
Microeconomics - Content Outline
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- Theory of Consumer:
- Utility Maximization
- Marginal Utility
- Marginal Rate of Substitution (MRS)
- Opportunity Cost
- Demand Functions and Choice
- Change in demand/supply v. change is quantity demand/supply
- Income and Leisure
- Substitution and income effects
- Demand Elasticities
- Elastic, inelastic, unit elastic
- Relationship between unit elasticity and total revenue
- Relative price
- Other Elasticities
- Cross Price
- Income Elasticities
- Consumer Surplus
- Theory of the Firm:
- Production Functions (Cobb-Douglas, etc.)
- Marginal Product
- Law of Diminishing Returns
- Returns to scale
- Cost Function
- Types of Costs
- Total cost
- Fixed Costs
- Variable Costs
- Marginal cost
- Average cost
- Short Run vs. Long Run
- Sunk cost
- Economies of scale
- Profit Function
- Profit Maximization
- Producer Surplus
- Time and Inter-temporal Preferences
- Market Equilibrium:
- Supply
- Changes in Quantity Supplied
- Changes in Supply
- Changes in input Price
- Changes in Technology
- Expectations
- Demand
- Changes in Quantity Demand
- Changes in Demand
- Demographic
- Income
- Expectations
- Equilibrium
IV. Distortions to the Market:
- Price Ceilings
- Floors
- Quotas
- Taxes
- Subsidies
- Deadweight Loss
V. Market Structure:
- Competitive Markets
- Perfect competition
- Firm's price and output decision in the short-run
- Firm's price and output decision in the long-run
- Short-run market supply
- Firm entry/exit
- Economic profit
- Monopoly
- Barriers to entry
- Market concentration
- Firm's price and output decision
- HHI
- Definition of a firm's market
- Economic profit
- Oligopoly
- Monopolistic Competition
- Product differentiation
- Entry and exit
- Firm's price and output decision in the short-run
- Firm's price and output decision in the long-run
- Economic profit
VI. Externalities and Public Goods:
- Public goods
- Free Rider Problem
- Tragedy of the Commons
- Market/government failure
- Externalities
- Information (principal agents, moral hazard, etc.)
- Property Rights
- Private and Social Costs
- Risk and Uncertainty