Microeconomics II (1^st Year)

Date: 2022

ISBN: 978-1-9256310-1-2

Format: A4, 2-page, Laminated Card

Description

The aim of this Student Guide Card is to provide first year students with an outline of the basic concepts and principles of Microeconomics II. In particular, the topics discussed in this title include: (i) production in the firm; (ii) the production function; (iii) fixed and variable resources; (iv) types of physical products (i.e. total physical product; marginal physical product; and average physical product); (v) the law of diminishing marginal returns; (vi) costs in the firm; (vii) short-run costs; (viii) long-run costs; (ix) perfect competition; (x) characteristics of perfect competition; (xi) production, costs, and profits of perfect competition; (xii) monopoly; (xiii) characteristics of monopoly; (xiv) production, costs and profits of a monopolist; (xv) monopolistic competition; (xvi) characteristics of monopolistic competition; (xvii) production, costs and profits of monopolistic competition; (xviii) oligopoly; (xix) characteristics of oligopoly; and (xx) other forms of market structure (i.e. natural monopoly; monopsony; and duopoly).