FULL Lecture Notes ECON1101

Description

Table of Contents WEEK 1(Pages 2 - 6) Lecture Module - Scarcity and Opportunity Cost - Economic Models - The Market Economy - The Types of Economic Analysis - Gains from Trade WEEK2(6-15) - The Demand Relationship - Changes in Quantity Demanded - Justifying the Law of Demand - Two Goods and the Budget Constraint - Changes in the Budget Constraint WEEK3(16-26) - Elasticity - Supply - Changes in Quantity Supplied - Firms and Marginal Profit - Maximising Profit and Producer Surplus - Industry Supply Curve - Demand and Supply - Using the Demand and Supply Model WEEK4(27-34) - Total Surplus and Deadweight Loss - Price Ceilings and Floors - Excise Taxes - Tax and Elasticity - Incidence and Impact of Taxes - Subsidies WEEK5(34-47) - Economic vs Accounting Profit - Short Run vs Long Run - Short Run Profit - Costs in the Long Run - Perfect Competition and Long Run Equilibrium - Comparative Statics of Perfect Competition WEEK6(47-53) - What are Monopolies - Profit-Maximising Monopolies - Inefficiency of Monopolies - Regulating Monopolies WEEK7(53-59) - Price Discrimination - Monopolistic Competition in the Short Run - Monopolistic Competition in the Long Run WEEK8(60-70) - Externalities - Government Interventions for Externalities - Rivalry and Excludability - Public Goods - Club Goods - Common Resources WEEK9(70-86) - Introduction to Game Theory - Dominant Strategy Equilibrium - Nash Equilibrium - Cooperation Through Repetition - Oligopolies - Sequential Games - Subgame Perfect Nash Equilibrium - Benefits of Irrationality WEEK10(87-98) - The Endowment Effect - Loss Aversion - Menu Dependance and Choice Coherence - Anchoring and Adjustment Heuristic - Level-k Thinking WEEK11(98-109) - The Labour Market - Labour Market Distortions - Labour as nash Bargaining - The Capital Market - The Efficient Market Hypothesis WEEK12(110-120) - Comparative and Absolute Advantage - The Production Possibility Frontier/Curve - Equilibrium Wage Ratios and Production - Modelling a Small Open Economy - Case Study