Economics for Managers

Kazakhstan Institute of Management, Economics, and Planning

Summer, 2001

Meeting Five

Today’s Homework

Graphs of TC, TR, TPr., Avg. Cost, MC, MR, MPr.—all over Quantity.

Topics for the Day:

Quiz 4

  1. What are the conditions for pure competition?
  2. How do competitive markets respond to the observation of positive economic profit?
  3. How do we measure price elasticity of demand?

Case Study—Chapter 2—due on Monday, 23 July.

Include a brief proposal for a case study of your own--an economic concept, and a Kazakh or Central Asia application.
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