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29. Monopoly Basics

In this video, I demonstrate (1) Why marginal revenue for a monopolist is below the inverse demand curve, (2) how a monopolist selects its optimal quantity, (3) how to compute the monopoly price, (4) how to compute monopoly profit, and (5) how to illustrate all of these concepts on a graph with cost curves and the demand curve. After demonstrating the concepts, I use an example to show how these pieces fit together in practice. For a list of videos and links to these videos (organized by topic), check out the Intromediate Microeconomics video web page: http://blog.thisyoungeconomist.com/p/learn-microeconomics.html
Length: 09:39

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