Microeconomics

Microeconomics

1. Foundations

   • Ceteris Paribus
   • Scarcity
     • Opportunity cost
     • Factors of production
     • PPF
     • Growth
     • Capital and Consumer Goods
   • Allocation
   • Normative and Positive Economics

2. Demand

   • Law of demand
   • Price & Non- Price Determinants
   • Types of goods

3. Supply

   • Law of Supple
   • Vertical Supply
   • Changes in Supply

4. Elasticity

   • Price Elasticity of Demand (PED)
     • Differences in the Curve
     • PED Determinants
   • Cross Elasticity of Demand (XED)
   • Income Elasticity of Demand (YED)
   • Price Elasticity of Supply (PES)

5. Revenue

   • Total Revenue
   • Elasticity & Revenue
   • Commodities

6. Theory of firm

   • Short Run & Long Run
   • Cost Theory
     • Economic Cost
     • Marginal & Average Costs
   • Law of Diminishing Returns
     • Returns to Scale
     • Diseconomics of Scale
   • Revenues
     • Revenue Theory
     • Profit
       • Maximizing Profit
     • Shut-Down & Break-Even
   • Types of Market
     • Perfect Competition
     • Monopoly
     • Oligopoly
     • Monopolistic Competiton
   • Efficiency
     • Allocative Efficiency
     • Productive Efficiency
   • Prisoner’s Dilemma
   • Market Failure
     • Externalities
       • Negative Externalities of Production
       • Positive Externalities of Production
       • Negative Externalities of Consumption
       • Price Externalities of Consumption

7. Market Equilibrium

   • Efficiency in Competitive Market
   • Consumer & Producer Surplus
   • Allocative Efficiency

8. Government intervention

   • Taxation
     • Direct Taxes
     • Indirect Taxes
       • Specific Tax
       • Percentage Tax (Ad Valrem)
   • Subsidies
     • Outcomes
   • Welfare Loss (Dead Weight Loss)
   • Price Controls
     • Price Floors
     • Price Ceilings
     • Inefficiency