economics Wiki."CC BY-SAhttp://centralecon.wikia.com/wiki/Perfect_Competition • Wikispaces.CC BY-SAhttp://mbaecon.wikispaces.com/Perfect+competition+- Interpretation+of+the+long-run+supply+curve • Wikispaces."mrski-apecon-2008 - Chapter 14 FIRMS IN COMPETITIVE MARKET Erica."CC BY-SAhttp://mrski-apecon-2008.wikispaces.com/Chapter+14+FIRMS+IN+COMPETITIVE+MARKET+Erica • Wiktionary."revenue."CC BY-SA 3.0http://en.wiktionary.org/wiki/revenue • Wiktionary."output."CC BY-SA 3.0http://en.wiktionary.org/wiki/output • Wikipedia."Revenue."CC BY-SA 3.0http://en.wikipedia.org/wiki/Revenue • Wikipedia."Economic output."CC BY-SA 3.0http://en.wikipedia.org/wiki/Economic_output • Wiktionary."marginal cost."CC BY-SA 3.0http://en.wiktionary.org/wiki/marginal_cost • Wikipedia."marginal revenue."CC BY-SA 3.0http://en.wikipedia.org/wiki/marginal%20revenue • Wikipedia."Profit maximization."CC BY-SA 3.0http://en.wikipedia.org/wiki/Profit_maximization • Wikipedia."Marginal revenue."CC BY-SA 3.0http://en.wikipedia.org/wiki/Marginal_revenue • Wikipedia."Marginal cost."CC BY-SA 3.0http://en.wikipedia.org/wiki/Marginal_cost • Wiktionary."variable cost."CC BY-SA 3.0http://en.wiktionary.org/wiki/variable_cost • Wiktionary."marginal cost."CC BY-SA 3.0http://en.wiktionary.org/wiki/marginal_cost • Wikipedia."marginal revenue."CC BY-SA 3.0http://en.wikipedia.org/wiki/marginal%20revenue • Wikipedia."Shutdown (economics)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Shutdown_(economics) • Wikipedia."Monopoly."CC BY-SA 3.0http://en.wikipedia.org/wiki/Monopoly Free to share, print, make copies and changes. Get yours at www.boundless.com

  29. Competitive Markets • Wikipedia."Total Revenue."CC BY-SA 3.0http://en.wikipedia.org/wiki/Total%20Revenue • Wikipedia."marginal revenue."CC BY-SA 3.0http://en.wikipedia.org/wiki/marginal%20revenue • Wikipedia."Supply curve."CC BY-SA 3.0http://en.wikipedia.org/wiki/Supply_curve • Wikipedia."Profit maximization."CC BY-SA 3.0http://en.wikipedia.org/wiki/Profit_maximization • Wikipedia."Cost curve."CC BY-SA 3.0http://en.wikipedia.org/wiki/Cost_curve • Wiktionary."variable cost."CC BY-SA 3.0http://en.wiktionary.org/wiki/variable_cost • Wiktionary."shutdown."CC BY-SA 3.0http://en.wiktionary.org/wiki/shutdown • Wiktionary."profit."CC BY-SA 3.0http://en.wiktionary.org/wiki/profit • Wikipedia."Perfect competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Perfect_competition%23Short-run_supply_curve • Wikipedia."Shutdown (economics)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Shutdown_(economics) • Wikipedia."Long run and short run."CC BY-SA 3.0http://en.wikipedia.org/wiki/Long_run_and_short_run • Wikipedia."constant returns to scale."CC BY-SA 3.0http://en.wikipedia.org/wiki/constant%20returns%20to%20scale • Wikipedia."decreasing returns to scale."CC BY-SA 3.0http://en.wikipedia.org/wiki/decreasing%20returns%20to%20scale • Wikipedia."increasing returns to scale."CC BY-SA 3.0http://en.wikipedia.org/wiki/increasing%20returns%20to%20scale • Wikipedia."Returns to scale."CC BY-SA 3.0http://en.wikipedia.org/wiki/Returns_to_scale • Wikibooks."Principles of Economics/Economies of Scale."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/Economies_of_Scale%23Long_run_supply • Wikipedia."Perfect competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Perfect_competition • Wikibooks."Principles of Economics/Supply."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/Supply%23Market_long_run_supply • Wikipedia."Long run and short run."CC BY-SA 3.0http://en.wikipedia.org/wiki/Long_run_and_short_run Free to share, print, make copies and changes. Get yours at www.boundless.com

  30. Competitive Markets • Wikipedia."long-run."CC BY-SA 3.0http://en.wikipedia.org/wiki/long-run • Wikipedia."Perfect competition."CC BY-SA 3.0http://en.wikipedia.org/wiki/Perfect_competition%23Results • Wikipedia."Long run."CC BY-SA 3.0http://en.wikipedia.org/wiki/Long_run • Wikipedia."Productive Efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Productive%20Efficiency • Wikibooks."Principles of Economics/Allocation."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/Allocation%23Productive_and_Allocative_Efficiency • Wikipedia."Productive efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Productive_efficiency • Wikipedia."Allocative efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Allocative%20efficiency • Wikipedia."Allocative efficiency."CC BY-SA 3.0http://en.wikipedia.org/wiki/Allocative_efficiency • Wikibooks."Principles of Economics/Allocation."CC BY-SA 3.0http://en.wikibooks.org/wiki/Principles_of_Economics/Allocation%23Productive_and_Allocative_Efficiency • Wikipedia."barriers to exit."CC BY-SA 3.0http://en.wikipedia.org/wiki/barriers%20to%20exit • Wikipedia."Barriers to entry."CC BY-SA 3.0http://en.wikipedia.org/wiki/Barriers%20to%20entry • Wikipedia."Barriers to exit."CC BY-SA 3.0http://en.wikipedia.org/wiki/Barriers_to_exit • Wikipedia."Barriers to entry."CC BY-SA 3.0http://en.wikipedia.org/wiki/Barriers_to_entry • Wikibooks."Microeconomics/Perfect Competition."CC BY-SA 3.0http://en.wikibooks.org/wiki/Microeconomics/Perfect_Competition Free to share, print, make copies and changes. Get yours at www.boundless.com

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