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MicroeconomicsEdit

MarketsEdit

Demand

• Exceptions to the law of demand
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• Ostentatious (Veblen) goods (Vanessa Barnes)
• Role of Expectations (Christine Lee)
Giffen Good (Neal Young)

ElasticityEdit

Application of concepts of elasticity

• Flat rate and ad valorem taxes (Sam Ihlendfeldt)
• Incidence of indirect taxes on producer and consumer (Ellen Senf)
• Implication of elasticity of supply and demand for the incidence (burden) of taxation (Ellen Senf)

Theory of the firmEdit

Cost theory

• Types of costs: fixed costs, variable costs (distinction between short-run and long-run) (Megan Pera)
Total, Average and Marginal Costs (Misha Wahlstrom)
Accounting cost + opportunity cost = economic cost (Misha Wahlstrom)

Short-run

Law of Diminishing Returns (Misha Wahlstrom)
Total product, average product, marginal product (Christopher Kramer)
• Short-run cost curves (Sam Ihlendfeldt)

Long-run

Economies of scale (Neal Young)
Diseconomies of scale (Danny Jacobson)
• Long-run cost curves (Steve Quam)

Revenues

Total Revenue (Ben Stansbury-O'Donnell)
Additional Revenue. (Ben Stansbury-O'Donnell)
Average Revenue (Claire Dunivan)

Profit

• Distinction between normal (zero) and supernormal (abnormal) profit (Christine Lee)
• Profit maximization in terms of total revenue and total costs, and in terms of marginal revenue and marginal cost (Perihan MacDonald)
Profit Maximization (Tsuehue Xiong)

Perfect competition

• Assumptions of the model (Sabah Husain)
• Demand curve facing the industry and the firm in perfect competition (Robin Welling)
• Profit-maximizing level of output and price in the short-run and long-run (Robin Welling)
• The possibility of abnormal profits/losses in the short-run and normal profits in the long-run (Robin Welling)
• Shut-down price, break-even price (Ben Stansbury-O'Donnell)
• Definitions of allocative and productive (technical) efficiency (Megan Pera)
• Efficiency in perfect competition (Kia Vang)

Monopoly

• Assumptions of the model (Sabah Husain)
• Sources of monopoly power/barriers to entry (Christine Lee)
• Natural monopoly (Kia Vang)
• Demand curve facing the monopolist (Zack Meyer)
• Profit-maximizing level of output (Perihan MacDonald)
Advantage and disadvantage of monpoly in comparsion with perfect competition (Song Her)
• Efficiency in monopoly (Kia Vang)

Monopolistic competition

• Assumptions of the model (Sabah Husain)
• Short-run and long-run equilibrium (Zack Meyer)
• Product differentiation (Ellen Senf)
• Efficiency in monopolistic competition (Perihan MacDonald)

Oligopoly

• Assumptions of the model (Vanessa Barnes)
Collusive and Non-Collusive Oligopoly (Song Her)
Cartels (Lee Vang)
Kinked demand curve as one model to describe interdependent behaviour (Lee Vang)
• Importance of non-price competition (Vanessa Barnes)
A market consist of a large quantity of small firms that compete to form an equilibrium price. (Neal Young)

MacroeconomicsEdit

Demand and Supply-side policiesEdit

• Multiplier (Audra Dunivan)

• calculation of multiplier (Steve Quam)

Accelerator (Song Her)

• “Crowding Out” (Megan Pera)

Inflation and UnemploymentEdit

• Methods of measuring inflation (Yowon Yoon)

• Problems of the methods of measuring inflation (Ben Swanson-Hysell

Phillips Curve

• short-run (Danny Jacobson)
• long-run (Danny Jacobson)

• Natural rate of unemployment (Zack Meyer)

• Non-Accelerating Inflation Rate of Unemployment (NAIRU) (Sam Ihlendfeldt)

Distribution of IncomeEdit

Laffer Curve (Lee Vang)

• Lorenz curve and Gini coefficient (Ben Swanson-Hysell)

International EconomicsEdit

Reasons for TradeEdit

• Absolute and comparative advantage (numerical and diagrammatic representations) (Hannah Johnson)

• opportunity cost

• limitations of the theory of comparative advantage (Stephen Walker)

Economic IntegrationEdit

Trading Blocs

• Trade creation and trade diversion (Stephen Walker)
• Obstacles to achieving integration (Stephen Walker)
• reluctance to surrender political sovereignty (Hannah Johnson)
• reluctance to surrender economic sovereignty (Hannah Johnson)

Exchange RatesEdit

• Relative advantages and disadvantages of fixed and floating rates (Yowon Yoon)

• Advantages and disadvantages of single currencies/monetary integration (Yowon Yoon)

• Purchasing power parity theory (PPP) (Ben Swanson-Hysell)

Balance of Payment ProblemsEdit

• Marshall-Lerner condition (Christopher Kramer)

• J-curve (Christopher Kramer)

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