Microeconomics

lazybonezzz
Mind Map by lazybonezzz, updated more than 1 year ago
lazybonezzz
Created by lazybonezzz over 6 years ago
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International Baccalaureate Diploma Economics HL (Microeconomics) Mind Map on Microeconomics, created by lazybonezzz on 09/24/2013.
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Microeconomics
1 Demand, supply, equlibrium
1.1 Elasticities
1.1.1 Income elasticity of demand
1.1.2 Price elasticity of supply
1.1.3 Price elasticity of demand
1.1.4 Cross-price elasticity of demand
1.2 Law of
1.2.1 demand
1.2.2 supply
1.3 Determinants of
1.3.1 demand
1.3.2 supply
1.4 Market Efficiency
1.4.1 Allocative efficiency
1.4.2 Price rationing
2 Government intervention
2.1 Indirect taxes
2.1.1 tax imcidence
2.1.1.1 consumer surplus
2.1.1.2 producer surplus
2.1.2 government revenue
2.2 Subsidies
2.2.1 effects on government and producers
2.3 Price controls
2.3.1 Maximum/ price ceiling
2.3.1.1 shortage
2.3.2 Minimum/ price floor
2.3.2.1 surplus
3 Market Failures
3.1 Positive externalities
3.1.1 production
3.1.2 consumption
3.2 Negative externalities
3.2.1 production
3.2.2 consumption
4 Theory of firms
4.1 market structure
4.1.1 perfect competition
4.1.2 monopoly
4.1.2.1 government intervention and approval
4.1.3 oligopoly
4.1.4 monopolisitc competition
4.1.5 market failure
4.1.6 comparing different market structures
4.2 costs, revenues, prdfit
4.2.1 breakeven point
4.2.1.1 normal profit
4.2.1.2 long -run for perfect competitors
4.2.1.3 AR=ATC
4.2.2 profit maximization point
4.2.2.1 short-run for perfect competitors
4.2.2.2 monopoly
4.2.2.3 supernormal profit
4.2.2.4 MR=MC
4.2.3 shut-down point
4.2.3.1 P<AVC
4.2.3.2 loss-minimizing
4.2.4 diagrams and calculations
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