Uploaded March 2021 | Updated September 2026, 1 week ago
This video covers a variety of ways to model profit maximization. It touches on features that characterize perfect competition vs. monopoly vs. monopolistic competition. It identifies the demand function and production function inside these models. It considers different choice variables.
Link to my course on microeconomic modelling: ashley-s-site-9d78.thinkific.com/courses/your-first-course
0:00 - Overview
0:51 - Defining profit
0:59 - Choice variables
2:17 - Simplest model
4:16 - Demand function
5:04 - Revenue
6:10 - When is price exogenous?
6:36 - Why can't all terms be linear?
7:47 - Fixing purely linear models
9:10 - Monopoly model
10:22 - Price as choice variable
10:58 - Why can't both P & Q be choice variables?
11:57 - Monopoly or Monopolistic Competition?
12:30 - Inputs as choice variables
13:08 - Production Function
14:51 - Short run / long run
This video covers a variety of ways to model profit maximization. It touches on features that characterize perfect competition vs. monopoly vs. monopolistic competition. It identifies the demand function and production function inside these models. It considers different choice variables.
Link to my course on microeconomic modelling: ashley-s-site-9d78.thinkific.com/courses/your-first-course
0:00 - Overview
0:51 - Defining profit
0:59 - Choice variables
2:17 - Simplest model
4:16 - Demand function
5:04 - Revenue
6:10 - When is price exogenous?
6:36 - Why can't all terms be linear?
7:47 - Fixing purely linear models
9:10 - Monopoly model
10:22 - Price as choice variable
10:58 - Why can't both P & Q be choice variables?
11:57 - Monopoly or Monopolistic Competition?
12:30 - Inputs as choice variables
13:08 - Production Function
14:51 - Short run / long run
