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ENVECON 100 Practice Final – Microeconomics Study Guidance

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The Production Function and Diminishing Returns

  • Guided course
    The Production Function and Diminishing Returns
    07:45
  • Guided course
    Calculating Fixed Cost, Variable Cost, and Average Total Cost
    05:09

Marginal Cost

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    Marginal Cost
    10:48

The Relationship Between Average Cost and Marginal Cost

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    Average Cost and Marginal Cost
    06:38
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    Patterns of MC, AFC, AVC, and ATC curves
    08:56

Average Total Cost: Short Run and Long Run

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    ATC in the Short Run and Long Run
    13:13

Cost-Minimizing Combination of Labor and Capital

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    Cost Minimizing Combination of Labor and Capital
    05:02
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    Differences in Cost Minimizing Point
    01:45

Revenue, Cost, and Profit

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    Explicit and Implicit Cost
    05:51
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    Fixed Costs and Variable Costs; Short Run and Long Run
    07:54
  • Guided course
    Accounting Profit and Economic Profit
    01:59

Competitive Markets

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    Introduction to Supply and Demand
    07:03

The Demand Curve

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    The Basics of Demand
    07:15
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    Individual Demand and Market Demand
    06:08

The Supply Curve

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    Individual Supply and Market Supply
    06:04
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    The Basics of Supply
    03:53

Market Equilibrium

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    Overview of Supply and Demand Shifts
    04:07

Using the Supply and Demand Curves to Find Equilibrium

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    Equilibrium
    04:19
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    Results of Both Shifting
    06:34
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    Demand Shifts
    06:18

Economic Surplus and Efficiency

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    Deadweight Loss and Market Failure
    07:08
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    Economic Surplus
    11:40

Externalities: Social Benefits and Social Costs

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    Externalities on the Graph
    14:23
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    Negative Externality and Positive Externality
    10:54

Public Solutions to Externalities

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    Public Solutions to Externalities:Quantity Limits
    04:07
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    Public Solutions to Externalities:Command-and-Control Policies and Corrective Pigovian Taxes and Subsidies
    16:25

Private Solutions to Externalities: The Coase Theorem

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    The Coase Theorem
    09:03

Budget Constraint

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    Budget Constraint (Budget Line)
    08:41
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    Budget Constraint:Change in Price of a Good
    03:50
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    Budget Constraint:Change in Income
    03:44

Indifference Curves

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    Indifference Curves
    14:47
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    Properties of Indifference Curves
    04:23

Consumer Optimum Consumption: Budget Constraint and Indifference Curves

  • Guided course
    Consumer Optimum Consumption: Budget Constraint and Indifference Curves
    07:07

Consumer Optimum Consumption: Marginal Utility per Dollar Spent

  • Guided course
    Consumer Optimum Consumption: Marginal Utility per Dollar Spent
    09:38