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Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as a whole, which is studied in macroeconomics.
Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another and hence are not perfect substitutes. In monopolistic competition, a company takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other companies. If this happens in the presence of a coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the company maintains spare capacity. Models of monopolistic competition are often used to model industries. Textbook examples of industries with market structures similar to monopolistic competition include restaurants, cereals, clothing, shoes, and service industries in large cities. The "founding father" of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the subject, Theory of Monopolistic Competition (1933). Joan Robinson published a book The Economics of Imperfect Competition with a comparable theme of distinguishing perfect from imperfect competition. Further work on monopolistic competition was undertaken by Dixit and Stiglitz who created the Dixit-Stiglitz model which has proved applicable used in the sub fields of international trade theory, macroeconomics and economic geography.
An oligopoly is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in those industries. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are also mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits.
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions.
The Richard and Rhoda Goldman School of Public Policy, or the Goldman School of Public Policy (GSPP), is a public policy school and one of fourteen schools and colleges at the University of California, Berkeley. Originally named the Graduate School of Public Policy, it was founded in 1969 as one of the first public policy institutions in the United States. In 2016, the Goldman School was ranked as the #1 public policy graduate program in the country by U.S. News & World Report.
Managerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. It guides managers in making decisions relating to the company's customers, competitors, suppliers, and internal operations.
James Bradford "Brad" DeLong is an American economic historian who has been a professor of economics at the University of California, Berkeley since 1993.
Marginal revenue is a central concept in microeconomics that describes the additional total revenue generated by increasing product sales by 1 unit. Marginal revenue is the increase in revenue from the sale of one additional unit of product, i.e., the revenue from the sale of the last unit of product. It can be positive or negative. Marginal revenue is an important concept in vendor analysis. To derive the value of marginal revenue, it is required to examine the difference between the aggregate benefits a firm received from the quantity of a good and service produced last period and the current period with one extra unit increase in the rate of production. Marginal revenue is a fundamental tool for economic decision making within a firm's setting, together with marginal cost to be considered.
In economics, an inverse demand function is the mathematical relationship that expresses price as a function of quantity demanded.
In industrial organization, the minimum efficient scale (MES) or efficient scale of production is the lowest point where the plant can produce such that its long run average costs are minimized. It is also the point at which the firm can achieve necessary economies of scale for it to compete effectively within the market.
Gordon Rausser is an American economist. He is currently the Robert Gordon Sproul Distinguished Professor Emeritus, Dean Emeritus, at Rausser College of Natural Resources and more recently, a professor of the graduate school at the University of California, Berkeley. On three separate occasions, he served as chairman of the Department of Agriculture and Resource Economics, served two terms as Dean of the Rausser College of Natural Resources, and has served on the board of trustees of public universities and one private university. Rausser has been appointed to more than 20 board of directors of both private and publicly traded companies, including chairman of several of such boards.
Joseph M. Hellerstein is an American professor of computer science at the University of California, Berkeley, where he works on database systems and computer networks. He co-founded Trifacta with Jeffrey Heer and Sean Kandel in 2012, which stemmed from their research project, Wrangler.
Martha Louise Olney is a teaching professor of economics (2002–present) at the University of California, Berkeley. She is a winner of local and national teaching awards, and has authored several leading undergraduate economics textbooks.
Franklin Marvin Fisher was an American economist. He taught economics at the Massachusetts Institute of Technology from 1960 to 2004.
In economics, the marginal product of labor (MPL) is the change in output that results from employing an added unit of labor. It is a feature of the production function and depends on the amounts of physical capital and labor already in use.
Joe Staten Bain was an American economist associated with the University of California, Berkeley. Bain was designated a Distinguished Fellow by the American Economic Association in 1982. An accompanying statement referred to him as "the undisputed father of modern Industrial Organization Economics."
Scott H. Irwin is the Laurence J. Norton Chair of Agricultural Marketing and professor in the department of agricultural and consumer economics at University of Illinois Urbana-Champaign.
Elisabeth Sadoulet is an economist and Professor of Agricultural and Resource Economics at the University of California, Berkeley who has carried out field research in China, India, Latin America, and sub-Saharan Africa. Sadoulet was the editor of the World Bank Economic Review from 2010 to 2013, and is a fellow of several scholarly associations in the fields of agriculture and economics.
The Camille Dreyfus Teacher-Scholar Awards are awards given to early-career researchers in chemistry by The Camille and Henry Dreyfus Foundation, Inc. "to support the research and teaching careers of talented young faculty in the chemical sciences." The Dreyfus Teacher-Scholar program began in 1970. In 1994, the program was divided into two parallel awards: The Camille Dreyfus Teacher-Scholar Awards Program, aimed at research universities, and the Henry Dreyfus Teacher-Scholar Awards Program, directed at primarily undergraduate institutions. This list compiles all the pre-1994 Teacher-Scholars, and the subsequent Camille Dreyfus Teacher-Scholars.
Jill Jennifer McCluskey is an American economist. She is a Distinguished Professor of Sustainability and Director of the School of Economic Sciences at Washington State University.
References
- ↑ "Jeffrey M. Perloff | Brief Bio". are.berkeley.edu. Retrieved 2015-03-06.
- ↑ "Jeffrey M. Perloff". press.uchicago.edu. Retrieved 2015-03-06.
- ↑ "Perloff | About AAEA | AAEA". aaea.org. Retrieved 2015-03-06.
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