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ECONOMICS 11

This class was created by Brainscape user Unknown Unknown. Visit their profile to learn more about the creator.

By: Unknown Unknown
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Decks in this class (4)

Module 5: Principles of Production and Costs
1.Goal of the Firm 2. Total Revenue and Total Cost 3. The Production Function 4. The Various Measures of Costs 5. Cost Curves and their Shapes
97  cards
Module 4: Theory of Consumer Behavior
1. Construct the budget constraint and indifference curve. 2. Determine consumer’s optimal choice using the budget constraint and indifference curve. 3. Analyze consumer behavior given the changes in income and prices of commodities
63  cards
Module 3: Elasticity and Its Application
1. Calculate the elasticity of demand and supply; 2. Analyze the application of demand and supply to price controls; 3. Explain the relationship between buyer’s willingness to pay for a good and demand curve; 4. Discuss the relationship between seller’s costs of production and the supply curve; 5. Measure the consumer and producer surpluses.
15  cards
MODULE 6: MARKET STRUCTURES
Characteristics of perfect compet...,
Price takers,
General rule for profit maximization
92  cards

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ECONOMICS 11

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