This class was created by Brainscape user Jawad Ahmed. Visit their profile to learn more about the creator.

Decks in this class (12)

SR Production + Costs
What is the profit function,
How do you calculate total revenue,
What are total costs
29  cards
LR Production + Costs
What is the long run,
If all fops are variable what can...,
On a graph how is lrtc found
16  cards
The Supply Decision
Where do firms maximise profits,
Why is mr twice as steep as ar,
Why do firms not supply at mr mc
7  cards
Perfect Competition + Supply
How can industry structure affect...,
What are the main features of a p...,
How much can a firm sell in a per...
18  cards
Monopoly
What is a monopoly,
What is the main constraint to a ...,
What are the 3 main causes for a ...
15  cards
Price Discrimination
Define price discrimination,
How does price discrimination aff...,
What is 3rd degree pd
21  cards
Labour Market- SUPPLY
What is the trade off between whe...,
What is the opportunity cost of w...,
What is the opportunity of leisure
14  cards
Labour Market- DEMAND
Define derived demand,
What assumptions do we make when ...,
What is vmpl
22  cards
Imperfect Competition
What is the difficulty with an ol...,
What are the 3 main characteristi...,
What does demand look like in per...
10  cards
Game Theory
What is game theory,
What is a strategic situation,
What are the 5 components of a game
48  cards
Risk + Insurance
What 2 things do you need to eval...,
How do you find expected income,
How do you find expected utility
26  cards
Welfare
What kind of questions is welfare...,
What two things can evaluation lo...,
What can be used to distinguish b...
28  cards

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Microeconomics SEM 2

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