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Microeconomics Study Guide: Costs, Supply, Surplus, and Externalities

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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

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

Marginal Cost

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    Marginal Cost
    10:48

Graphing Costs

  • Guided course
    Graphing Cost Curves
    10:54

Average Total Cost: Short Run and Long Run

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    ATC in the Short Run and Long Run
    13:13

Individual Supply Curve in the Short Run and Long Run

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    Individual Firm Supply Curve in the Long Run
    03:12
  • Guided course
    Individual Firm Supply Curve in the Short Run
    03:19

Market Supply Curve in the Short Run and Long Run

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    Market Supply Curve in the Long Run
    06:07
  • Guided course
    Market Supply Curve in the Short Run
    03:02

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
  • Guided course
    Producer Surplus in a Small Setting
    11:38

Consumer Surplus and Willingness to Pay

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

Economic Surplus and Efficiency

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

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

Using the Supply and Demand Curves to Find Equilibrium

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

Introducing Taxes and Tax Incidence

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

Effects of Taxes on a Market

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    Effects of Taxes
    09:45

Subsidies

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    Subsidies
    09:29

Exporting and Importing

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    Low World Price:Import
    06:36
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    Autarky
    04:
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    High World Price:Export
    09:03

Tariffs on Imports

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    Tariffs on Imports
    14:35

Externalities: Social Benefits and Social Costs

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