Key points of economics course review
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Key points of economics course review
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Demand, supply and equilibrium prices
Demand/supply laws
Factors affecting demand/supply
Changes in demand/demand and supply/supply
Supply and demand equilibrium and supply and demand theorem
Influencing factors of demand price elasticity/relationship with total return
Demand revenue/delivery elasticity
Supply price elasticity and its influencing factors
Support and limit prices, tax benefit analysis
Consumers choose
Law of diminishing marginal utility
The meaning and conditions of consumer equilibrium, consumer surplus
Indifference curve
Decreasing law of marginal substitution rate
Budget line
Consumer equilibrium
Substitution and income effects of price changes
Enterprise production and costs
Production function
Relationship between yield curves (TP/MP/AP)
Law of diminishing marginal product
Equal production line and equal cost line
Declining law of marginal technology substitution rate
The meaning and conditions of producer equilibrium
Scale economy and scope economy
Cost concept
Relationship between cost curves (TC/MA/AC/AVC/AFC)
Perfectly competitive market
Factors that determine market structure
Characteristics of a perfectly competitive market
Perfectly competitive firm earnings curve
Profit maximization conditions
Short-term equilibrium conditions (MC=MR=P) and status
Short-term supply curve
Long-term equilibrium of manufacturers
Imperfect competitive market
Complete monopoly of the market
Demand and revenue curve
short-term equilibrium
long-term equilibrium
Price discrimination (conditions for third-level price discrimination)
Monopolistic competition
features
demand curve
Short-term and short-term equilibrium
Oligopoly market
features
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