Key topics in Microeconomics

This summary document covers selected topics in Microeconomics, ranging from:

• Competitive markets
  • Demand and Supply
  • Elasticities - PED, XED, YED, PES and Business uses
  • Interrelationship between Markets - Types of demand and supply
  • Market Equilibrium
  • Producer and Consumer Surplus
• Business Economics
  • Law of Diminishing Returns
  • Short/long run costs
  • Marginal/Average costs
  • Objectives of firms (Profit max, revenue max, sales max, profit satisficing)
  • Economies of Scale
  • Barriers to entry/exit
  • Price Discrimination
  • Business Efficiencies
• Market Structures
  • Perfect Competition
  • Monopolistic Competition
  • Oligopoly
  • Monopoly
  • Evaluation of each above
• Market Failures
  • Externalities
  • Merit/demerit goods
  • Public goods
  • Common access resources
  • Indirect taxes
  • Subsidies
  • Regulation
  • Evaluation