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
33. Price Discrimination
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
32. Monopoly
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
31. Oligopoly
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
30. Monopolistic Competition
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
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
28. Efficiency
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
27. Business Objectives
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.
26. Business Growth
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
25. Revenue
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.
24. The Long Run
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)
23. The Short Run
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)
22. Cost Theory
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
21. Income Effect and Substitution Effect
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
20. Budget Line
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
19. Indifference Curves
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
18. Consumer Equilibrium
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
17. Utility
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
Bundle
Set 2 - Market Failure
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
16. Government Failure
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
15. Direct Government Provision
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)