1. Microeconomy
2. Macroeconomy
2.1. Introduction
2.1.1. 4 factors of Production
2.1.2. Production Possibilities
2.1.3. Mechanisms of choice
2.1.4. The US economy
2.1.4.1. What
2.1.4.2. How
2.1.4.3. For Whom
2.2. Supply and Demand
2.2.1. The Circular Flow
2.2.2. Demand
2.2.3. Supply
2.2.4. Equilibrium
2.3. Public Sector
2.3.1. What causes Market Failure
2.3.1.1. Public goods
2.3.1.2. Externalities
2.3.1.3. Market power
2.3.1.4. Inequity
2.3.2. Growth of government
2.3.3. Evaluation of public services
2.4. National Income Accounting
2.4.1. Measures of output
2.4.1.1. Non-market activities
2.4.1.2. Unreported Income
2.4.1.3. Value added
2.4.2. Uses of output
2.4.3. Measures of Income
2.4.4. Flow of income
2.5. Unemployment
2.5.1. Labor Force
2.5.2. Measuring unemployment
2.5.3. Full employment
2.6. Inflation
2.6.1. Consequences
2.6.2. Measuring inflation
2.6.3. Price stability
2.6.4. Causes
2.6.5. Real interest rate
3. CHAPTER 1
3.1. SUNK COST
3.2. NORMATIVE VS POSITIVE
3.3. SHIFT IN S/D
3.4. TOTAL SURPLUS
3.4.1. NO CASH ON THE TABLE
3.4.2. EFFICIENCY PRINCIPLE
3.4.3. EQUILIBRIUM PRINCIPLE
3.5. 3 SITUATION WHERE HOUSE PRICE INCREASE AND QUANTITY UNCHANGED
3.6. MAXIMIZE YOUR AVERAGE GRADE
4. CHAPTER 2
4.1. PRICE ELASTICITY OF DEMAND
4.1.1. DETERMINANTS
4.1.2. GRAPHICAL
4.1.3. CROSS-PRICE ELASTICITY OF DEMAND
4.1.4. INCOME ELASTICITY OF DEMAND
4.2. PRICE ELASTICITY OF SUPPLY
4.2.1. DETERMINANTS
4.2.2. PERFECT
4.3. MIDPOINT FORMULA
4.4. MARGINAL UTILITY
4.4.1. DIMINISHING MARGINAL UTILITY
4.4.2. RATIONAL SPENDING RULE
4.4.2.1. ICE CREAM
4.5. INDIVIDUAL VS MARKET
5. CHAPTER 3
5.1. PERFECTLY COMPETITIVE FIRM
5.1.1. 4
5.1.2. GRAPH
5.2. SHORT VS LONG RUN
5.3. LAW OF DIMINISHING RETURNS
5.4. SHUT DOWN DECISIONS
5.5. COST CURVES
5.5.1. PROFIT VS LOSS
5.5.2. ACCOUNTING PROFITS; ECONOMIC PROFITS; NORMAL PROFITS
5.5.2.1. KIMCHI
5.6. 2 FUNCTIONS OF PRICE
5.7. THE CYCLE
5.7.1. BARRIER ENTRY
5.7.2. INNOVATIONS
5.8. PRICE CEILING
5.8.1. OIL EXAMPLE
5.9. PRICE SUBSIDIES
5.9.1. BREAD EXAMPLE
6. E = % deltaQ/Q / % deltaP/P
7. E = P/Q x 1/slope
8. E = % change in quantity / %change in income
9. E = %change in A demand / %change in price B
10. Midpoint formula for E = deltaQ / [(QA+QB)/2] / deltaP/[PA+PB)/2]
11. MUc/Pc = MUv/Pv
12. P x Q < VC = P< AVC SHUTDOWN
13. P x Q > ATC x Q = P > ATC
14. Profit = (P - ATC) x Q
15. PROFIT MAXIMIZING QUANTITY = P=MC price of bat is 10$, find where marginal cost < 10$ Revenue = Profit - TC Tax 2$ per bat = add directly onto MC
16. P > ATC POSITIVE ECON PROFIT P = ATC ZERON ECON/NORMAL P < ATC & > AVC = LOSS P < AVC = SHUTDOWN
17. AS DEMAND INCREASES, P=MC=MR > ATC BUT EVENTUALLY SUPPLIES INCREASE AND DEMAND DECREASE TO REACH OPTIMAL LEVEL WHERE P=MC=MR=ATC
18. TAX ON SUPPLY GRAPH ; CONSUMER SURPLUS PRODUCER SURPLUS; TAX REDISTRIBUTION
19. CHAPTER 4
19.1. IMPERFECT COMPETITION
19.1.1. MONOPOLY
19.1.2. MONOPOLISTIC
19.1.3. OLIGOPOLY
19.2. MARKET POWER
19.2.1. INPUT
19.2.2. PATENTS & COPYRIGHT
19.2.3. LICENSES & FRANCHISES
