2. Principles of Microeconomics - Demand and Supply

Set 1 - Principles of Demand and Supply

A compilation of Microeconomic study resources that focus on principles relating to the market forces of demand and supply. It covers: **Demand and Supply** * Demand * Law of demand * Determinants of demand * Changes in demand * Supply * Law of supply * Determinants of supply * Changes in supply * Interaction of demand and supply (equilibrium) **Different Types of Demand and Supply** * Joint demand * Competitive demand * Composite demand * Derived demand * Joint supply * Competitive supply ** Elasticity** * Price elasticity of demand (PED) * Relationship between PED and total revenue * Income elasticity of demand (YED) * Cross elasticity of demand (XED) * Price elasticity of supply (PES) * Applications and uses of the different kinds of elasticity **Consumer and Producer Surplus** * Consumer surplus * Price changes and consumer surplus * Producer surplus * Price changes and consumer surplus