Microeconomics 11. Public Goods and Externalities
Name five ways in which government intervenes in the free market. Contrast private versus public goods. Describe the free rider…
Microeconomics – 10. The Capital Market, Interest, and Profits
On a personal level, what kinds of questions can capital analysis help us answer? At a professional level, capital analysis…
Microeconomics 9. The Labor Market and Wage Determination
Explain why the demand for labor and other factors of production is a derived demand. The derived nature of resource…
Microeconomics – 8. Land and rent
Name the three major factors of production. Discuss four reasons to study factor pricing. Which of the three major factors…
Microeconomics – 7. Oligopoly and Strategic Behavior
Define oligopoly. Illustrate scale-economy barriers to entry. Explain the entry dilemma in oligopolistic industries. What kinds of industries are characterized…
Microeconomics – 6. Monopoly and Monopolistic Competition
What is a cartel? Are cartels legal in the United States? When does a monopoly exist? What is the pricing…
Microeconomics – 5. Perfect Competition
To what does industry structure refer? What are the major types of industry structures? What is the central concept driving…
Microeconomics – Lecture 4. Supply and Production Theory
Illustrate the production function algebraically and explain its components. What does the production function specify? Define the short run. Define…
Microeconomics – 3. Demand and Consumer Behavior
Consumer choice boils down to what three things? What is the difference between a cardinal and ordinal measure of utility?…
Microeconomics – 2. Supply, Demand and Equilibrium
Why does quantity demanded tend to fall as price rises? Suppose the average income of consumers rises. What happens to…