Chapter 9
Monopolistic Competition
1
Objectives
By the end of this chapter, students
should be able to:
O Identify the characteristics of a
monopolistic competitive market.
O Calculate the profit maximizing / loss
minimizing point.
O Sketch graphs pertain
ECO1207 Microeconomics
Tutorial 3
1. Which of the following would NOT be a determinant of demand?
A.
B.
C.
D.
The price of related goods.
Income.
Tastes.
The prices of the inputs used to produce the good.
2. If the price of a substitute to good X increase
Chapter 3
Demand
1
Objectives
By the end of this chapter,
students should be able to:
Explain the concept and law of
demand.
Draw individual and market
demand curves.
Differentiate between quantity
demanded and demand.
Identify the factors that affect
cha
Chapter 5
Supply and Demand:
Market Equilibrium
1
Objectives
By the end of this chapter, students should
be able to:
Describe the relationship between supply
and demand when they interact together in
a market.
Explain how ceiling price and floor price
cou
Chapter 7
Economic Costs
1
Objectives
By the end of this chapter, students should be
able to:
Distinguish between implicit costs and
explicit costs.
Distinguish between accounting profit and
economic profit.
Explain and calculate the costs involved in
CHAPTER 6
Elastic
ity
1
OBJECTIVES
By the end of this chapter, students should be able to:
Explain, calculate and interpret the values of price
elasticity of demand and supply.
Identify the factors aff ecting price elasticity of
demand and supply.
Iden
Chapter 4
Supply
1
Objectives
By the end of this chapter, students should be
able to:
Explain the concept of supply.
Draw the individual and market supply
curves.
Differentiate between supply and quantity
supplied.
Identify the factors that affect cha
Chapter 8
Pure Competition
1
Objectives
By the end of this chapter, students should be
able to:
Identify the characteristics of a purely
competitive market.
Sketch and interpret graphs of firms in this
market.
Derive profit / loss from calculation and
1
CHAPTER 10
Oligopoly
2
Objectives
By the end of this chapter, students should be able to:
Identify the characteristics of an oligopoly market
structure.
Sketch graphs related to this market structure.
Calculate the profit maximizing / loss minimizing
Chapter 11
Monopoly
1
Objectives
By the end of this chapter, students should be able
to:
Identify characteristics of a monopoly firm.
Sketch graphs pertaining to this market structure.
Calculate the profit-maximizing or loss-minimizing
point for this f