The fifth in a series of study resources on Microeconomics that will provide an understanding on market failure and it’s causes. This study resource takes a look at how information failure – a type of market failure – can occur because both individuals or firms have a lack of accurate or relevant information required to make informed economic decisions. Causes of information failure Asymmetric information (Adverse selection and moral hazard) Methods to resolve information failure Behavioral insights and nudge theory

Study resource on Microeconomic principles that will help provide an understanding on: Consumer surplus How changes in price affect consumer surplus Producer surplus How changes in price affect producer surplus

The first 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 takes a look at utility, and how any rational consumer decides to purchase and use a product/service with the primary aim of maximizing their satisfaction or benefit. It covers Utility (Total, average and marginal utility) Law of diminishing marginal utility Relationship between marginal utility and the demand curve Principal theories of utility (Ordinal and cardinal utility) Limitations of theory of utility

The first in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at price controls and how they are enforced by governments to regulate the prices of goods and services in the market. It covers: Maximum prices and their effects on the free market Minimum prices and their effects on the free market

The fourth in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at property rights and pollution permits and how governments use these policies as tools to correct market failure.

The fifth in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at the direct provision of goods and services by the government, as well as how certain externalities can be resolved if essential goods and services are provided and regulated by the state. It covers: Direct government provision (Arguments for and against) Regulations (Types and their effects)

The second in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at buffer stocks, and how they are implemented by governments in order to guard against any unplanned shortages, as well as stabilize prices in an entire economy or an individual market.

The second 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 resource looks at the short run, a certain time period within the future where at least one input is fixed while others are variable. It looks at: Production function (Total, average and marginal product) Short-run production function (Law of diminishing returns)

The first 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 resource looks into the concept of cost associated with production. It looks at: Fixed and variable costs Total, average and marginal costs

The third 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 resource looks at the long run, a situation where all main factors of production are variable. It also looks at: Economies of scale (Internal & External) Diseconomies of scale Long run average cost curve (Returns to scale)

The second 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 looks at consumer equilibrium, and how it helps consumers maximize their utility when they spend their given income on one or more commodities, and have no urge to change this level of consumption, given the prices of commodities. It covers: Consumer equilibrium in the case of a single commodity Consumer equilibrium in the case of two or more commodities

This study resource takes a look at government failure; how microeconomic intervention by the government to resolve market failure can result in an even greater net loss of economic welfare, as well as the causes and effects of government failure such as: Imperfect information Undesirable incentives Policy conflict Excessive administration costs Unintended consequences

The fourth in a series of study resources on Microeconomics that will provide an understanding on market failure and it’s causes. This study resource takes a look at inequality in the distribution of income and wealth in the free market as a cause of market failure. This study resource covers: Inequality and why it persists in the free market Measures of inequality Government intervention: methods to reduce income and wealth inequality.

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 concept of revenue, the income that a firm receives from the sale of a good or service to its customers. It looks at: Total, average and marginal revenue “Price makers” and “price taker” firms Shape of a firm’s revenue curve.

The fourth 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 takes a look at budget lines, a graphical representation of all possible combinations of two goods which can be purchased with given income and prices. It covers: Budget line How to graphically plot a budget line Factors affecting the budget line (Change in income and change in prices) Budget line and indifference curve analysis

The third 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 takes a look at indifference curves, a chart showing various combinations of two goods or commodities that give the consumer equal levels of satisfaction . It covers: Indifference curves and marginal rate of substitution Assumptions of indifference curves Properties and features of indifference curves Indifference curves of substitutes and complementary goods

Study resource on Microeconomics that will help provide an understanding of the different types of demand and supply, and how changes s in one market are likely to affect other markets. This resource covers joint demand, competitive demand, composite demand, derived demand, joint supply and competitive supply.

The third in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at taxes and subsidies, and how governments employ their usage to influence market outcomes, e.g., the prices of goods and services. It covers: Tax (Purpose and effects) Types of tax (direct and indirect) Tax revenue diagram Incidence of tax Subsidies (Purpose and effects) Subsidy expenditure diagram Incidence of subsidy

Study resource on Microeconomics that will help provide an understanding of the concepts of demand and supply, the determinants of demand and supply and the interaction of demand and supply.

The first 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 externalities and covers: Costs and benefits (private, external, social, etc.) Negative production externalities Negative consumption externalities Positive production externalities Positive consumption externalities