Introduction to Pure Monopoly

This lesson will introduce some of the characteristics of monopolies and use a demand schedule to derive the demand and marginal revenue curves for a hypothetical monopolistic airplane manufacturer. We will then place cost curves on the graph to determine the profit maximizing quantity a monopolist should produce at, and we'll briefly examine the level of output and price as it would compare to a perfectly competitive market.
Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! econclassroom.com/?page_id=5870

[@yeftubay5548]

After going through a lot of video reviews about this topic, this is absolutely the explanation that I would need for class reports. The best explanation among the rest.

[@Sean-tp1yc]

Thank you so much for the video! This is exactly what I am learning now and my course is in Italian. So this video is a life saver.

[@nusratfatimaabdoola2773]

Well explained!! Thank you.

[@kishangavindu]

super sir... nicely explained.. Student from Sri Lanka

[@johnaguilar7391]

is this based from McConnell?

[@RaferJeffersonIII]

That is a really good video. Thanks pal

[@raiymbekzharas]

Thank you! It was a good lesson

[@acsas5973]

This is very informative thank you

[@javedalimohmand381]

thank u for source of great learning point

[@modelitomandawe5908]

Where do you get marginal cost and aberage total cost

[@letsdothis9728]

How Did you jus get (MC) and (ATC) out of nowhere?? I'm confused???

[@truman5560]

that is just made up data. the demand and marginal revenue also came from made up data, the made up data is just plotted into a chart. similarly you can make a chart with data in MC and ATC.

[@nisarahmedmalik7160]

very good explanation

[@minminysy]

Thank you so much for preparing this. The explanation is very clear, it helps me to have better understanding on this topic! :)

[@olivarez1996]

Great Video! You just earned one more subscriber.

[@RaferJeffersonIII]

Ditto

[@ClintCunningham80]

Thank you for this, that was a great explanation, very easy to understand.

[@dataanalyst6756]

MR curve is not right. MR is always inbetween 2 quantitys. For example between 1 and 2 The MR should be 40 but it isnt in the graph show

[@tahafcb4040]

but why marginal cost curve started from point 20

[@billycaymann]

Much better than my lecturer explains.

[@prankdude2428]

Saved my 1 hour

[@tahaezz2127]

Awesome thanks so much 😊

[@mxolisizondo6023]

Thank you very much

[@luckymaharjan7911]

thank you very much sir

[@allybashiri6962]

thank you so much You are so perfect at making lectures keep it up I have really enjoyed it

[@ManuelSteiner]

+Ally Bashiri Check out my video on Pure Monopoly (for AP). It's clear and all you need to know!

[@StarCrossedWastland]

Thanks!

[@fombonakum5637]

Theory of the firm. Mr shumbe ..will never forget you when it comes to this topic not for getting daddy national income.

[@amnamazharr]

thank the lord for this..

[@MultiCesman]

wow clear and concise. thank you

[@KnightsofMindset]

Thank you! I FINALLY understood.😊

[@yifeiliu8561]

Best explanation ever, helped me out of the chaos

[@julienn5464]

This was awesome. better than my mirco teacher

[@olanashaat7135]

I understand the marginal cost curve and the average total cost curve each of them separately but when you draw it now I don't know how did you did that because you didn't do any calculations and you just draw them also my professor in class does this and I get lots every single time ! Can you please help me ?

[@cuteglitterz]

Ola Nashaat usually you're supposed to plot them but I think for the sake of explaining they just draw it. Cause I have the same problem as you then was clarified

[@JasonWelker]

Hi Ola, you should watch my series of lessons on costs of production, notably the one on the relationships between a firm's short-run costs of production: kzbin.info/www/bejne/inqYnZWQp7qVr6M

[@emergingschoolofeconomics2065]

kzbin.info/door/GAV9RO-qlgjTboIYVA-VEA

[@jansasha2628]

At: 9:50, What makes you draw the MC and ATC in chart that way?

[@TwenOalley]

Thank you so much for making this.

[@ycallace]

Wait, you could have drawn that MC and AVC line anywhere. Why did you choose it to intersect quantity demanded at 3 ?

[@sopiahmohdnoh7377]

ecalace since firms are trying to maximize profit,they will produce where MC=MR(in the early part)

[@jishachahar5304]

amazing! 0_0

[@drallisimo34]

cool!!!

[@PrinceKumar1994]

i like the intro music..

[@matthewchina2755]

Another great vid, another question Mr. Welker: It's just coincidence that MC and ATC intersect at D, right? ATC went lower in the next video.

[@khadijahamid6905]

thanks a lott

[@doh285]

Thank you very helpful :)

[@TheManchester31]

9.5/10

[@mouctarsylla7352]

10/10

[@ganeshkumar4163]

can you please explain more in detail what you mean "when a firm wishes to raise its price all it has to do is lower it output ".And please provide an example too if possible thanks

[@ManuelSteiner]

+Freaky filly Hi. Check out my video on Pure Monopoly (for AP). It's clear and all you need to know!

[@ayushmaheshwari2630]

Idiot that is the law of demand

[@gregoryvandervinne4509]

adding costs to that table would be hugely helpful in understanding this rather than just drawing a mc curve that works nicely with the rest of the example. overall very helpful though

[@williamvalentinmunozlopez9858]

this is better than Pete Navarro's

[@danilobucker]

I need legends because I'm brazilian.