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Microeconomics – Key Graphs
• Production Possibility Frontiers (opportunity costs, international trade)
• Circular Flow Model (w/ three-factor circular flow) • Market Supply and Demand (consumer/producer surplus, market distortions,
elasticity, utility maximization) • Short Run Production Relationships • Long Run Cost Curves
• Monopoly Model and Natural Monopoly Model
• Monopolistic Competition
• Pay off matrix – Duopoly – Game Theory
• Resource Markets-Marginal Production Analysis
• Monopsony
• Least Cost Rule/Profit Maximizing Rule
• Externalities
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Production Possibility Frontier
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Circular Flow Model
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Market Supply and Demand
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Consumer and Producer Surplus
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Price Ceilings and Floors
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Price Elasticity of Demand
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Taxes and Deadweight Loss
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Utility Maximization by Consumers
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Short Run Production Relationships
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Short Run Perfect Competition
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Long Run in Perfect Competition
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Economies of Scale – Returns to Scale – Diseconomies of Scale
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Monopoly
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Monopolistic Competition
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Oligopoly – Game Theory
Pay Off Matrix – Duopoly
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Marginal Revenue Production Analysis
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Marginal Revenue Product Analysis
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Perfect Competition in the Resource Market
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Monopsony
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Profit Maximizing Use of Resources by Firms
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