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Microeconomics Crashcourse (June)

Demand, Supply, Price Controls, Deadweight Loss & Elasticities

10am – 12pm

·      How to deal with simultaneous events covered in essay questions & do weightage / synthesis

·      Using non price factors of demand & supply

·      Price floor & price ceiling

·      Understanding how to spot ‘deadweight loss’

·      The basics of elasticities

o   Definition

o   Formula

o   Magnitude

o   Sign

o   Determinants

·      Application of elasticities concepts for firms

Production & Cost + Market Structure

1230pm – 230pm

·      Shut-down condition for various market structure

·      Economies of scales + Minimum efficient scale

·      Comparison between Market Structure

·      PC vs Monopoly

·      MC vs Oligopoly

·      Price Discrimination

Market Failure

3pm – 5pm

·      Public Goods

·      Income Inequity

·      Imperfect Information

·      Externalities

·      Merit Goods & Demerit Goods

·      Market Dominance

Government Policies & Government Failure

530pm – 730pm

·      Taxes & Subsidies

·      Quotas & Tradeable Permits

·      Joint & Direct Provision

·      Rules & Regulation

·      Public Education

·      Effectiveness of Policy Measures + Government Failure

 

Earlier Event: June 3
Macroeconomics Crash-course (June)