EC1002 Chapter 4 Lesson 2 - The Monopoly [Full]

Welcome to the Real Quickienomics. You are watching the full version of EC1002 Introduction to Economics Chapter 4 Lesson 2 - The Monopoly.

Important Note: There is a small error at the 25 minute mark of this video. P2 is indicated wrongly. The correct P2 should be indicated by drawing a vertical line up from X2 to touch the demand curve, instead of the MR curve, then moving horizontally to the left. Our apologies for the mistake.

Key Topics:
- Recap of what determines a market is a monopolistic market.
- Why is the monopoly the most inefficient market? Not all the time though...
- An introduction to Price Discrimination.
- What is the no arbitrage condition?
- The graphical approach to analysing the Monopoly.
- How do we properly draw the Marginal Revenue curve?
- Is the price elasticity of demand the same throughout the entire demand curve? And how do we prove that it is not?
- How we mathematically calculate Marginal Revenue?This is important to analyse market power
- How do we analyse a monopoly serving 2 groups of consumers?
- How do we analyse Price Discrimination in our graphs?
- A simple mathematical approach to analysing the monopoly.