Microeconomics

Microeconomics

by The Editors of REA, REA Staff
     
 

ISBN-10: 087891191X

ISBN-13: 9780878911912

Pub. Date: 06/28/2000

Publisher: Research & Education Association


Get all you need to know with Super Reviews! Each Super Review is packed with in-depth, student-friendly topic reviews that fully explain everything about the subject. The Microeconomics Super Review includes the fundamentals of supply and demand, consumer theory, production revenue and cost, perfect competition, the monopoly, factor prices, monopolistic…  See more details below

Overview


Get all you need to know with Super Reviews! Each Super Review is packed with in-depth, student-friendly topic reviews that fully explain everything about the subject. The Microeconomics Super Review includes the fundamentals of supply and demand, consumer theory, production revenue and cost, perfect competition, the monopoly, factor prices, monopolistic competition, and oligopolies. Take the Super Review quizzes to see how much you've learned - and where you need more study. Makes an excellent study aid and textbook companion. Great for self-study!

DETAILS
- From cover to cover, each in-depth topic review is easy-to-follow and easy-to-grasp - Perfect when preparing for homework, quizzes, and exams!
- Review questions after each topic that highlight and reinforce key areas and concepts
- Student-friendly language for easy reading and comprehension
- Includes quizzes that test your understanding of the subject

Product Details

ISBN-13:
9780878911912
Publisher:
Research & Education Association
Publication date:
06/28/2000
Series:
Super Reviews Study Guides
Pages:
216
Sales rank:
1,385,619
Product dimensions:
5.52(w) x 8.24(h) x 0.54(d)
Age Range:
16 Years

Related Subjects

Table of Contents

Chapter 1Fundamentals of Supply and Demand
1.1Economics and Scarcity1
1.2Factors of Production3
1.3Opportunity Cost4
1.4Production Possibilities Frontier5
1.5Increasing Relative Costs and Diminishing Returns10
1.6Changes of Scale--Returns and Economies13
1.7Markets--Supply and Demand15
1.8Equilibrium of Supply and Demand27
1.9Elasticities34
Quiz: Fundamentals of Supply and Demand49
Chapter 2Consumer Theory
2.1Consumer Preferences53
2.2Cardinal Approach = Measurable Utility54
2.3Law of Diminishing Marginal Utility62
2.4Indifference Curves (IC)64
2.5Marginal Rate of Substitution and Law of Substitution66
2.6Indifference Map69
2.7Substitutes, Complements, and Indifference Maps71
2.8The Budget Line (BL)72
2.9Consumer Maximization and Equilibrium Position78
2.10Effects of Changes of Income and Prices on the Consumer Equilibrium Position81
2.11Income and Substitution Effects84
2.12Expenditure: Consumption-Income and Engel Curves87
2.13Categories of Goods: Normal, Superior Inferior, and Giffen Goods88
2.14Consumer Surplus91
2.15Appendix: Trade, Edgeworth Box, Contract Curves93
Quiz: Consumer Theory95
Chapter 3Production--Revenue and Cost
3.1Production and Efficiency99
3.2Isoquants, Isocost, and Ridge Lines103
3.3Product Curves109
3.4Revenue113
3.5Cost114
Chapter 4Perfect Competition
4.1Perfect Competition and Profit Maximization124
4.2The Demand Curve for a Perfectly Competitive Firm126
4.3Profit Maximization Under Perfect Competition--Short Run129
4.4Profit Maximization Under Perfect Competition--Long Run139
4.5Advantages and Disadvantages of Perfect Competition143
Quiz: Production--Revenue and Cost & Perfect Competition144
Chapter 5The Monopoly
5.1Imperfect Competition and Monopoly148
5.2Monopoly and Profit Maximization152
5.3Natural Monopolies and Barriers to Entry157
5.4Price Discrimination160
5.5The Multi-Plant Monopolist163
5.6Monopoly Resource Misallocation164
5.7Cartels and Collusion165
Chapter 6Monopolistic Competition and Oligopolies
6.1Monopolistic Competition: Characteristics169
6.2Monopolistic Competition: Demand and Profit Maximization in the Short Run171
6.3Long Run Equilibrium for the Monopolistic Competitor174
6.4Oligopoly: Defined176
6.5Oligopoly: Classical Models177
6.6Sweezy's Kinked Demand Curve181
6.7Non-Price Competition and Implicit Collusion183
Quiz: The Monopoly & Monopolistic Competition and Oligopolies186
Chapter 7Factor Prices
7.1Forms of Income Generation190
7.2Perfect Competition in the Resource Market190
7.3Resource Demand for a Competitive Buyer and Seller192
7.4Resource Supply for a Competitive Market194
7.5Resource Demand for a Monopolist197
7.6The Monopsonist199
Quiz: Factor Prices201

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