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Microeconomics Final Exam Study Guide: Chapters 1–15

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Scarcity and Choice

  • Guided course
    Defining Economic Terms:Scarcity, Trade-offs, and Opportunity Costs
    02:39

Marginal Analysis

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    Marginal Analysis
    09:36

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

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

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

Elasticity and the Midpoint Method

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    The Midpoint Method
    10:04

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

Economic Surplus and Efficiency

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

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

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
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    Accounting Profit and Economic Profit
    01:59

Competitive Markets

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    Introduction to Supply and Demand
    07:03

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

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

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

Sources of Comparative Advantage

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    Sources of Comparative Advantage
    06:08

Arguments Against International Trade

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    Arguments Against International Trade
    07:50

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

Four Market Model Summary: Perfect Competition

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    Four Market Model Summary: Perfect Competition
    05:02

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 Profit on the Graph

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    Monopoly Profit on the Graph
    07:41

Monopoly Efficiency and Deadweight Loss

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    Monopoly Efficiency and Deadweight Loss
    12:19

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 Profit on the Graph

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    Monopolistic Competition Profit on the Graph
    07:07

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

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

Repeated Games

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    Repeated Games
    02:28

Demand for Labor in Perfect Competition

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    Demand for Labor in Perfect Competition
    04:33

Supply of Labor in Perfect Competition

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    Supply of Labor in Perfect Competition
    03:17
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    Individual Supply Curve of Labor (Backward-Bending Supply Curve)
    04:34

Shifts in Labor Demand

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    Shifts in Labor Demand:Technological Change (II)
    03:09
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    Shifts in Labor Demand:Output Price
    06:57
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    Shifts in Labor Demand:Technological Change (I)
    03:01

Asymmetric Information: Adverse Selection and Moral Hazard

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    Asymmetric Information
    02:19
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    Moral Hazard
    04:03
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    Adverse Selection
    04:42

Solutions to Informational Problems

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    Solutions to Informational Problems:Screening
    05:57
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    Solutions to Informational Problems:Signaling
    03:06

Microeconomics vs. Macroeconomics

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    Definition of Economics:Micro vs. Macro
    02:16