Chapter 2 Flashcards by Robert Escott | Brainscape

Q

Marginal Revenue ( Monopoly)

A

= (1+1/η)P

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Q

Profit Maximising condition (monopoly)

A

P=(1+μ)MC

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Q

Mark up as a function of elasticity of demand

A

1+μ=1/(1/η)

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Q

Real wage

A

W/P=MPL/(1+μ)

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Q

Labour share of income

A

(1-α)/(1+μ)

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