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Topic outline

  • Introduction and basic concepts

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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

    • 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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