The price system and the microeconomy - Economics - 9708 - AS & A Level

Unit

The price system and the microeconomy - Economics - 9708 - Units

Utility

Indifference curves and budget lines

Efficiency and market failure

Private costs and benefits, externalities and social costs and benefits

Types of cost, revenue and profit, short-run and long-run production

Different market structures

Growth and survival of firms

Differing objectives and policies of firms

30. Utility

30.122 Definition and calculation of total and marginal utility

30.123 Diminishing marginal utility

30.124 Equi-marginal principle

30.125 Derivation of individual demand curve

30.126 Limitations of marginal utility theory

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31. Indifference curves and budget lines

31.127 Limitations of indifference curve model

31.127 Income, substitution, and price effects

31.127 Causes of shifts in budget line

31.127 Meaning of indifference curve and budget line

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32. Efficiency and market failure

32.127 Definition and causes of market failure

32.127 Pareto optimality and dynamic efficiency

32.127 Productive and allocative efficiency

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33. Private costs and benefits, externalities and social costs and benefits

33.127 Deadweight welfare losses and asymmetric information

33.127 Calculation of social, private and external costs and benefits

33.127 Positive and negative externalities in consumption and production

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34. Types of cost, revenue and profit, short-run and long-run production

34.127 Short-run cost function: TC, AC, MC, TFC, TVC, AFC, AVC

34.127 Short-run production function and law of diminishing returns

34.127 Long-run production and returns to scale

34.127 Long-run cost curve and minimum efficient scale

34.127 Economies and diseconomies of scale

34.127 Revenue definitions and calculation: TR, AR, MR

34.127 Normal, subnormal and supernormal profit

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35. Different market structures

35.127 Concentration ratio

35.127 Oligopoly: collusion, price/non-price competition, Prisoner's Dilemma

35.127 Performance in different markets: revenues, output, profit, supply curve, efficiency

35.127 Structure: number of firms, product type, barriers to entry

35.127 Market types: perfect, monopoly, monopolistic, oligopoly, natural monopoly

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36. Growth and survival of firms

36.127 Internal and external growth: horizontal, vertical, conglomerate

36.127 Reasons for different firm sizes

36.127 Cartels and their consequences

36.127 Principal–agent problem

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37. Differing objectives and policies of firms

37.127 Profit-maximisation and alternative objectives

37.127 Price discrimination: types, conditions, consequences

37.127 Other pricing policies: limit, predatory, price leadership

37.127 PED and firm revenue in different demand curves

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