Microeconomics Notes mid Semester Exam:
Week One- Consumer Behaviour Part:
This is used to predict how individuals make decisions about their purchase of goods and services.
The theory has two parts- her preferences and her budget
Preferences- The theory
Chapter 5 Markets in Action
Define price ceiling, price floor, black
markets and sellers preferences.
Government Price Controls policies that
attempt to hold the price at some disequilibrium
that could not be maintained in the absence of
1.1 Define Economics
Economics is the study of the allocation of scare
resources amongst competing ends.
How people and society use scarce productive
resources to produce commodities and services
and distribute them for consumption amongst
9.1 Define the concept of market structure and classify
firms on the basis of market structure
Market structure depends on 5- things:
Entry of new competitors
Threat of substitutes
ELASTICITY ( )
5.1 Define the concept of elasticity and explain what
it adds to demand and supply theory.
Price Elasticity of Demand is the measure of the
responsiveness of quantity demanded to a 1% increase
in the price of the product.
Ch. 11 Imperfect Competition
12.1 List and explain the characteristics of an imperfectly
Most firms and industries fall into the categories of
monopolistic competitor or oligopoly. These are
imperfect competitors and though they vary
Microeconomics 200 Essay
Semester Two, 2014
TutorWord Limit: 1500 words
Due Date: Semester Two, 10th October 2014
TopicA) The factors that are likely to affect individuals decisions about the type of transport they use (e.g.
ECON2004 Semester One, 2015
Microeconomics Essay- 15%
Expenditure on mobile phones
Topic: The factors that are likely to affect individuals decisions about the choice of mobile
phone brands (e.g. iPhone, Samsung) and the mobile phone plan (e.g. pre-paid a
Economics Tutorial Assignment
Game theory is the related theory to helping to solve the answer to this question. Game theory is the
study of cooperative and non-cooperative approaches to games or social situations. It involves
situations where the players
Chapter 3 Demand, Supply, and Price
3.1 Formulate and explain the concept of demand.
Demand the quantities of product consumers
are willing and able to purchase at each price in
an array of prices over a specific interval in a