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Microeconomics Study Guide: Solutions to End of Chapter Problems (Farnham, Economics for Managers, 3e)

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Introduction to Economics

  • Guided course
    Hello!
    00:16

Microeconomics vs. Macroeconomics

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    Definition of Economics:Micro vs. Macro
    02:16

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
  • Guided course
    Individual Demand and Market Demand
    06:08

Movement Along a Demand Curve

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    Shifting Demand - Warning!
    05:29

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

Movement Along a Supply Curve

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    Shifting Supply - Warning!
    03:08

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

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

Price Elasticity of Demand on a Graph

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    Price Elasticity of Demand on a Graph
    11:34

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

Determinants of Price Elasticity of Demand

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    Determinants of Price Elasticity of Demand
    06:12

Total Revenue Test

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    Total Revenue Test
    09:31

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

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

Graphing Costs

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    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

Introduction to the Four Market Models

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    Four Market Model Summary
    02:25

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

Perfect Competition Profit on the Graph

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    Profit on the Graph in Perfect Competition
    13:25

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

Individual Supply Curve in the Short Run and Long Run

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    Individual Firm Supply Curve in the Long Run
    03:12
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    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
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    Market Supply Curve in the Short Run
    03:02

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