USYD

Semester 1, 2015


MICROECONOMICS: Perfectly Competitive Markets

30 pages

7,683 words

$39.00

1

Description

Notes include summaries of:
> Comparative Advantage and the basis for trade:
- Opportunity Cost
- Comparative Advantage
- Absolute Advantage
- The Production Possibility Curve

> Supply in perfectly competitive markets
- Cost-benefit principle
- Economic Surplus
- Marginal Benefit
- Marginal Cost
- Shut down conditions
- Elasticity of Supply

> Demand in perfectly competitive markets
- Elasticity of Demand

> Supply and Demand (an equilibrium)
- Building an aggregate supply/demand curve

> Government Intervention
- Taxes
- Subsidies
- Price ceiling
- Price floor

> International Trade
- Quotas
- Tariffs

Author

Laura

Campus

UNSW, Kensington

Member since

April 2014