Microeconomics SEM 2 Flashcards

Decks in this Class (12):

• Sr Production Costs

  SR Production + Costs

  Sample Cards:

  what is the profit function,

  how do you calculate total revenue,

  what are total costs
  29 Cards
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• Lr Production Costs

  LR Production + Costs

  Sample Cards:

  what is the long run,

  if all fops are variable what can firms,

  on a graph how is lrtc found
  16 Cards
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• The Supply Decision

  The Supply Decision

  Sample Cards:

  where do firms maximise profits,

  why is mr twice as steep as ar,

  why do firms not supply at mr mc
  7 Cards
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• Perfect Competition Supply

  Perfect Competition + Supply

  Sample Cards:

  how can industry structure affect prices,

  what are the main features of a perfectl,

  how much can a firm sell in a perfectly
  18 Cards
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• Monopoly

  Monopoly

  Sample Cards:

  what is a monopoly,

  what is the main constraint to a monopol,

  what are the 3 main causes for a monopol
  15 Cards
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• Price Discrimination

  Price Discrimination

  Sample Cards:

  define price discrimination,

  how does price discrimination affect con,

  what is 3rd degree pd
  21 Cards
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• Labour Market Supply

  Labour Market- SUPPLY

  Sample Cards:

  what is the trade off between when worke,

  what is the opportunity cost of working,

  what is the opportunity of leisure
  14 Cards
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• Labour Market Demand

  Labour Market- DEMAND

  Sample Cards:

  define derived demand,

  what assumptions do we make when analysi,

  what is vmpl
  22 Cards
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• Imperfect Competition

  Imperfect Competition

  Sample Cards:

  what is the difficulty with an oligopoly,

  what are the 3 main characteristics of m,

  what does demand look like in perfect co
  10 Cards
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• Game Theory

  Game Theory

  Sample Cards:

  what is game theory,

  what is a strategic situation,

  what are the 5 components of a game
  48 Cards
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• Risk Insurance

  Risk + Insurance

  Sample Cards:

  what 2 things do you need to evaluate a,

  how do you find expected income,

  how do you find expected utility
  26 Cards
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• Welfare

  Welfare

  Sample Cards:

  what kind of questions is welfare econom,

  what two things can evaluation look at,

  what can be used to distinguish between
  28 Cards
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