19.2.4. NATURAL MONOPOLIES (ECONOMIES OF SCALE)
19.2.4.1. INCREASING RETURNS TO SCALE
19.2.4.2. HIGH FIXED COST & LOW MARGINAL COST
19.2.5. NETWORK ECONOMIES
19.3. PRICE DISCRIMINATION
19.3.1. CARLA
19.3.1.1. SOCIAL OPTIMUM
19.3.1.2. MR OR SINGLE PRICE
19.3.1.3. PRICE DDISCRIMINATOR
19.3.1.4. HURDLE METHOD
19.4. GAME THEORY
19.4.1. SYMMETRIC PAYOFF
19.4.2. NONSYMMETRIC PAYOFF
19.4.3. NASH EQUILIBRIUM
19.4.3.1. SIMULTANEOUS DECISIONS
19.4.4. PRISONER'S DILEMMA
19.4.5. CARTEL
19.4.6. REPEATED PRISONERS DILEMMA TIT FOR TAT
20. TC = F + M*Q
21. ATC = F/Q + M ; ATC Decreases as output increases
22. P > MR P > MC PROFIT MAXIMIZING MC=MR MAX SURPLUS MC=MB (OR PRICE)
23. MR = QX2 USING PRICE FUNCTION
24. LEMONADE CALCULATIONS
24.1. PROFIT MAXIMIZING
24.2. MAX SURPLUS
24.3. PRICE DISCRIMINATOR
25. CHAPTER 5
25.1. EXTERNALITIES
25.1.1. TAXING NEGATIVE
25.1.2. SUBSIDIZE POSITIVE
25.2. ABERCROMBIE POLLUTER
25.2.1. NO COMMUNICATION
25.2.2. COMMUNICATION
25.2.2.1. COARSE THEOREM
25.2.3. LET IT POLLUTE
25.3. SHARED LIVING
25.4. TRAGEDY OF COMMONS
25.5. EBAY VS NEWSPAPER
25.6. RATIONAL SEARCH GUIDELINES
25.6.1. EXPECTED VALUE OF GAMBLE
25.6.1.1. FAIR GAMBLE
25.6.1.2. BETTER THAN FAIR GAMBLE
25.6.1.3. RISK NEUTRAL; AVERSE; SEEKING
25.6.2. COMMITMENT PROBLEMS AND SEARCH
25.6.3. ASYMMETRIC INFORMATION
25.6.3.1. AKARI VS HARUTO
25.6.3.2. LEMONS MODEL
25.6.3.2.1. CREDIBILITY PROBLEM
25.6.3.2.2. COSTLY TO FAKE PRINCIPLE
25.7. STATISTICAL DISCRIMINATION
25.8. ADVERSE SELECTION
25.9. MORAL HAZARD
26. BOOMBOX CALCULATIONS
27. EDUCATION
28. SEAN OPERATION
29. CARLOS
30. CHAPTER 6
30.1. HEALTHCARE FOR THE EMPLOYED
30.2. COST VS BENEFITS??
30.3. DAVID HOSPITAL STAY
30.3.1. FIRST DOLLAR COVERAGE VS 1000 DEDUCTICBLE
30.4. POLLUTION
30.4.1. REDUCE
30.4.1.1. TAX REDUCTION
30.4.1.2. PERMITS
30.4.1.2.1. ADVANTAGES
30.5. SAFETY STANDARDS
30.6. GOODS
30.6.1. PUBLIC GOOD
30.6.1.1. NON RIVAL
30.6.1.2. NONEXCLUDABLE
30.6.2. PRIVATE GOOD
30.6.3. COLLECTIVE GOOD
30.6.4. PURE COMMON GOODS
30.7. PAYING FOR PUBLIC GOOD
30.7.1. SHARING COST
30.7.2. HEAD TAX/REGRESSIVE TAX
30.7.3. PROPORTIONAL INCOME TAX
30.8. VERTICAL SUMMATION
30.9. ADVERTISING
30.9.1. LOSS SURPLUS
30.10. RENT SEEKING
30.11. CROWDING OUT
30.11.1. ADDING TAXES
31. BOTOX INJECTION
32. NEIGHBOR MUSIC
33. KOI POND
34. VERTICAL SUMMATION
35. CHAPTER 7
35.1. GDP CALCULATIONS
35.1.1. FINAL GOODS AND SERVICES
35.1.1.1. VALUE ADDED
35.1.1.2. DOMESTIC
35.1.2. TOTAL SPENDING
35.1.2.1. CONSUMPTION
35.1.2.2. INVESTMENT
35.1.2.3. GOVERNMENT PURCHASES
35.1.2.4. NET EXPORTS
35.1.3. INCOME
35.1.3.1. LABOR INCOME
35.1.3.1.1. WAGES SALARIES BENEFITS
35.1.3.2. CAPITAL INCOME
35.1.3.2.1. PROFITS FOR BUSINESS RENT ROYALTIES BOND INTEREST
35.1.4. REAL VS NOMINAL GDP
35.1.5. ECONOMIC WELL BEING
35.2. INFLATIONS
35.2.1. CPI
35.2.1.1. INDEXING
35.2.1.1.1. BRACKET CREEP
35.2.1.1.2. INVESTMENT TAX
35.2.1.2. QUALITY ADJUSTMENT BIAS
35.2.1.3. SUBSTITUTION BIAS
35.2.1.4. NOISY PRICES
35.2.2. SHOE LEATHER AND MENU COST
35.2.3. REAL INTEREST RATE
35.2.3.1. FISHER EFFECT