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Keen Behavioural Finance 2011 Lecture02 Marketbehaviour Part 2

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Uploaded on Aug 11, 2011

In this half of the lecture, I show that even if there was a downward-sloping demand curve, Neoclassical supply and demand analysis is still invalid because:

(a) Equating marginal cost and marginal revenue doesn't maximize profits; and
(b) A market supply curve can't be derived independently of the demand curve.

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