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Published by cantona78

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Published by: cantona78 on Mar 13, 2011
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Table of Contents
Course Guide ix- xvi
Topic 1 Introduction To Economics 1
The Scope and Method of Economics Studies 21.1.1 Economic Method 21.1.2 Microeconomics and Macroeconomics 31.2
Scarcity, Choice and Opportunity Cost 41.2.1 Problems of Scarcity 51.2.2 Choice and Opportunity Cost 61.3 Production Limitations 71.3.1 Production Possibility Table 81.3.2 Production Possibility Curve 91.4 Basic Economic Questions and Economic Systems 131.4.1 Basic Economic Questions 141.4.2 Economic Systems 151.5 Circular Flow of Income and Expenditure 18Summary 24Key Terms 25
Topic 2 Demand and Supply 26
2.1 Demand 282.1.1 Law of Demand 292.1.2 Demand and Quantity Demanded 272.1.3 Demand Determinants 302.1.4 Individual Demand and Market Demand 342.2 Supply 352.2.1 Law of Supply 362.2.2 Supply and Quantity Supplied 372.2.3 Supply Determinants 382.2.4 Individual Supply and Market Supply 41Summary 42Key Terms 43
Topic 3 Market Equilibrium 44
Market Equilibrium 453.1.1 Equilibrium, Surplus, and Shortage 463.1.2 Change in Market Equilibrium 483.2 Market in the Form of Equation 513.2.1 Demand Function 51
3.2.2 Supply Function 523.2.3 Market Equilibrium 533.3 Elasticity and Sensitivity 563.4 Price Elasticity of Demand 573.4.1 Calculation of Price Elasticity of Demand 583.4.2 Degrees of Elasticity 613.4.3 Price Elasticity of Demand and Total Expenditure/Revenue 623.4.4 Elasticity of Straight-line Demand Curve 663.4.5 Elasticity of Demand Determinants 683.5 Cross Elasticity of Demand 693.5.1 Calculation of Cross Elasticity 693.5.2 The Use of Cross Elasticity 703.6 Income Elasticity of Demand 713.61 Calculation of Income Elasticity 713.6.2 The Use of Income Elasticity 723.7 Elasticity of Supply 733.7.1 Elasticity of Supply Determinants 753.8 Application of the Elasticity Concept 773.8.1 Tax Burden 773.8.2 Benefits of Subsidies 80Summary 84Key Terms 85
Topic 4 Utility Analysis 86
Choice and Utility Theory 874.2 Cardinal Utility Theory 874.2.1 Total Utility and Marginal Utility 884.2.2 The Law of Diminishing Marginal Utility 894.2.3 Consumer Equilibrium 914.3 Ordinal Utility Theory 954.3.1 Choice and Priority 954.3.2 Indifference Curve 964.3.3 Budget Line 1014.3.4 Consumer Equilibrium 1044.3.5 Substitution Effect and Income Effect 110Summary 116Key Terms 117
Topic 5 Theory of Production 118
5.1 Production Process 1195.1.1 Industry, Firm and Plant 1205.1.2 Input and Output 1225.1.3 Long-run and Short-run 123
5.2 Production in Short-run 1245.2.1 Total Product, Average Product and MarginalProduct 1245.2.2 Law of Diminishing Marginal Returns 1275.2.3 Production Level 1285.3 Production in the Long-run 1305.3.1 Isoquants 1315.3.2 Diminishing Marginal Rate of Technical Substitution 1335.3.3 Isocosts 1355.3.4 Combination of Minimum Input Cost 1365.3.5 Equal Marginal Principle 1375.3.6 Returns to Scale 138Summary 140Key Terms 141
Topic 6 Cost Theory 142
6.1 Concept of Cost 1436.1.1 Economic Costs 1436.1.2 Private Costs and Social Costs 1446.1.3 Explicit Costs and Implicit Costs 1456.2 Short-run Production Costs 1466.2.1 Total Cost 1476.2.2 Average Costs 1486.2.3 Marginal Costs 1496.3 Long-run Production Costs 1526.3.1 Average Costs and Marginal Costs in the Long-run 1536.3.2 Economies of Scale 1546.3.3 The Relationship between Short-run Costs andLong-run Costs 158Summary 164Key Terms 165
Topic 7 Perfectly Competitive Market 166
7.1 Economic Profit and Accounting Profit 1677.2 Characteristics of a Perfectly Competitive Market 1697.3 Demand, Average Revenue and Marginal Revenue 1707.3.1 Marginal Revenue (MR) Curve andAverage Revenue (AR) Curve 1717.4 Profit Maximisation in the Short-run 1737.4.1 Total Revenue and Total Costs Approach 1737.4.2 Marginal Revenue and Marginal Costs Approach 1747.5 Short-run Equilibrium of the Firm 174

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