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Title: Principles of Microeconomics
Description: In these notes, I have covered some maximum topics related to microeconomics. I have used a very simple English language while writing these notes that can be very useful for anyone. After every topic I have also attached a graph below it, so that students can able to understand in-depth knowledge of a topic. I hope they can be very helpful for anyone who are looking for some easy notes to understand Microeconomics. If you want some extra topics like Engle Curve, Types of elasticities etc, feel free to contact me, I'll try to help you as soon as I can. Happy learning! Thank you.
Description: In these notes, I have covered some maximum topics related to microeconomics. I have used a very simple English language while writing these notes that can be very useful for anyone. After every topic I have also attached a graph below it, so that students can able to understand in-depth knowledge of a topic. I hope they can be very helpful for anyone who are looking for some easy notes to understand Microeconomics. If you want some extra topics like Engle Curve, Types of elasticities etc, feel free to contact me, I'll try to help you as soon as I can. Happy learning! Thank you.
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PRINCIPLES OF MICROECONOMICS
Importance of Economics:Economics is important because it helps people understand how a variety of
factors work with and against each other to control how resources such as labor
and capital get used, and how inflation, supply, demand, interest rates and other
factors determine how much you pay for goods and services
...
It
guides the business managers in optimal resource utilization, cost analysis,
demand analysis, optimal production decision and pricing policy
...
The graph of a linear equation forms a straight line, whereas the graph
for a non-linear relationship is curved
...
A straight line graph shows a linear relationship, where one variable changes by
consistent amounts as you increase the other variable
Price Ceiling and Price Flooring:A price ceiling is the legal maximum price for a good or service, while a price
floor is the legal minimum price
Positive versus Normative:Positive economics/analysis mainly focuses on statistics, factual information, and
indulges on the scientific formula for determining what an economy should look
like
...
People express their opinion and make judgments
without looking at the facts in normative economics
...
They also
determine the right and the wrong courses of action through judgments
...
”
Is a positive statement, since it conveys factual, testable information about the
world
...
”
“The government must take action in order to reduce the unemployment rate
...
Marginal Utility:The extra satisfaction a person gets from acquiring or using one more unit of the
product
...
Factors effecting the change in demand:1
...
Taste
3
...
Compliments
5
...
No
...
INELASTIC DEMAND: Demand is not sensitive to price change
...
RELATIVELY ELASTIC: Relatively elastic demand refers to the demand when
the proportionate change produced in demand is greater than the
proportionate change in price of a product (ep>1)
...
Relationship between Elasticity and Revenue:Change in the market
What happens to total
revenue?
Ped is inelastic (<1) and a firm raises its price
...
Total revenue increases
Ped is elastic (>1) and a firm raises price
Total revenue decreases
Ped is unit elastic (=1) and a firm raises price
Total revenue remains the
same
Ped is -1
...
4 (inelastic) and the firm raises price by
30%
Total revenue increases
Ped is -0
...
0 (elastic) and the firm lowers price by
15%
Total revenue increases
Cardinal Utility:- Giving different choices a specific utility value
- Enables consumers to rank the magnitude of how much they prefer one
good to another
Ordinal Utility:- Ranking choices by order of preference
- It does not try to give the magnitude of how much a consumers
prefers a good
Consumer’s Equilibrium:Equilibrium means a state of maximum satisfaction
...
If
he purchases more, MU will go on falling and a situation will develop where price
paid will exceed MU
...
e
...
- SUPPLY CURVE: It represents the relationship b/w the cost of a good or
service and a quantity supplied at each possible price, holding constant the
other factors that influence firm’s supply decisions
...
- QUANTITY SUPPLIED: The amount of a good that firm wants to sell at a
given price, holding constant other factors that influence firm’s supply
decisions
Title: Principles of Microeconomics
Description: In these notes, I have covered some maximum topics related to microeconomics. I have used a very simple English language while writing these notes that can be very useful for anyone. After every topic I have also attached a graph below it, so that students can able to understand in-depth knowledge of a topic. I hope they can be very helpful for anyone who are looking for some easy notes to understand Microeconomics. If you want some extra topics like Engle Curve, Types of elasticities etc, feel free to contact me, I'll try to help you as soon as I can. Happy learning! Thank you.
Description: In these notes, I have covered some maximum topics related to microeconomics. I have used a very simple English language while writing these notes that can be very useful for anyone. After every topic I have also attached a graph below it, so that students can able to understand in-depth knowledge of a topic. I hope they can be very helpful for anyone who are looking for some easy notes to understand Microeconomics. If you want some extra topics like Engle Curve, Types of elasticities etc, feel free to contact me, I'll try to help you as soon as I can. Happy learning! Thank you.