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Microeconomics Study Notes

AP · Free revision notes covering the complete syllabus

6 Units23 Notes Available
1

Unit 1: Basic Economic Concepts

Study materials and practice for Unit 1: Basic Economic Concepts

Scarcity and PPC

Comparative advantage

Demand/supply basics

Elasticity basics

2

Unit 2: Supply and Demand

Study materials and practice for Unit 2: Supply and Demand

Consumer choice and demand

Producer theory and supply

Taxes/subsidies/price controls

Elasticity applications

3

Unit 3: Production, Cost, and Perfect Competition

Study materials and practice for Unit 3: Production, Cost, and Perfect Competition

Costs and production functions

Perfect competition model

Profit maximization and shutdown

Long-run outcomes

4

Unit 4: Imperfect Competition

Study materials and practice for Unit 4: Imperfect Competition

Monopoly model

Monopolistic competition

Oligopoly and game theory basics

Efficiency and welfare

5

Unit 5: Factor Markets

Study materials and practice for Unit 5: Factor Markets

Labour market demand/supply

MRP and wage determination

Monopsony (as applicable)

6

Unit 6: Market Failure and Government

Study materials and practice for Unit 6: Market Failure and Government

Externalities

Public goods and common resources

Corrective policies

Equity vs efficiency

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