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Microeconomics Final Exam Review: Key Concepts and Models

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Introduction to Economics

  • Guided course
    Hello!
    00:16

Positive and Normative Analysis

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    Identifying Statements
    02:48
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    Positive Statements vs. Normative Statements
    04:35

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

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

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency

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    Allocative Efficiency with Marginal Analysis
    08:42
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    Increasing Marginal Opportunity Costs
    04:38

PPF - Outward Shifts

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

The Demand Curve

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

Shifts in the Demand Curve

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    Consumer Income:Normal Goods and Inferior Goods
    01:48
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    Substitute Goods
    04:10
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    Consumer Expectations
    02:18

The Supply Curve

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

Shifts in the Supply Curve

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    Nature
    01:
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    Technology
    01:27
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    Substitutes in Production
    03:02

Market Equilibrium

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    Overview of Supply and Demand Shifts
    04:07

Percentage Change and Price Elasticity of Demand

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    Percentage Change and Price Elasticity of Demand
    09:14
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    Different Answers when Increasing or Decreasing Prices! (Part 1)
    04:34
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    Different Answers when Increasing or Decreasing Prices! (Part 2)
    05:31

Total Revenue Test

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    Total Revenue Test
    09:31

Determinants of Price Elasticity of Demand

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    Determinants of Price Elasticity of Demand
    06:12

Cross-Price Elasticity of Demand

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    Cross-Price Elasticity of Demand
    07:14

Income Elasticity of Demand

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    Income Elasticity of Demand
    10:57

Consumer Surplus and Willingness to Pay

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    Consumer Surplus in a Small Setting
    14:41
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    Consumer Surplus and Market Demand
    06:08
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    Consumer Surplus
    03:15

Producer Surplus and Willingness to Sell

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    Producer Surplus and Market Supply
    05:24
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    Producer Surplus
    02:55
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    Producer Surplus in a Small Setting
    11:38

Allocative Efficiency, Productive Efficiency, and Equality

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    Equality
    01:17
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    Efficiency and Productive Efficiency
    04:04
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    Allocative Efficiency
    02:23

Price Ceilings, Price Floors, and Black Markets

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

Introducing Taxes and Tax Incidence

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    Tax Incidence
    03:21
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    Taxes and Tax Incidence
    13:27

Effects of Taxes on a Market

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    Effects of Taxes
    09:45

Elasticity and Taxes

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    Elasticity and Taxes:Perfectly Elastic Demand and Perfectly Inelastic Demand
    02:58
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    Elasticity and Taxes
    07:03

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 Goods: Demand Curve and Optimal Quantity

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

The Free Rider Problem and the Tragedy of the Commons

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

The Production Function and Diminishing Returns

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    The Production Function and Diminishing Returns
    07:45
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    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

Characteristics of Perfect Competition

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

Revenue in Perfect Competition

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

Short Run Shutdown Decision

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

Long Run Entry and Exit Decision

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

Long Run Equilibrium

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    Long Run Equilibrium
    07:04

Perfect Competition and Efficiency

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    Efficiency in Perfect Competition
    06:46

Characteristics of Monopoly

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

Monopoly Revenue

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    Monopoly Revenue
    03:37
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    Monopoly and Marginal Revenue
    06:43

Monopoly Efficiency and Deadweight Loss

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    Monopoly Efficiency and Deadweight Loss
    12:19

Price Discrimination

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    Price Discrimination
    04:05
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    Perfect Price Discrimination
    06:11
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    Price Discrimination
    07:45

Characteristics of Monopolistic Competition

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    Characteristics of Monopolistic Competition
    05:53
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    Monopolistic Competition Demand Curve
    04:25

Revenue in Monopolistic Competition

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    Monopolistic Competition Revenue
    03:28
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    Monopolistic Competition Marginal Revenue
    07:13

Monopolistic Competition in the Long Run

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

Efficiency in Monopolistic Competition

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    Monopolistic Competition Productive Efficiency
    03:54
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    Monopolistic Competition Allocative Efficiency
    02:56

Advertising

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    The Role of Advertising
    04:52

Characteristics of Oligopoly

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    Characteristics of Oligopoly
    04:45
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    Oligopoly Barriers to Entry
    05:16

One-Time Games and the Prisoner's Dilemma

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

Game Theory and Oligopoly Profit

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    Oligopoly Profit
    06:36
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    Oligopoly Profit
    10:08

Repeated Games

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    Repeated Games
    02:28