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Table Of Contents

THE SCOPE AND METHOD OF ECONOMICS STUDIES
1.1.1 Economic Method
1.1.2 Microeconomics and Macroeconomics
SCARCITY, CHOICE AND OPPORTUNITY COST
1.2.1 Problems of Scarcity
1.2.2 Choice and Opportunity Cost
1.3.1 Production Possibility Table
1.3.2 Production Possibility Curve
BASIC ECONOMIC QUESTIONS AND ECONOMIC SYSTEMS
1.4.1 Basic Economic Questions
1.4.2 Economic Systems
CIRCULAR FLOW OF INCOME AND EXPENDITURE
2.1.3 Demand Determinants
2.1.4 Individual Demand and Market Demand
2.2.1 Law of Supply
2.2.2 Supply and Quantity Supplied
2.2.3 Supply Determinants
2.2.4 Individual Supply and Market Supply
MARKET EQUILIBRIUM
3.1.1 Equilibrium, Surplus and Shortage
3.1.2 Change in Market Equilibrium
ELASTICITY AND SENSITIVITY
PRICE ELASTICITY OF DEMAND
3.4.1 Calculation of Price Elasticity of Demand
3.4.2 Degrees of Elasticity
3.4.4 Elasticity of Straight-line Demand Curve
3.4.5 Elasticity of Demand Determinants
CROSS ELASTICITY OF DEMAND
3.5.1 Calculation of Cross Elasticity
3.5.2 The Use of Cross Elasticity
INCOME ELASTICITY OF DEMAND
3.6.1 Calculation of Income Elasticity
3.6.2 The Use of Income Elasticity
ELASTICITY OF SUPPLY
3.7.1 Elasticity of Supply Determinants
APPLICATION OF THE ELASTICITY CONCEPT
3.8.1 Tax Burden
3.8.2 Benefits of Subsidies
CHOICE AND UTILITY THEORY
CARDINAL UTILITY THEORY
4.2.1 Total Utility and Marginal Utility
4.2.2 The Law of Diminishing Marginal Utility
4.2.3 Consumer Equilibrium
4.3.1 Choice and Priority
4.3.2 Indifference Curve
4.3.3 Budget Line
4.3.4 Consumer Equilibrium
4.3.5 Substitution Effect and Income Effect
5.1.1 Industry, Firm and Plant
5.1.2 Input and Output
5.1.3 Long-Run and Short-Run
PRODUCTION IN SHORT-RUN
5.2.2 Law of Diminishing Marginal Returns
5.2.3 Production Level
5.3.2 Diminishing Marginal Rate of Technical Substitution
5.3.4 Combination of Minimum Input Cost
5.3.5 Equal Marginal Principle
5.3.6 Returns to Scale
CONCEPT OF COST
6.1.1 Economic Costs
6.1.2 Private Costs and Social Costs
6.1.3 Explicit Costs and Implicit Costs
SHORT-RUN PRODUCTION COSTS
6.2.1 Total Cost
6.2.2 Average Costs
6.2.3 Marginal Costs
LONG-RUN PRODUCTION COSTS
6.3.1 Average Costs and Marginal Costs in the Long- Run
6.3.2 Economies of Scale
ECONOMIC PROFIT AND ACCOUNTING PROFIT
DEMAND, AVERAGE REVENUE AND MARGINAL REVENUE
PROFIT MAXIMISATION IN THE SHORT- RUN
7.4.1 Total Revenue and Total Costs Approach
7.4.2 Marginal Revenue and Marginal Costs Approach
SHORT-RUN EQUILIBRIUM OF THE FIRM
7.5.1 Supernormal Profit
7.5.2 Normal Profit
7.5.3 Subnormal Profit/Economic Loss
7.5.4 Decision on Firm Closure
SUPPLY CURVE OF FIRM IN THE SHORT- RUN
SUPPLY CURVE OF THE INDUSTRY IN THE SHORT-RUN
LONG-RUN EQUILIBRIUM OF THE FIRM
7.8.1 Coordination in Long-run
LONG-RUN EQUILIBRIUM OF THE INDUSTRY
7.10.1 Constant-cost Industry
7.10.2 Increasing-cost Industry
7.10.3 Decreasing-cost Industry
PERFECT COMPETITION AND EFFICIENCY
CHARACTERISTICS OF A MONOPOLY MARKET
8.1.1 No Close Substitutes
8.1.2 Barriers to Entry into Industry
8.1.3 Firm as the Price Maker
POWER SOURCE OF MONOPOLY
(a) Control over certain production resources;
8.2.1 Control Over Certain Production Resources
8.2.2 Economies of Scale
8.2.3 Legal Barriers
8.3.4 Marginal Revenue
8.3.5 Monopoly and Supply Curve
SHORT-RUN EQUILIBRIUM OF MONOPOLY
THE MONOPOLY FIRM SHUT DOWN IN THE SHORT-RUN
LONG-RUN EQUILIBRIUM OF MONOPOLY
PRICE DISCRIMINATION
8.7.2 Sales in Segmented Markets
8.7.4 Degrees of Price Discrimination
8.8.2 Control and Natural Monopoly
THE CHARACTERISTICS OF A MONOPOLISTIC MARKET
1. Describe the characteristics of a monopolistic market;
(a) a large number of sellers;
(b) unrestricted freedom of leaving or entering market; and
9.1.1 A Large Number of Sellers
9.1.2 Unrestricted Freedom of Leaving or Entering Market
9.1.3 Goods that Can Be Differentiated
9.5.1 Monopolistic Competition and Consumer Welfare
CHARACTERISTICS OF AN OLIGOPOLY MARKET
10.1.1 A Small Number of Firms
10.1.3 Barriers to Entry
EQUILIBRIUM IN AN OLIGOPOLY MARKET
10.3.1 The Cournot Model
10.3.2 Sweezy Model
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Principles of Micro Economics

Principles of Micro Economics

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Published by: Udaykumar Sengunthar on Jun 03, 2011
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08/30/2012

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