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These videos will hep you to understand the basics of perfect competition. It starts with, what is meant by profit maximization and where do these perfectly competitive firms maximize their profits?
Mathematical as well as graphical interpretation of both necessary and sufficient conditions of profit maximization will help you comprehend the basics of perfect competition.
Two important and related concepts, Marginal Revenue and elasticity of demand, are discussed, where we derive MR = P(1+1/e) and (P-MC)/P formula. This is supplemented by an example of constant elasticity demand function
Lastly, how is supply curve of the firm is drawn is explained in the last two videos.
1. Profit Maximization Meaning
2. Profit Maximization Condition Part 1
3. Profit Maximization Condition Part 2
4. Graphical Analysis of Profit maximization condition
5. Marginal Revenue and elasticity of demand
6. Inverse elasticity rule
7. Constant elasticity case and relation between MR and elasticity of demand
8. Short run supply curve of a profit max firm Part 1
9. Short run supply curve of a profit max firm Part 2
