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Topic outline

  • Introduction and basic concepts

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      Scarcity Page
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      Scarcity and rivalry Page
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      Four factors of production Page
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      Economic models Page
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      Normative and positive statements Page
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      Property rights in a market system Page
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      Markets and property rights Page
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      Production possibilities curve Page
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      Opportunity cost Page
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      Increasing opportunity cost Page
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      PPCs for increasing, decreasing and constant opportunity cost Page
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      Comparative advantage, specialization, and gains from trade Page
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      Comparative advantage and absolute advantage Page
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      Opportunity cost and comparative advantage using an output table Page
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      Terms of trade and the gains from trade Page
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      Input approach to determining comparative advantage Page
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      When there aren't gains from trade Page
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      Comparative advantage worked example Page
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      Quiz
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  • Supply, demand and market equilibrium

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      Law of demand Page
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      Market demand as the sum of individual demand Page
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      Substitution and income effects and the law of demand Page
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      Price of related products and demand Page
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      Change in expected future prices and demand Page
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      Changes in income, population, or preferences Page
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      Normal and inferior goods Page
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      Inferior goods clarification Page
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      Law of supply Page
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      Change in supply versus change in quantity supplied Page
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      Factors affecting supply Page
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      Market equilibrium Page
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      Changes in market equilibrium Page
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      Changes in equilibrium price and quantity when supply and demand change Page
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  • Elasticity

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      Introduction to price elasticity of demand Page
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      Price elasticity of demand using the midpoint method Page
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      More on elasticity of demand Page
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      Determinants of price elasticity of demand Page
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      Determinants of elasticity example Page
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      Perfect inelasticity and perfect elasticity of demand Page
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      Constant unit elasticity Page
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      Total revenue and elasticity Page
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      More on total revenue and elasticity Page
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      Elasticity and strange percent changes Page
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      Introduction to price elasticity of supply Page
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      Elasticity of supply using a different method Page
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      Price elasticity of supply determinants Page
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      Income elasticity of demand Page
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      Cross-price elasticity of demand Page
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  • Consumer and producer surplus, market interventions, and international trade

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      Demand curve as marginal benefit curve Page
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      Consumer surplus introduction Page
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      Total consumer surplus as area Page
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      Producer surplus Page
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      Equilibrium, allocative efficiency and total surplus Page
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      Rent control and deadweight loss Page
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      Minimum wage and price floors Page
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      How price controls reallocate surplus Page
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      Taxation and dead weight loss Page
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      Example breaking down tax incidence Page
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      Percentage tax on hamburgers Page
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      Taxes and perfectly inelastic demand Page
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      Taxes and perfectly elastic demand Page
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      Changing equilibria from trade Page
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      Trade and tariffs Page
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      Example on tariffs and trade Page
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  • Consumer theory

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      Marginal utility and total utility Page
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      Visualizing marginal utility MU and total utility TU functions Page
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      Utility maximization: equalizing marginal utility per dollar Page
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      Deriving demand curve from tweaking marginal utility per dollar Page
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      Utility maximization: equalizing marginal utility per dollar Page
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      Marginal utility free response example Page
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      Budget line Page
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      Indifference curves and marginal rate of substitution Page
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      Optimal point on budget line Page
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      Types of indifference curves Page
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  • Production decisions and economic profit

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      Introduction to production functions Page
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      Total product, marginal product, and average product Page
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      Fixed, variable, and marginal cost Page
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      Marginal cost, average variable cost, and average total cost Page
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      Graphs of MC, AVC and ATC Page
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      Marginal revenue and marginal cost Page
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      Marginal revenue below average total cost Page
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      How costs change when fixed and variable costs change Page
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      Graphical impact of cost changes on marginal and average costs Page
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      Visualizing average costs and marginal costs as slope Page
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      Long-run average total cost curve Page
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      Economies and diseconomies of scale Page
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      Minimum efficient scale and market concentration Page
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      Economic profit vs accounting profit Page
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      Depreciation and opportunity cost of capital Page
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      Long term supply curve and economic profit Page
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      Profit maximization Page
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      Profit maximization worked example Page
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      Shutting down or exiting industry based on price Page
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      Long-run economic profit for perfectly competitive firms Page
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      Long run supply when industry costs aren't constant Page
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      Example on perfect competition Page
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  • Forms of competition

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      Introduction to perfect competition Page
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      Economic profit for firms in perfectly competitive markets Page
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      Long-run economic profit for perfectly competitive firms Page
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      Long-run supply curve in constant cost perfectly competitive markets Page
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      Long run supply when industry costs aren't constant Page
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      Example on perfect competition Page
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      Perfect and imperfect competition Page
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      Types of competition and marginal revenue Page
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      Marginal revenue and marginal cost in imperfect competition Page
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      Monopolies vs. perfect competition Page
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      Economic profit for a monopoly Page
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      Monopolist optimizing price: Total revenue Page
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      Monopolist optimizing price: Marginal revenue Page
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      Monopolist optimizing price: Dead weight loss Page
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      Review of revenue and cost graphs for a monopoly Page
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      Optional calculus proof to show that MR has twice slope of demand Page
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      Price discrimination Page
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      Monopoly price discrimination Page
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      Oligopolies and monopolistic competition Page
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      Monopolistic competition and economic profit Page
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      Long run economic profit for monopolistic competition Page
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      Oligopolies, duopolies, collusion, and cartels Page
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      Prisoners' dilemma and Nash equilibrium Page
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      More on Nash equilibrium Page
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      Why parties to cartels cheat Page
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      Game theory of cheating firms Page
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  • Factor markets

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      A firm's marginal product revenue curve Page
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      How many people to hire given the MPR curve Page
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      Introduction to labor markets Page
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      Labor-leisure tradeoff and the labor supply curve Page
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      Adding demand curves Page
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      Changes in labor supply Page
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      Shifts in the demand for labor Page
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      Cost minimizing choice of inputs Page
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      Factor markets worked example Page
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      A monopsonistic market for labour Page
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      Monopsony employers and minimum wages Page
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  • Market failure and the role of government

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      Allocative efficiency and marginal benefit Page
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      Negative externalities Page
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      Positive externalities Page
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      Taxes for factoring in negative externalities Page
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      Tragedy of the commons Page
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      Rival and excludable goods Page
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