159 Micro Economics Book 3 A2 Level (Revision Notes)

Description

159 Micro Economics Book 3 A2 Level (Revision Notes) by Imran Latif

Table of Contents

1. Unit 1 Theory of Consumer Behavior
   1. Cardinal Approach
   2. Law of Diminishing Marginal Utility
   3. Law of Equi-Marginal Utility
   4. Ordinal Approach
   5. Budget Line
   6. Indifference Curves
   7. Consumer Equilibrium Through the Ordinal Approach
   8. Past Paper Questions
2. Unit 2 Production and Cost
   1. The Law of Diminishing Returns (LAW of Variable Proportions)
   2. Least-Cost Inputs Combination In the Long Run
   3. Isocost and Isoquant Approach
   4. Scale of Production and Returns to Scale
   5. Short-Run Costs
   6. Relationship Between Short-Run Costs & Law of Diminishing Returns
   7. Economies and Diseconomies of Scale
   8. Small Firms
   9. Past Paper Questions
3. Unit 3 Rules of Firm’s Behavior
   1. Economic Theory of Profit Maximization
   2. Business Continuity Rules
   3. Types of Profits
   4. Past Paper Questions
4. Unit 4 Perfect Competition
   1. Price and Output Determination in Short Run
   2. Short-Run Price and Output Determination
   3. Types and Determination of Profit
   4. The Shutdown Case of a Perfectly Competitive Firm
   5. Derivation of the Supply Curve of a Perfectly Competitive Industry In the Short Run
   6. Price and Output Determination in Long Run
   7. Is Perfect Competition A Realistic Model?
   8. Unit 5 Monopoly
   9. Price and Output Determination In Short Run
   10. Types of Profits
   11. Types of Losses
   12. Price and Output Determination In Long Run
   13. Barriers to Entry
5. Unit 6 Monopolistic Competition
   1. Price and Output Determination In Short Run
   2. Price and Output Determination In Long Run
6. Unit 7 Oligopoly
   1. Price and Output Determination In Oligopoly
   2. Kinked Demand Curve
   3. Price Leadership
   4. Cartel
   5. Game Theory
   6. Merger and Integration (MCQs Only)
7. Unit 8 Comparison of Market Structures
8. Unit 9 Objectives, Discrimination & Contestability
   1. Objectives of Firms
   2. Price Discrimination
   3. Contestable Markets
   4. Theory of Excess Capacity
   5. Past Paper Questions
9. Unit 10 Economic Efficiency and Market Failure
   1. Productive Efficiency (PE)
   2. Allocative Efficiency (AE)
   3. Market Failure
   4. Allocation of Resources
   5. Markets of Public Goods Knowledge
   6. Immobility
   7. Termism
   8. Government Microeconomic Objectives
   9. Policies to Correct Market Failure of Negative Externalities and Demerit Goods
   10. Taxes and Regulation Bodies In Property Rights of Information
   11. Permits
   12. Policies to Correct Market Failure of Positive Externalities and Merit Goods and Regulation of Information
   13. Direct Provision of Goods and Services
   14. Policies to Correct Market Failure of Public Goods
   15. Policies to Correct the Market Failure of Imperfect Markets
   16. Cost-Benefit Analysis (CBA)
   17. Are Monopolies Always Bad for Consumers?
   18. Past Papers Questions
10. Unit 11 Labour Market
    1. The Supply Curve
    2. Curve for an Individual Worker
    3. Market Supply Curve for Labour
       1. of Labour for A Perfectly Competitive Firm
       2. of Labour In A Monopsony
       3. of Labour With A Trade Union
    4. Demand for Labour or Marginal Revenue Product (MRP) Theory
    5. Wage Determination In Perfect Market
    6. Monopsony
    7. Trade Union
    8. Wage Differentials
    9. Transfer Earnings& Economic Rent
    10. Past Paper Questions
11. Unit 12 Inequality and Policies to Redistribute Income
    1. Measuring Inequality
    2. Curve
    3. Coefficient
12. Government Policies to Redistribute Income and Wealth
    1. Benefits (Transfer Payments)
    2. the Tax System
    3. Policies