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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

  • Guided course
    Introduction to Supply and Demand
    07:03

The Demand Curve

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

The Supply Curve

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

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

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

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

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

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

Four Market Model Summary: Monopoly

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    Four Market Model Summary: Monopoly
    04:34

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

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

Four Market Model Summary: Monopolistic Competition

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    Four Market Model Summary: Monopolistic Competition
    03:30

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

Kinked-Demand Theory

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    Oligopoly:Kinked Demand Theory
    13:04

Four Market Model Summary: Oligopoly

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    Four Market Model Summary: Oligopoly
    03:39