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Snoodle Andy
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Decks in this class (30)
46: Income effects, substitution effects, and elasticity
Substitution effect,
Income effect,
For what goods is the substitutio...
7
cards
47: Interpreting price elasticity of demand
Perfectly inelastic,
Shape of perfectly inelastic dema...,
Perfectly elastic
16
cards
48: Other elasticities
Cross price elasticity of demand,
Cross price elasticity of demand ...,
Negative cross price elasticity
14
cards
49: Consumer and producer surplus
Willingness to pay,
Consumer surplus,
Seller cost
4
cards
50: Efficiency and deadweight loss
Total surplus,
Efficient,
Functions of an efficient market 4
11
cards
51: utility maximization
Utility,
Util,
Marginal utility
14
cards
80: Indifference curves and consumer choice
Indifference curve,
Indifference curve map,
Properties of indifference curves...
13
cards
52: Defining Profit
Profit,
Explicit cost,
Implicit cost
8
cards
53: Profit maximization
Principle of marginal alalysis,
Marginal revenue,
Marginal revenue equation
7
cards
54: The production function
Production function,
Fixed input,
Variable input
9
cards
55: Firm Costs
Fixed cost,
Variable cost,
Total cost
13
cards
56: Long run costs and economies of scale
Marginal decision rule,
Long run average cost curve lratc,
Economies of scale
5
cards
57: Introduction to market structure
Price taking firm,
Price taking consumer,
Perfectly competitive market
19
cards
58: Intro to perfect competition
Price taking firms optimal output...,
Equivalences of market price in p...,
When is it profitable
3
cards
61: Intro To Monopoly
Why does marginal revenue not equ...,
Quantity effect,
Price effect
4
cards
62: Monopoly And Pubic Policy
Public ownership,
Price regulation,
What do monopolists do to surplus
3
cards
63: Price Discrimination
Single price monopolist,
Price discrimination,
Perfect price discrimination
6
cards
64: Intro To Oligopoly
Interdependence,
Collusion,
Cartel
7
cards
65: Game Theory
Game theory,
Payoff,
Prisoner s dilema
8
cards
66: Oligopoly In Practice
Antitrust policy,
Why are prices lower in oligopoly...,
Price wars
5
cards
67: Intro To Monopolistic Competition
Monopolistic competition,
Short run,
Long run
7
cards
68: Product Differentiation and Advertising
Ways to differentiate products 3,
Features of differentiated produc...,
Advertising
4
cards
69: Introduction and Factor Demand
Factor of production,
Physical capital,
Human capital
14
cards
70: The Markets for Land and Capital
Implicit opportunity cost,
Elasticity of supply of land,
Elasticity of demand for land
4
cards
71: The Market for Labor
Time allocation,
Leisure,
Optimal level of labor supply
15
cards
72: Cost Minimizing Input Combo
When are capital and labor substi...,
When are capital and labor comple...,
Cost of capital
5
cards
73: Theories of Income Disitribution
Marginal productivity theory of i...,
Why do some workers earn more tha...,
Compensating differentials
14
cards
74: Intro to Externalities
Marginal cost of pollution,
Marginal benefit of pollution,
Socially optimal quantity of poll...
8
cards
75: Externalities and Public Policy
Environmental standards,
Emissions tax,
Pigouvian taxes
11
cards
76: Public Goods
Excludable,
Rival in consumption,
Non excludable
16
cards
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Mircoeconomics
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