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Gordon Fletcher's Economics and Mathematics Resources

Providing support, study resources and revision materials on Economics and Mathematics.

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Providing support, study resources and revision materials on Economics and Mathematics.

Economics

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8. Market Failure - Monopoly Power
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8. Market Failure - Monopoly Power

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The third in a series of study resources on Microeconomics that will help provide an understanding of market failure and it’s causes. This resource takes a look how the abuse of power by monopolist firms, and their decisions to increase price and restrict output results in a misallocation of society’s scarce resources. Why governments should regulate monopolies Government intervention and regulation of monopolies
1. Principles of Microeconomics - Introduction
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1. Principles of Microeconomics - Introduction

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A introduction to Microeconomics that will help establish a general understanding of basic microeconomic concepts. This document explores topics such as scarcity, choice, opportunity cost, the production possibility curve and economic systems (planned, free-market and mixed).
7. Market Failure - Types of Goods
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7. Market Failure - Types of Goods

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The second in a series of study resources on Microeconomics that will help provide an understanding of market failure and it’s causes. This resource takes a look at the various kinds of goods, their nature and how their existence results in some form of market failure. It covers Free goods Economic goods Public goods Private goods Merit goods Demerit goods
28. Efficiency
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28. Efficiency

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The first in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the concept of (economic) efficiency. It covers: Economic efficiency ( = Productive efficiency + Allocative efficiency) Productive efficiency Allocative efficiency Dynamic efficiency X-inefficiency
26. Business Growth
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26. Business Growth

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The fifth in a series of Microeconomics study resources that looks at firm theory, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This study resource looks at the concept of business growth. It covers: Internal (organic) growth Integration (external growth) - Vertical, horizontal and conglomerate integration, franchising Constraints of business growth Demergers
27. Business Objectives
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27. Business Objectives

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The fourth in a series of Microeconomics study resources that looks at*** firm theory***, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This study resource looks at the objectives of a firm, outcomes that the owners of a business wish to achieve.
4. Elasticity
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4. Elasticity

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Study resource on Microeconomic principles that will help provide an understanding of elasticity - a measure of the responsiveness of an economic variable in response to a change in another economic variable. This resource covers: 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
30. Monopolistic Competition
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30. Monopolistic Competition

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The third in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of monopolistic competition. It covers: Definition and features of a monopolistically competitive market Equilibrium in a monopolistically competitive market Efficiency in a monopolistically competitive market
29. Perfect Competition
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29. Perfect Competition

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The second in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of perfect competition. It covers: Definition and features of a perfectly competitive market Equilibrium in a perfectly competitive market Efficiency in a perfectly competitive market Shutdown condition
33. Price Discrimination
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33. Price Discrimination

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The sixth in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This resource takes a look at the concept of price discrimination. It covers: Definition of price discrimination Conditions required for price discrimination by a firm to succeed. Different types of price discrimination (first-degree, second-degree and third-degree )price discrimination
21. Income Effect and Substitution Effect
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21. Income Effect and Substitution Effect

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The fifth in a series of Microeconomics study resources that looks at consumer behavior theory, a branch of microeconomics that seeks to understand how individuals make decisions regarding the purchase, consumption, and disposal of goods and services. It explores the factors and processes that influence consumers’ choices, preferences, and behaviors in the marketplace. This resource covers the income and substitution effect; how a change in the price of a product induces a change in its consumption. It looks at: Income and substitution effect for normal goods Income and substitution effect for inferior goods Income and substitution effect for Giffen goods
31. Oligopoly
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31. Oligopoly

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The fourth in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of oligopoly. It covers: Definition and features of an oligopoly Collusion (formal;cartels, and informal) Kinked demand curve N-firm concentration ratio Game theory Efficiency in oligopolies
32. Monopoly
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32. Monopoly

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The fifth in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of monopoly. It covers: Definition and features of a monopoly Equilibrium in a monopoly Natural monopolies Efficiency in a monopoly
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Set 2 - Market Failure
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Set 2 - Market Failure

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A compilation of Microeconomic study resources that focus on market failure and its causes. It covers. Externalities Costs and benefits (private, external, social, etc.) Negative production externalities Negative consumption externalities Positive production externalities Positive consumption externalities Types of Goods Free goods Economic goods Public goods Private goods Merit goods Demerit goods Monopoly Power How abuse of monopoly power results in market failure Why governments should regulate monopolies Government intervention and regulation of monopolies Inequality Inequality and why it persists in the free market Measures of inequality Government intervention: methods to reduce income and wealth inequality. Information Failure Causes of information failure Asymmetric information (Adverse selection and moral hazard) Methods to resolve information failure Behavioral insights and nudge theory
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Set 1 - Principles of Demand and Supply
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Set 1 - Principles of Demand and Supply

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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