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Principles of Microeconomics (18ECA002) Semester 1

This class was created by Brainscape user Leon Gogiqi. Visit their profile to learn more about the creator.

By: Leon Gogiqi
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Decks in this class (12)

L2 - Thinking like an economist
What do economists focus on,
What is theoretical economics,
What is practical economics
7  cards
L3 - Supply and Demand
What is demand,
What is supply,
What are the assumptions behind s...
7  cards
L4 - Equilibrium
What is it called when price is b...,
What are the role of prices,
What is the law of price adjustments
4  cards
L5 - Elasticity
What is the ped,
How do you calculate ped,
What are the determinants of ped
11  cards
L6 - Government Policies
Why do governments intervene in m...,
What is a price ceiling,
What is a rent control
11  cards
L7 - Preferences
How do individuals behave in rega...,
What is the problem behind how we...,
What does consumer theory examine
15  cards
L8 - Constrained Optimisation
What is a buyers choice constrain...,
What is a price taker,
How do you calculate total expend...
12  cards
L9 - Income and Subsitution
What is the income consumption curve,
What happens to the income consum...,
What is the engel curve
12  cards
L10 - Consumption and Leisure
What does a budget constraint bet...,
How does a worker find their opti...,
What happens if there is an incre...
8  cards
L11 - Short Run Production and Costs
What factors of production are va...,
What is the underlying assumption...,
How do you calculate profit
23  cards
L12 - Revenues and Profit Maximisation
When is a seller a price taker,
When is a buyer a price taker,
How do you calculate the change i...
16  cards
L13 - The Long Run
What options of factor inputs wil...,
What happens to the factor inputs...,
What are the assumptions behind l...
20  cards

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Principles of Microeconomics (18ECA002) Semester 1

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