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How to determine optimal output and price level?
12-14-2012, 04:08 PM
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Mc_Kiernan Offline
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Optimal output and price are where marginal cost equals marginal benefit; or, if they can be exactly equal, where they are as close as possible without marginal cost exceeding marginal benefit.

In a monopolistic market, there will be Pareto optimality if the monopolist is a perfect price discriminator (charging each buyer his or her reserve price). Otherwise, there will be a dead-weight loss.
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[] - Mc_Kiernan - 12-14-2012 04:08 PM

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