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UNIT 3
patents
barriers to entry
economies of scale
price discrimination
long run equilibrium
- all 4 product mkt
models
- graphs AND tables
short run equilibrium
- all 4 product mkt
models
- graphs AND tables
- profits, losses, shut
down
characteristics of all 4 product market models and examples
allocative efficiency
- all 4 product mkt
models
- graphs
productive efficiency
- all 4 product mkt
models
- graphs
Demand and MR curve
- all 4 product mkt
models
- graphs
X-inefficiency
natural monopoly
mutual interdependence
concentration ratio
Herfindahl index
Kinked Demand Model
- assumptions
- graph
- profit-max Q
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UNIT 1
scarcity
productive efficiency
allocative efficiency
economic growth
PPC
- assumptions
- economic growth
- unemployment
- making choices
- law of increasing
costs
- opportunity costs
opportunity costs
complements
substitutes
law of diminishing MU
supply & Demand
S & D equilibrium
non-price determinates of D
non-price determinates of S
Problems (shortcomings) of capitalism
spillover benefits
spillover costs
public goods
exclusion principle
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UNIT 3
price elasticity of D
- definition
- formula (midpoints)
- interpreting the
coefficient
- and total revenue
- perfectly elastic
- perfectly inelastic
marginal utility
utility maximizing rule
short run
long run
law of diminishing marginal returns
law of diminishing MU
be able to calculate and find on a graph:
- TC
- TFC
- TVC
- ATC
- AVC
- AFC
- MC
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