Micro: Unit 3.7 -- Graphing Perfectly Competitive Firms

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: Review the key characteristics of perfectly competitive firms Demonstrate how to spot when perfect competitors are earning economic profits, taking economic losses, and breaking even Reveal how to identify price, quantity of output, total revenue, and economic profits/losses on a graph for a typical firm Show how changes in market price and costs to the firm will alter the price and quantity for the firm, as well as any profits or losses that the firm had been experiencing Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/P... Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram --   / youwillloveh.  . Facebook --   / youwilllovehi.  . Subscribe to our YouTube Channel:    / youwillloveeconomics   Check out our website for teaching tips and insight from us: https://sites.google.com/view/you-wil...