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Elasticity Of Demand
Demand And Durability - Cyclical Industries
Income Elasticities
Elasticities In The Short And Long Run
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Basic Assumptions About Preferences
Indifference Curves And Utility
MRS Equation
Budget Constraint – Slope
o Change In Price, Income Levels
Maximizing Utility, Corner Solution
Equal Marginal Principle
Ideal Cost Index, Laspeyre´S, Paasche´S
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Formation Of Individual Demand Curve
Price-Consumption Curve
Income-Consumption Curve
Engels Curve (Normal, Inferior)
Substitution and Income Effect
Positive/Negative network externality (Bandwagon, Snob)
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Endowment, Loss aversion, Framing
Anchoring, Rules of thumb, Overconfidence
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Inputs into production process
Long/Short run
Diminishing marginal returns
Isoquants, Isocosts
MRTS equation
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Economics vs Accounting cost
Sunk vs Fixed cost
Total, Fixed, Variable, Marginal
Expansion Path (Long/Short-run)
Returns to scale (and measuring)
Economies and Diseconomies to Scale (formula)
Economies and Diseconomies of Scope (formula)
Production or cost advantages
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Three basic assumptions of perfect competition
Profit Maximization (formula)
Demand for a Competitive firm vs Industry
Marginal Revenue and Marginal cost for a Competitive firm
The Short-Run Market Supply Curve, Producer Surplus
Short run Producer Surplus versus Profit
Long-run Competitive Equilibrium (3 conditions)
Economics Rent
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Long-run Supply curve (Constant-Increasing-Decreasing Cost Industry)
Effects of TAX
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Consumer and Producer Surplus
Price floors and price ceilings
Price support, Supply restriction
Import Quotas and Tariffs
Taxes and Subsidies (the portion of impact)
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Monopoly and Monopsony
Monopoly production graph (MC, MR)
The rule of Thumb for Pricing (ED formula)
Measuring Monopoly/Market power (Lerner Index)
Social Costs of Monopoly
The Multi-plant firm
Sources of Monopoly Power, Rent seeking
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Monopolistic Competition and Oligopoly
Monopolistic competition and Economic Efficiency Social Cost
Cournot Model, Reaction Curves (formula), Nash Equilibrium, Quantity Competition
The Bertrand Model, Price competition with Differentiated products
Prisoner´s Dilemma, PAYOFF MATRIX
Price Rigidity and Kinked Demand curve model
The Dominant firm model
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Noncooperative and Cooperative games
Dominant Strategy
Nash Equilibrium (anticipate opponents’ decision)
Maximin strategy
Mixed strategy
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Partial vs General Equilibrium Analysis (feedback effect)
Efficiency in Production – PPF, MRT = MCX/MCY
Efficiency in Output Markets, MRT = MRS = PX/PY
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Comparative vs Absolute Advantage
Efficiency in Exchange, Use of Inputs in Production, Output Markets
Market Failures: Market Power, Incomplete Information, Externalities, Public goods
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The lemons problem, Adverse selection, Moral Hazard
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Externality
MEB, MSC, MEC, MSC
MCA
Fees and Standards
Tradeable emissions permits
Property Rights and Coase Theorem
Common Property Resource
Public Good (Nonrival, Nonexclusive)