ESSENTIAL KNOWLEDGE. Names: Microeconomics Unit 1: Basic Economic Concepts. Scarcity. Opportunity Costs. Economic systems (i.e. market and command)
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1 Names: Microeconomics Unit 1: Basic Economic Concepts ESSENTIAL KNOWLEDGE Scarcity Opportunity Costs Economic systems (i.e. market and command) Absolute advantage Determine comparative advantage Graph and explain the Production Possibilities Curve Need for specialization and trade Incentives and consumer/supplier choice in a market economy Concepts of marginal benefit and marginal choice
2 Microeconomics Unit 1: Basic Economic Concepts ESSENTIAL GRAPHS Draw here the essential graphs needed to help you understand the essential knowledge:
3 Microeconomics Unit 2: The Nature and Functions of Product Markets ESSENTIAL KNOWLEDGE Graph supply and demand curves and changes to supply and demand curves Determinants of supply and demand Differences in the short run vs. long run demand and supply curves Market equilibrium What causes of shifts to the supply and demand curves? Normal goods/inferior goods/complimentary goods/substitute goods Allocative efficiency/productive efficiency Price floors/surpluses Price ceilings/shortages Elasticity o Price elasticity of demand o Income elasticity of demand o Cross-elasticity of demand o Price elasticity of supply o Short and long run price elasticity of supply o Elastic demand/inelastic demand/unit elasticity of demand o Elastic supply/inelastic supply/unit elasticity of supply o Perfect elasticity of demand/supply, examples of products Consumer surplus/producer surplus and how to graph both Utility o Total utility o Marginal utility o Utility maximization o Law of Diminishing Utility Costs and Profits o Explicit costs/implicit cost o Law of Diminishing Returns o Total cost(tc)/average total costs(atc)/average fixed costs(afc)/average variable costs(avc)/ o Marginal cost (MC) o Accounting profits vs. normal profits
4 o Normal profits vs. economic profits o Marginal revenue (MR) o Profit maximization (MC = MR rule) o Economies and diseconomies of scale Pure Competition o Characteristics and graph o Demand curve for a purely competitive firm is purely inelastic (P = MR) o Profit maximization (MC = MR) o Determinants to produce or shutdown o Economics profits in long run vs. short run o Determinants of allocative efficiency o Determinants of productive efficiency Monopoly o Characteristics and graph o Profit maximization of a monopoly (MC = MR but extend upwards to demand curve) o Determinants of socially optimal price o Determinants of fair return price o Determinants of monopolistic pricing o Allocative efficiency of a monopolistic firm vs. a perfectly competitive firm o Effects of government intervention/regulation on a monopoly s profits/costs Oligopoly o Characteristics and graph o Profit maximization of an oligopolistic firm (MC = MR but extend upwards to demand curve) o Game Theory of oligopolistic firms Monopolistically Competitive Firms o Characteristics and graph o Long Run and Short Run demand curve for a monopolistically competitive firm o Profit maximization (MC = MR but extend upwards to demand curve)
5 Microeconomics Unit 2: The Nature and Function of Product Markets ESSENTIAL GRAPHS Draw here the essential graphs needed to help you understand the essential knowledge: Name:
6 Microeconomics Unit 3: The Factor Markets ESSENTIAL KNOWLEDGE Factors: Labor, Capital, Land, Entrepreneurship Derived Demand Marginal Productivity Theory o Formula for Marginal Revenue Product (MRP) = o Formula for Marginal Resource Cost (MRC) = o Profit Maximization (MRP = MRC) Elasticity of Resource Demand o Determinants of elasticity of resource demand Optimal Combination of Resources (Labor and Capital) o Least Cost Rule (MPL/PL = MPK/PK) o Profit Maximization Rule (MPL/PL = MPK/PK = 1) o Optimum combination of resources occurs when the output per dollar spent on each factor is equal Name: Determinants of Wages o o Factor Markets o o Purely Competitive Labor Market Characteristics and graph Market Equilibrium = MRP = MRC Monopsonistic Labor Market Characteristics and graph Market Equilibrium = MRP = MRC (but extend line downwards to supply of labor curve) Labor Determinants of changes to the demand for labor Determinants of changes to the supply of labor Marginal Product of Labor (MPL) Marginal Resource Cost of Labor = Wage MPL Effects of Wage Controls and Minimum Wage Determinants of differences in wages among workers Capital Determinants of changes to the demand for capital Determinants of changes to the supply of capital
7 Microeconomics Unit 3: The Factor Markets ESSENTIAL GRAPHS Draw here the essential graphs needed to help you understand the essential knowledge:
8 Microeconomics Unit 4: Market Failure and the Role of Government ESSENTIAL KNOWLEDGE Marginal Cost / Marginal Benefit Analysis Externalities o Negative/Positive o $ costs/benefits o Time costs/benefits o Opportunity costs o Spillover costs/benefits/deadweight Loss for positive and negative externality o Remedies Private market Coase Theorem Public Subsidies/Tax Breaks Tax Regulation Private vs. Public Goods o Rivalry and excludability o MSC/MSB Analysis and graph Private: MSC = MSB Public: MSC = MSB (or when MSC of one more item is 0) o Free rider problem Government Involvement in Natural Monopolies o Anti-trust regulations o Reasons for government intervention o Remedies Taxes Effects of taxes on monopoly and consumer/producer (Elasticity) Types of taxes (proportional, progressive, regressive) Subsidies to consumers/producers Effects of per-unit subsidies vs. lump sum subsidies Income inequality o Determinants of income inequality o Gini-Coefficient and the graph the Lorenze Curve
9 Microeconomics Unit 4: Market Failure and the Role of Government ESSENTIAL GRAPHS Draw here the essential graphs needed to help you understand the essential knowledge:
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