Behind the Supply Curve
{"Image DocumentName": "Behind the Supply Curve", "Image ImageDescription": "Perfect competitors take P from market. \uf070 = PQ \u2013 TC(Q) pick Q to maximize. f.o.c. \uf0b6\uf070/\uf0b6Q = P \u2013 TC(Q)/\uf0b6Q = 0. P \u2013 MC = 0. P = MC. 2.o.c. \uf0b62\uf070/\uf0b6Q2 = \u2013 TC(Q)2/\uf0b6Q2 < 0. TC(Q)2/\uf0b6Q2 > 0. MC slopes up- increasing marginal cost.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}