1. Shapes of perfectly elastic and perfectly inelastic curves2. What does unitary elasticity mean?
3. Understand total revenue approach and marginal approach
4. Understand how to calculate coefficient of price elasticity of demand and determine whether it is elastic or inelastic
5. What are the determinants of Elasticity?
6. The three different time periods for producers to adjust their supply
7. Price Ceiling and Price Floor
8. When is the product a substitute and when is it a complementary under income elasticity of demand?
9. Why price and quantity have an inverse relationship?
10. Relationship between total utility and marginal utility
11. What does the law of diminishing marginal utility say?
12. Utility of water vs. Utility of Diamond in terms of Total Utility and Marginal Utility
13. What is a budget line constraint?
14. What does the utility maximization rule say?
15. Explicit costs and Implicit costs
16. How to calculate normal profit?
17. What can producers to in the short run in terms of output? What can they do in the long run?
18. Example of fixed cost and variable costs
19. Calculate average variable and average fixed costs
20. What are the causes of Economies of scale?
21. What is the Planning Curve?
22. What is the main reason for diseconomies of scale?
23. What are examples of oligopoly, monopoly and monopolistic market structures?
24. Characteristics of perfect competition
25. How does the demand curve for an individual firm in pure competition look like?
26. At what point is profit maximized?
27. Price is equal to average revenue and marginal revenue in pure competition
28. Disadvantages of pure competition
29. What will a firm in perfect competition market do if MR>MC or MR<MC or P<AVC
30. Consumer utility is maximized when budget constraint meets indifference curve
31. Know how to calculate price elasticity of demand using midpoint method
32. Know how to calculate income elasticity of demand
33. Know how to calculate cross elasticity of demand
34. Using the utility maximization rule, find out the best combination of two goods that will give maximum utility
35. Calculate profit for a firm operating in a pure competition market in the short run
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