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Gordon Fletcher's Economics and Mathematics Resources

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

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

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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 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
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24. The Long Run

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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
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23. The Short Run

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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
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22. Cost Theory

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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
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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
20. Budget Line
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20. Budget Line

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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
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19. Indifference Curves

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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
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18. Consumer Equilibrium

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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
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17. Utility

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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
Set 2 - Market Failure
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Set 2 - Market Failure

5 Resources
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
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16. Government Failure

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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
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15. Direct Government Provision

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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)