Reaction Paper of Finance

LI,MINGJIE(JACKSON) Reaction paper In last time, we study chapter 5 to chapter 10, these chapter I have some review. In the chapter 5 I tally what is utility and what is marginal utility. The equimarginal principle the fundamental condition of maximum rejoicing or utility is the equimarginal principle. The gap between the total utility of a good and its total market value is called consumer surplus.In chapter the relationship between the criterion of output(such as wheat, steel, or automobiles)and the quantities of inputs (of labor, land, and capital)is called the harvest-festivalion function. And technological channelise refers to a change in the underlying techniques of demonstrate of production, as occurs when a new product or process of production is invented or an old production or process is improved. The business organizations business firms are specialized organizations devoted to managing the process of production.In chapter3 1 part is economic analysis of damages to tal greet can be broken down into fixed cost and inconstant cost. Marginal cost is the extra total cost resulting from extra building block of output. Average total cost is the sum of ever-declining average fixed cost and average variable cost. Useful rules to remember are TC=FC+VC AC=TC/q AC= AFC+AVC In this chapter burning(prenominal) is supply behavior of the warring firm. Supply behavior in competitive industries. Special cases of competitive markets.Efficiency and comeliness of competitive markets. Those are important parts in the this chapter. Chapter 9 important kinds of markets structures are monopoly, where a single firm produces all the output in a given industry oligopoly, where a few sellers of a comparable or identify product supply the industry monopolistic competition, where a large number of small firms supply related but slenderly differentiated products and prefect competition, where a large number of small firms supply an resembling face downward-slopin g demand curves.In chapter10 part of behavior of imperfect competitors move back the four major major market structures perfect competition is be when no firm is large enough to affect the market prices. noncompetitive competition occurs when a large number of firms produce slightly differentiated products. Oligopoly is an intermediate form of imperfect competition in which an industry is henpecked by a few firms. Monopoly comes when a single firm produces the full output of an industry. And has another important parts one is game theory, one is public policies to combat market power. Above is my feeling. Thank you for check.