This class was created by Brainscape user Dana Wang. Visit their profile to learn more about the creator.
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Dana Wang
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Decks in this class (19)
Economic methodology, scarcity, choice and gains from trade
What is scarcity 1,
Describe the efficiency vs equity...,
Decisions require 3
41
cards
producer Surplus
Profit 1,
Producer surplus equals 2
2
cards
intro to supply and demand
Does the price shift the supply a...,
When the price is below equillibr...,
When the price is above equillibr...
28
cards
elasticity
What is price elasticity of demand 1,
What is inelastic demand 2,
How to calculate the elasticity o...
47
cards
consumer behaviour and demand
What is marginal utility 1,
What is diminishing marginal util...,
Describe how utility can be used ...
35
cards
Firm Behaviour and Supply
In a competitive market any indi ...,
A competitive market is where 2,
Describe decreasing marginal prod...
12
cards
Markets and Efficiency
Describe pareto efficiency 1,
We can say that the competitive m...,
What is an attractive feature of ...
52
cards
Costs of production
Describe the profit maximisation ...,
Describe the law of diminishing m...,
How do you calculate marginal cost 3
70
cards
Entry, exit, and industry supply
Free entry and exit of firms in a...,
How does entry and exit of firms ...,
What is a competitive market 3
11
cards
Monopoly
Why is mr less than demand for al...,
What is a monopoly 2,
What does a monopoly graph look l...
55
cards
Product differentiation, monopolistic competition and oligopoly
What are characteristics of perfe...,
Firm with perfect competition loo...,
In the perfect competition price ...
59
cards
Labour markets
What is the profit maximisation r...,
How do you add a minimum wage 2,
Number of workers fired as a resu...
14
cards
Taxes and transfers
The government adds a 2 tax how m...,
Media 2,
Who pays the tax 3
3
cards
week 7
What is the total economic cost 1,
Implicit cost of capital is the 2,
What are the possibilities of fin...
32
cards
week 8
What is price discrimination 1,
Why does d slope down 2,
What is first degree price discri...
25
cards
Week 9
Describe oligopoly markets 1,
What is dominant strategy 2,
What is nash equilibrium 3
32
cards
week 10
Graph labour market 1,
Graph capital market 2,
Demand for physical capital is 3
54
cards
Week 11
What is an externality 1,
What is a negative externality 2,
What is the market outcome 3
53
cards
week 12
Common resources are 1,
What is tragedy of commons 2,
Why is there inefficient overuse ...
41
cards
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Microeconomics
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