Introductory Course in Economics

8 August 2017

Price Theory and Applications 2. 0 Theory of Demand and Supply Concept of demand Law of demand and demand curve Demand for substitute goods and complementary goods Demand for normal goods and inferior goods Determinants of demand Change in demand and change in quantity demented Concept of supply Law of supply and supply curve Determinants to supply and change in quantity supplied quantity 2. 1 formula elasticity revenue curve of demand market period elasticity of demand and income elasticity

Cross price elasticity of demand demand for substitutes and complementary goods Income elasticity of demand for normal and inferior goods 2. 2 and supply and elasticity concepts Regulated prices Change in supply Market equilibrium Supply and demand equality Equilibrium price and Surpluses and shortages Elasticity of Demand and Elasticity of Demand Price elasticity of Demand Price elasticity coefficient and Arc elasticity and point Price elasticity and total Determinants of price elasticity Elasticity of Supply Price elasticity of Supply Price elasticity of supply and Concepts of cross price

Cross price elasticity of Application of demand Price ceilings and shortages Price floors and surpluses Elasticity and pricing power Elasticity and Indirect taxation and subsidies McConnell, Chi. 3 & 18; Hardwire, Chi. 3 & 5 and Costs profits costs economic profit Production costs and relationships Variable costs Marginal cost and Total cost marginal and total cost curves Marginal product and Total product marginal and total product curves Diminishing Returns 3. 2 Costs and relationships Chap. 22; Hardwire, Chap. 2 Renumbers Chi 3 & 4; 3. Theory of Production 3. 0 3. 1 Economic costs and

Explicit and implicit Normal profit and Short-Run Fixed costs and Average cost, Average, Average product, Law of Long-Run Production Firm size and costs The long run cost curve Economies of scale Returns to scale Renumbers Chi. 6; McConnell, Market Structures pure competitive market and its relevance faced by competitive firm 4. 0 Pure Competition Characteristics of Pure competition Demand curve Output and profit mastication in the short run and long run by the competitive firm 4. 1 monopoly determination Pure Monopoly Characteristics of pure Barriers to entry Monopoly demand curve Output and price

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