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Economics: Mastering Microeconomics 101
A comprehensive study aid for anyone studying economics
Key foundation concepts and definitions
How investing in capital leads to economic growth
How prices are determined by markets
How to anticipate market outcomes
How to analyse productivity
All the important graphs in foundation microeconomics
How consumers make purchasing decisions
The laws of demand and supply
How to visually illustrate economic growth
This course covers the most important foundation concepts in microeconomics necessary for application in more advanced models. Principles and theories discussed in this course can also be applied in real life decision making. All the important theories, models, graphs and laws are discussed using high-quality sound and animation. No live recordings of lectures or boring screen-shots of textbook pages!
Mastering Foundations in Microeconomics is a great resource for exam, lecture or test preparation. Students can go through all the material chapter by chapter, or simply complete selected chapters in which they feel they need additional support.
Examples from everyday life are provided at the end of each chapter as well as multiple choice quizzes to further enhance each student’s learning experience, regardless of capability.
Introduction to possibilities, trade-offs and marginal analysis
Supply and Demand
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4
Introduction -
5
The Production Possibilities Curve
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6
The Law of Increasing Opportunity Costs
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7
Marginal Cost (Deriving the MC Curve)
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8
Marginal Benefit and Allocative Efficiency
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9
Illustrating Economic Growth on a PPF: Consumption Now vs. Future Growth
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10
Summary + Defense versus Civilian Goods and Services
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11
Section 2: Test your knowledge quiz
Consumer and Producer Surplus
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12
Introduction
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13
What is Demand?
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14
Deriving the Individual Demand Curve
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15
Deriving Market Demand Curves
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16
The Difference Between a Shift in Demand and Change in the Quantity Demanded
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17
What is Supply?
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18
Deriving the Individual Firm Supply Curve
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19
Deriving the Market Supply Curve
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20
The Difference Between a Shift in Supply and a Change in the Quantity Supplied
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21
Finding the Market Equilibrium
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22
The Market Mechanisms Towards Equilibrium
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23
Summary + Solving the Rhino Poaching Problem
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24
Section 3: Test your knowledge
Measuring Elasticity - The Magnitude of Response
Consumer Theory and Behavior
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32
Introduction
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33
Calculating Revenue from Demand Curves
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34
Calculating Price Elasticity of Demand
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35
How to interpret Price Elasticity of Demand Values
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36
The Relationship Between Elasticity and Total Revenue
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37
Other Factors that Influence Elasticity of Demand
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38
Calculating Cross Price Elasticity of Demand
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39
Calculating Income Elasticity of Demand
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40
Summary + Why a Bumper Crop is Bad for Farmers
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41
Section 5: Test your knowledge
Production in the Short and Long Run
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42
Introduction
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43
Introduction to the Budget Line
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44
Constructing a Budget Line
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45
The Budget Line Slope
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46
Shifting Budget Line - Changing Prices and Income
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47
Introduction to Indifference Curves
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48
Drawing and Interpreting Indifference Curves
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49
The Marginal Rate of Substitution (MRS)
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50
Maximizing Satisfaction - Indifference Curves and Budget Lines
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51
Maximizing Satisfaction with Changing Prices and Income
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52
Calculating the Substitution Effect
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53
Calculating the Income Effect
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54
Normal and Inferior Goods
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55
Summary + Individual Budgets
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56
Section 6: Test Your Knowledge
Perfect Competition
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57
Introduction
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58
Introduction to Output Curves
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59
Drawing the Total Product Curve
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60
Deriving and Understanding Marginal Product
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61
Comparing Marginal and Average Product
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62
Introduction to Cost Curves
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63
Deriving The Short-Run Variable Cost Curve
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64
Variable, Total and Fixed Cost Curves
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65
Average Cost Curves
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66
Marginal and Average Cost Curves
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67
Comparing Short-Run Production and Costs
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68
The Long-Run Cost Curve and Economies of Scale
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69
Summary + The Economies of Scale in the Mining Industry
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70
Section 7: Test Your Knowledge
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