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Decks in this class (8)
31 Indifference curves & Budget lines
1. Define
2. Why does BL shift
3. Income & Substitution effect for normal, inferior and Giffen goods
4. Limitations of IC curves
4
cards
30 Utility
1. Define TU & MU
2. Calculate TU & MU
3. Law of Diminishing Marginal Utility
4. Equi-marginal principle
5. Derive individual demand curve
6. Limitations of MU & assumptions of rational behaviour
2
cards
Cost and Benefit
Equation of cost 1,
Equation of benefit 2
2
cards
Cost, Revenue, Profit, SR, LR production
What relationship can be obtained...,
What can be obtained from a produ...,
Common variable factor of product...
12
cards
Differing objectives and policies of firms
Understand
1. profit maximising
2. survival, profit satisficing, sales maximisation, revenue maximisation
3. price discrimination, conditions for effectiveness, consequences
4. limit pricing, predatory pricing, price leadership
5. relationship between PED and revenue, kinked demand curve
18
cards
36 Growth and Survival of firms
In depth of:
1. Reasons for the different sizes of firms
2. Difference between internal and external growth of
firms
3. Methods, reasons and consequences of integration
(horizontal, vertical, conglomerate)
4. Conditions and consequences for an effective cartel
5. The principal–agent problem
2
cards
38 Gov policies to achieve efficient resource allocation & correct market failure
2 policies to correct negative pr...,
Blank 2
2
cards
40 Labour Market Forces and Government Intervention
Understand and be able to explain in depth
- why demand for labour is a derived demand
- MRP
- MRP calculation, and how to use to derive an individual's demand curve for labour
- factors demand for labour
- causes of shift/movement along demand
- factors supply of labour
- causes of shift/movement along supply
30
cards
More about
microecons 😹
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These cards test basic understanding of each chapter and are designed to make memorising easier. I hope they help you remember the minor details of every topics <3
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