Microeconomics Super Review

Microeconomics Super Review

by The Editors of REA, REA Staff


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Product Details

ISBN-13: 9780878911912
Publisher: Research & Education Association
Publication date: 06/29/2000
Series: Super Reviews Study Guides Series
Pages: 216
Product dimensions: 5.50(w) x 8.25(h) x 0.54(d)
Age Range: 16 Years

Read an Excerpt

What This Book Will Do For You...

REA's SUPER REVIEWS provides all you need to know to excel in class and succeed on midterms, finals, and even pop quizzes.

Think of this book as giving you access to your own private tutor. Here, right at your fingertips, is a brisk review to help you not only understand your textbook but also pick up where even some of the best lectures leave off.

Outstanding features include...
- Comprehensive yet concise coverage
- Targeted preparation for subject tests
- Easy-to-follow & format that helps you master the subject matter
- End-of-chapter quizzes that provide pretest tune-up

We think you'll agree that, whether you're prepping for your next test or want to be a stronger contributor in class, REA's truly provides all you need to know!

Larry B. Kling
Super Review Program Director

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
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
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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