Microeconomics

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Barron's Educational Series, 2002 - Business & Economics - 154 pages
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Designed to be compatible with standard college textbooks, Barron's EZ-101 Study Keys give students an overview of college-level introductory courses in many subjects. Classroom-style notes emphasize key facts, remind students what they need to remember for exams and papers, and guide them through the complexities of lectures and textbooks. This updated edition covers approximately 100 key topics in brief, easy-to-master note form. They include economic models, supply and demand, variations in consumer behavior, competition in the marketplace, monopoly, oligopoly, and much more.
  

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Contents

Theory and models in economics
10
Theory and models
11
Testing economic theory
12
Simplifying assumptions
13
The ceteris paribus assumption
14
Other assumptions in economics
15
Using graphs in economics
16
Economic theory and the real world
18
Marginal cost
78
MC ATC and AVC
80
The longrun AC curve
81
Economies and diseconomies of scale
82
Profit maximization and perfect competition
83
Competition
84
Efficiency
85
Homogeneous and differentiated product
86

Basic concepts in economics
20
The production possibility frontier
21
The concept of the margin
23
The firm and entrepreneurship
24
Households
25
Opportunity cost
26
Money and price
27
Supply and demand
28
Demand
29
Demand schedules and functions
30
Quantity demanded
31
Supply
32
Quantity supplied
33
Market equilibrium
34
Departure from equilibrium
35
Restoring market equilibrium
36
Shiftschanges in demand
38
Shiftschanges in supply
40
Demand shiftsquantity supplied
42
Supply shiftsquantity demanded
43
Elasticity
44
Elasticity
45
Arc and midpoint elasticity
46
Price elasticity of demand
48
Elastic and inelastic demand
49
What determines demand elasticity?
50
Price elasticity of supply
51
Elastic and inelastic supply
52
Income elasticity of demand
53
Inferior goods
54
Demand Consumer choice
55
Utility and marginal utility
56
Diminishing marginal utility
57
Maximizing utility
58
Marginal rate of substitution
59
Income and substitution effects
60
Consumer demand perceived supply
61
Substitute and complementary goods
62
Consumer surplus
63
Indifference curves
64
Utility maximization graph
66
Incomesubstitution effects graph
67
Downwardsloping demand graph
69
Social indifference curves
70
The firm Costs
71
Fixed cost
72
Variable cost
73
Diminishing returns
74
Shortrun and longrun costs
75
Total cost
76
AVC AFC and ATC
77
Ease of entry and exit
87
Perfect competition
88
Total revenue and marginal revenue
89
Profit maximization
90
Equilibrium output
91
Longrun market equilibrium
92
The shutdown point
94
as the shortrun supply curve
95
Imperfect competition
96
Monopoly
97
Demand TR and MR
98
Equilibrium output
100
Monopoly profits and inefficiency
101
D and MR
102
Market equilibrium
103
Oligopoly
104
Demand and MR
105
Price leadership
106
Kinked demand
108
Market equilibrium
109
Price discrimination
110
Examples of price discrimination
111
Production and input markets
112
Inputs factors of production
113
Production functions
114
Marginal physical product
115
Marginal revenue product
116
Equilibrium of the firm in input markets
117
Multiple inputs
118
Monopsony
119
Labor unions and collective bargaining
121
Backwardbending supply curve of labor
123
Economic rent
125
Ricardos theory of land rent
126
Nonmarket allocation government and public choice
128
Market failure
129
Externalities
130
Nonmarket resource allocation
132
Public goods
134
Costs and benefits
135
Measuring costs and benefits
136
Public choice
137
Public choice problems
138
Government Taxation and regulation
140
Taxation
141
Tax incidence excise tax example
142
Collusion and antitrust laws
144
Regulation of natural monopoly
146
Glossary
148
Index
153
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About the author (2002)

Lindeman, Professor of Real Estate, University of Arkansas at Little Rock.

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