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Microeconomics Final Exam Review: Key Concepts and Relationships

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Introduction to Economics

  • Economic Systems
    01:42
  • Defining Economic Terms: Scarcity, Trade-offs, and Opportunity Costs
    04:30
  • Guided course
    Hello!
    00:16

Positive and Normative Analysis

  • Guided course
    Identifying Statements
    02:48
  • Guided course
    Positive Statements vs. Normative Statements
    04:35

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

  • Guided course
    Understanding the PPF
    06:23
  • Guided course
    PPF - Attainable and Efficient
    04:48

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency

  • PPF - Graphing Increasing Marginal Opportunity Costs
    03:33
  • PPF - The Law of Increasing Opportunity Costs
    05:04

PPF - Outward Shifts

  • Guided course
    PPF - General Economic Growth
    01:55
  • Guided course
    PPF - Technological Advances in an Industry
    02:49

The Basics of Demand

  • The Basics of Demand
    06:02

Shifting Demand

  • Consumer Income: Normal Goods and Inferior Goods
    01:30
  • Consumer Preferences
    01:44
  • Number of Consumers
    02:15

The Basics of Supply

  • The Basics of Supply
    02:43

Shifting Supply

  • Guided course
    Nature
    01:
  • Technology
    01:39
  • Shifting Supply
    01:56

Overview of Supply and Demand Shifts

  • Guided course
    Overview of Supply and Demand Shifts
    04:07

Percentage Change and Price Elasticity of Demand

  • Interpreting Elasticity
    04:56
  • Introducing Price Elasticity of Demand
    03:33
  • Guided course
    Different Answers when Increasing or Decreasing Prices! (Part 1)
    04:34

Total Revenue Test

  • Guided course
    Total Revenue Test
    09:31

Determinants of Price Elasticity of Demand

  • Guided course
    Determinants of Price Elasticity of Demand
    06:12

Cross-Price Elasticity of Demand

  • Guided course
    Cross-Price Elasticity of Demand
    07:14

Income Elasticity of Demand

  • Guided course
    Income Elasticity of Demand
    10:57

Willingness to Pay and Consumer Surplus

  • Consumer Surplus and Market Demand
    06:03
  • Consumer Surplus
    02:15
  • Willingness to Pay and Consumer Surplus
    03:39

Willingness to Sell and Producer Surplus

  • Willingness to Sell and Producer Surplus
    03:04
  • Producer Surplus and Market Supply
    04:03
  • Producer Surplus
    01:30

Productive and Allocative Efficiency

  • Equity and Fairness
    04:14
  • Productive Efficiency and Allocative Efficiency
    03:26

Price Ceilings, Price Floors, and Black Markets

  • Guided course
    Price Ceilings
    07:07
  • Guided course
    Price Floors and Black Markets
    08:03
  • Guided course
    Price Floors
    02:18

Introducing Taxes and Tax Incidence

  • Guided course
    Tax Incidence
    03:21
  • Guided course
    Taxes and Tax Incidence
    13:27

Effects of Taxes on a Market

  • Guided course
    Effects of Taxes
    07:49
  • Tax Revenue
    03:59

Externalities: Social Benefits and Social Costs

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

Public Goods: Demand Curve and Optimal Quantity

  • Guided course
    Demand Curve of a Public Good
    08:18
  • Guided course
    Demand Curve of a Private Good
    03:52

The Free Rider Problem and the Tragedy of the Commons

  • Guided course
    Tragedy of the Commons
    07:34
  • Guided course
    Free Rider Problem
    06:11

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

  • Guided course
    Marginal Cost
    10:48

The Relationship Between Average Cost and Marginal Cost

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

Average Total Cost: Short Run and Long Run

  • Guided course
    ATC in the Short Run and Long Run
    13:13

Characteristics of Perfect Competition

  • Guided course
    Characteristics of Perfect Competition
    02:29
  • Guided course
    Market Demand and Individual Firm Demand
    03:57

Revenue in Perfect Competition

  • Guided course
    Revenue in Perfect Competition
    06:20
  • Guided course
    Calculating Profit from a Table
    08:15

Short Run Shutdown Decision

  • Guided course
    Short Run Shutdown Decision (continued)
    07:54
  • Guided course
    Short Run Shutdown Decision on the Graph
    07:05
  • Guided course
    Short Run Shutdown Decision
    03:28

Long Run Entry and Exit Decision

  • Guided course
    Long Run Exit/Enter Decision (continued)
    06:04
  • Guided course
    Long Run Exit/Enter Decision
    02:39
  • Guided course
    Long Run Exit/Enter Decision on the Graph
    09:32

Perfect Competition and Efficiency

  • Guided course
    Efficiency in Perfect Competition
    06:46

Characteristics of Monopoly

  • Guided course
    Monopoly Barriers to Entry
    06:29
  • Guided course
    Characteristics of Monopoly
    02:48
  • Guided course
    Monopoly Demand Curve
    04:17

Monopoly Revenue

  • Guided course
    Monopoly Revenue
    03:37
  • Guided course
    Monopoly and Marginal Revenue
    06:43

Monopoly Efficiency and Deadweight Loss

  • Guided course
    Monopoly Efficiency and Deadweight Loss
    12:19

Price Discrimination

  • Guided course
    Price Discrimination
    04:05
  • Guided course
    Perfect Price Discrimination
    06:11
  • Guided course
    Price Discrimination
    07:45

Characteristics of Monopolistic Competition

  • Guided course
    Characteristics of Monopolistic Competition
    05:53
  • Guided course
    Monopolistic Competition Demand Curve
    04:25

Revenue in Monopolistic Competition

  • Guided course
    Monopolistic Competition Revenue
    03:28
  • Guided course
    Monopolistic Competition Marginal Revenue
    07:13

Monopolistic Competition in the Long Run

  • Guided course
    Monopolistic Competition in the Long Run
    09:47
  • Guided course
    How Companies Stay Profitable
    01:33

Efficiency in Monopolistic Competition

  • Guided course
    Monopolistic Competition Productive Efficiency
    03:54
  • Guided course
    Monopolistic Competition Allocative Efficiency
    02:56

Advertising

  • Guided course
    The Role of Advertising
    04:52

Characteristics of Oligopoly

  • Guided course
    Characteristics of Oligopoly
    04:45
  • Guided course
    Oligopoly Barriers to Entry
    05:16

One-Time Games and the Prisoner's Dilemma

  • Guided course
    Game Theory, One-Time Games, and the Prisoner's Dilemma
    05:28
  • Guided course
    One-Time Games:Finding Dominant Strategies and Nash Equilibrium with the "Check and X"Method
    06:03
  • Guided course
    Dominant Strategy and the Nash Equilibrium
    06:29