Download Micro Course Breakdown

Microeconomics Concepts
Unit 1: Basic Economic Concepts
PPT 1.1- Introduction (29 Slides)
 Scarcity
 Microeconomics vs. Macroeconomics
 Positive vs. Normative Economics
 Rational Self-Interest
 Marginal Analysis
 Opportunity Cost and Trade-offs
 Four Factors of Production
PPT 1.2- Economic Systems (19 Slides)
 Free-Market Economy
 Centrally Planned Economy
PPT 1.3- Production Possibilities Curve (33 Slides)
 Efficiency
 Straight vs. Bowed PPC
 Law of Increasing Opportunity Costs
 Shifters of the PPC
 Capital Goods and Future Growth
PPT 1.4- Specialization and Trade (26 Slides)
 Absolute Advantage
 Comparative Advantage
 Terms of Trade
PPT 1.5- Circular Flow Model and FRQs(14 Slides)
 Product and Factor Markets
 Private and Public Sector
 Factor Payments
Unit 2: Supply, Demand, and
Consumer Choice
PPT 2.1 Demand (45 Slides)
 Law of Demand
 Substitution Effect and Income Effect
 Law of Diminishing Marginal Utility
 5 Shifters (Determinants) of Demand
 Substitutes and Complements
 Normal Goods vs. Inferior Goods
PPT 2.2- Supply and Equilibrium (31 Slides)
 Law of Supply
 6 Shifters (Determinants) of Supply
 Quantity Supplied vs. Supply
PPT 2.3- Shifting Demand and Supply (24 Slides)
 Equilibrium Price and Equilibrium Quantity
 Disequilibrium: Surplus and Shortage
 Consumer and Producers Surplus
 Double Shifts
PPT 2.4- Price Controls and Efficiency (13 Slides)
 Price Floors and Ceilings
 Deadweight Loss
PPT 2.5- Elasticity (23 Slides)
 Price Elasticity of Demand
 The Total Revenue Test
 Income Elasticity of Demand
 Cross-Price Elasticity of Demand
 Price Elasticity of Supply
PPT 2.6- Trade and Taxes (27 Slides)
 Benefits of Trade
 Tariffs and Quotas
 Excise Taxes
PPT 2.7- Consumer Choice (14 Slides)
 Marginal Benefit and Marginal Costs
 Utility Maximizing Rule
Unit 3: Costs of Production and
Perfect Competition
PPT 3.1- Revenue and Profit (10 Slides)
 Total Revenue
 Explicit vs. Implicit Costs
 Accounting vs. Economic Profit
 Profit Maximizing Rule (MR=MC)
PPT 3.2- Diminishing Marginal Returns (20 Slides)
 Total Product and Marginal Product
 Three Stages of Returns
PPT 3.3- Costs of Production (62 Slides)
 Fixed and Variable Costs
 Total Cost
 Per-Unit Costs- (AVC, AFC, ATC)
 Shifts in MC, ATC, AVC, and AFC.
 Marginal Cost and Marginal Revenue
PPT 3.4- Long-Run Costs (14 Slides)
 Economies of Scale
 Returns to Scale
 Diseconomies of Scale
PPT 3.5- Perfect Competition (44 Slides)
 4 Market Structures
 Price Takers
 Shut Down Rule(P<AVC)
 Per Unit vs. Lump Sum
PPT 3.6- Perfect Competition Long-Run (42 Slides)
 Barrier to Entry
 Normal Profit
 Constant Cost Industry
PPT 3.7- Perfect Comp and Efficiency (18 Slides)
 Productive Efficiency (P=Min ATC)
 Allocative Efficiency (P= MC)
Unit 4: Imperfect Competition
PPT 4.1- Monopolies (53 Slides)
 Barriers to Entry
 MR Below Demand
 Elastic vs. Inelastic Range
 Profit-Maximizing Price and Quantity
 Natural Monopoly
 Deadweight Loss
PPT 4.2- Regulation and Discrimination (27 Slides)
 Fair Return Price
 Socially Optimal Price
 Price Discrimination
PPT 4.3 Monopolistic Competition (23 Slides)
 Non-price Competition
 Differentiated Products
 Long-Run Equilibrium
 Excess Capacity
PPT 4.4- Oligopolies (42 Slides)
 Game Theory
 Dominant Strategy
 Nash Equilibrium
 Collusion and Cartels
 Kinked Demand Model
Unit 6: Market Failures and
Government Involvement
PPT 6.1- Market Failures
 Public Goods
 Free-Rider Problem
 Non-Exclusion
 Non-Rivalry (Shared Consumption)
 MSB = MSC
PPT 6.2- Externalities
 Negative Externalities (Spillover Costs)
 Marginal Private Cost
 Positive Externalities (Spillover Benefits)
 Marginal Private Benefit
 Common Pool Problem
PPT 6.4- Income Distribution
 Lorenz Curve
 Gini Coefficient
 Government Transfer Payments
 Progressive Taxes
 Regressive Taxes
 Proportional Taxes
 Tax Incidences
Key Graphs
Unit 5: Resource Market
PPT 5.1-Demand and Supply for Labor (31 Slides)
 Derived demand
 Shifters of Labor Demand
 Shifters of Labor Supply
 Minimum Wage
PPT 5.2- MRP, MRC, Hiring Workers (40 Slides)
 Wage Takers
 Marginal Revenue Product (MRP)
 Marginal Resource Cost (MRC)
 Profit Maximizing Rule for Labor
 Least Cost Rule
PPT 5.3- Monopsony and Unions (12 Slides)
 Monopsony
 Wage Maker
 Unions
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Production Possibilities Curve
Demand and Supply
Demand and Supply: Price Controls
Demand and Supply: Excise Tax
Demand and Supply: Trade and Tariffs
Side-by-Side Product Market and Firm
Monopoly
Price Discriminating Monopoly
Monopolistic Competition
Game Theory Matrix
Side-by-Side Resource Market and Firm
Monopsony
Negative Externality
Positive Externality
Lorenz Curve