3 Review(s)

Introduction to Microeconomics:Definition and scope of microeconomics.Basic economic concepts: scarcity, choice, opportunity cost, and rational behavior.Demand and Supply:Law of demand and its determinants.Law of supply and its determinants.Market equilibrium and shifts in demand and supply curves.Price elasticity of demand and supply, including calculation and interpretation.Consumer Behavior:Utility theory and the concept of marginal utility.Budget constraint and consumer equilibrium.Indifference curve analysis and consumer choice.Production and Costs:Production function and its factors.Short-run and long-run production decisions.Cost concepts: fixed costs, variable costs, total costs, average costs, and marginal costs.Relationship between production and costs.Market Structures:Perfect competition: features, equilibrium, and efficiency.Monopoly: characteristics, pricing, and output decisions.Monopolistic competition and oligopoly: characteristics and behavior of firms.Factor Markets:Labor market: wage determination, factors affecting labor supply and demand.Capital market: interest rate determination, factors affecting capital supply and demand.Market Failures and Government Interventions:Externalities: positive and negative externalities, solutions.Public goods and common resources.Government policies to correct market failures: taxes, subsidies, regulation.Microeconomic Applications:Consumer surplus and producer surplus.Price controls: price ceilings and price floors.Minimum wage laws and their effects.Elasticity of taxation and tax incidence.