What is economics? Scarcity, Marginal benefit and cost.
Supply and Demand
Demand and supply curve, equilibrium price, determinants of supply and demand, price ceilings and floors
Government and market failure
Complications to both simply supply and demand and government solutions to it
Price elasticity of demand and supply, determinants of price elasticity, relationsthip between elasticity and revenues
Total vs Marginal utility, law of diminishing marginal utility, utility maximization
III) Cost of Production
Production functions, marginal productivity, law of diminishing returns, accounting vs economic profit, long run costs and economies of scales.
IV) Market Structure
What is perfect competition? Output and price maximization, competitive firm in the short vs long run, economies of scale. How realistic is this market
What is a monopoly? Model of monopoly market Price discrimination,
Differences between monopolistic competition and both perfect competition and monopoly. Price and output in price searcher market, real world competition
Introduction to Game Theory and applications
What is Free trade?