Please enable JavaScript.
Coggle requires JavaScript to display documents.
The Nature and Function of Product Markets (Supply and Demand (Elasticity,…
The Nature and Function of Product Markets
Supply and Demand
Market Equilibriun
Determinants of Supply and Demand
Price and quantity controls
Elasticity
Price, Income, and Cross price elasticities of demand
Price elasticity of Supply
Consumer Surplus, producer surplus, and allocative efficiency
Tax Incidence and deadweight loss
Theory of Consumer choice
Total Utility and Marginal Utility
Utility Maximization: equalizing marginal utility per dollar
Individual and Market demand curves
Income and Substitution Effects
Production and Costs
Production Functions: Short and Long Runs
Marginal Product and diminishing returns
Short run costs
Long run costs and economies of scale
Cost minimizing input combination and productive efficiency
Firm Behavior and market structure
Profit
Accounting Profit: TR-EC-DP; Economic Profit: Accounting profit-IC of capital
Perfect Competition
Monopoly