Week 2 Part 2

ECON1101 Term 2 2026 Week 2 Part 2 4:57 lecture starts 6:07 recap of perfectly competitive market assumptions 9:51 recap of an individual's supply (marginal benefit/cost, cost-benefit principle) 11:22 recap of an individual's supply curve 13:56 sunk cost definition 15:48 fixed cost, fixed factor of production definitions 17:42 variable cost definition 19:20 short run and long run definitions 23:51 supply curve for a firm worked example 26:05 computing fixed cost, variable cost, total cost 28:18 computing average variable cost, average total cost 30:00 computing marginal cost 37:00 computing firm's total revenue, marginal revenue 40:30 perform cost-benefit analysis 43:39 compute firm's (maximum) profit 46:01 lecture break 50:20 lecture resumes 51:18 profit if firm shuts down in short run vs long run 52:34 economic profit vs accounting profit 57:18 exploring other shut down conditions at different prices 1:03:02 formal definition of short run shutdown condition 1:03:41 formal definition of long run shutdown condition 1:04:18 converting discrete supply to continuous supply 1:09:27 linking shutdown conditions to cost curves 1:15:18 summary of the supply curve 1:16:47 factors that shift the supply curve 1:21:10 price elasticity of supply definition 1:22:48 factors that influence elasticity of supply