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0:00 Introduction to CFA Level 1 Market Structures
Why market structures matter for CFA Level 1
Overview of demand, supply, and competition
0:07 Demand & Price Elasticity Explained
How price changes affect quantity demanded
Elastic vs. inelastic demand
Real-world examples - coffee sale
1:00 Cross-Price & Income Elasticity
Substitutes and complements - coffee vs. tea, printers vs. ink
How changes in income influence demand
2:19 Supply Side Concepts: Labor, Costs & Revenues
Total, average, and marginal product of labor
Total cost, variable cost, marginal cost
Revenue and marginal revenue basics
3:26 Overview of Four Main Market Structures
Perfect competition, monopolistic competition, oligopoly, and monopoly
Key differentiators - number of sellers, product differentiation, barriers to entry
3:58 Perfect Competition Basics
Many sellers, identical products, low barriers to entry
Price taker model and horizontal demand curve
Example: Agricultural markets - wheat, corn
4:30 Monopolistic Competition
Many sellers with differentiated products
Some pricing power due to branding/advertising
Restaurant and clothing brand examples
5:03 Oligopoly Fundamentals
Few dominant firms, interdependent decisions
High barriers to entry, potential for collusion
Airline and tech industry case studies
5:28 Monopoly Explained
Single seller with unique product
High barriers to entry, significant pricing power
Utility companies as classic examples
7:00 Profit Maximization in Different Market Structures
Perfect competition: P = MC
Monopoly & imperfect competition: MR = MC
Role of the demand curve in setting prices
9:08 Break-Even & Shutdown Points
When total revenue equals total cost - zero economic profit
Shutdown rule - price vs. average variable cost
Short-run vs. long-run decisions
11:07 Economies & Diseconomies of Scale
Lower average cost with increased production vs. rising costs due to complexity
Finding the optimal size for efficiency
Real-world expansion examples
16:00 Short Run vs. Long Run Adjustments
Fixed inputs - short run vs. all variable inputs - long run
How firms adapt production capacity over time
17:02 Perfect Competition: Detailed Insights
Many buyers/sellers, homogeneous products, free entry and exit
Long-run equilibrium - zero economic profit
Farmer example - wheat market
19:20 Monopoly: Detailed Insights
Single seller, unique product, barriers like patents/regulations
Profit maximization where MR = MC
Government regulation concerns
21:00 Monopolistic Competition: More In-Depth
Product differentiation, advertising, brand loyalty
Short-run profits vs. long-run zero economic profit
Excess capacity and inefficiency
24:05 Oligopoly: Game Theory & Strategic Behavior
Interdependent firms - airlines, telecom
Cournot & Stackelberg models
Kinked demand curve and price rigidity
27:08 Game Theory & Nash Equilibrium
How firms choose optimal strategies given competitors’ actions
Why price wars or tacit collusion may occur
Stability in strategic choices
30:26 Measuring Market Power
Elasticity analysis - demand responsiveness
Cross-sectional regression - snapshot of different firms
Limitations of regression and data availability
33:04 Concentration Ratios & the Herfindahl-Hirschman Index - HHI
How to quantify market concentration
High HHI = few dominant players - e.g., wireless telecom
Policy and regulatory implications
35:03 Conclusion & CFA Exam Tips
Recap of key takeaways for Market Structures
Importance of practice questions in the CFA curriculum
Final motivation to keep studying
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