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Microeconomics vs Macroeconomics

Microeconomics: Individual behaviour under the assumption of rational behaviour

Macroeconomics: Behaviour of the whole economy

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Efficient Market Hypothesis

Opportunity cost

Lizenzierung: Keine Angabe

Efficient market hypothesis: market prices reflect fully all available information

Opportunity cost is the value of the best alternative you must give up

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Demand curve (axis, definition) and influences

Demand curve: relationship between price and quantity demanded

Demand influenced by: prices of substitutes and complements, income, tastes and preferences and expectations

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Elasticity (definition) and influences

Elasticity of demand (formula) - description of elasticity

Consumer surplus

Lizenzierung: Keine Angabe

Responsiveness of demand = Elasticity

Elasticity determined by number of substitutes, time, definition of the market

Elasticity = %-change in quantity demanded / % change in price

Consumer surplus: price you are willing to pay - actual price

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Income elasticity

Cross price elasticity

Price discrimination (3 levels)

Income elasticity = %-change in quantity demanded / %-change in income

Cross price elasticity = %-change in quantity demanded x / %-ch. in quantity demand y

Price discrimination

  • 1st degree: different for each customer (not possible)
  • 2nd degree: e.g. by volume (bulk)
  • 3rd degree: grouping (business, economy)
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Factors of production (short vs long term)

Total Product, Marginal Product

In short run, one factor of production is fixed

In long run, all factors of production are variable (capital and labour)

Total product = total output produced

Marginal product = additional output after adding one more unit of input

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Short Run:

SATC, SAVC, SAFC, SMC

SMC - SATC intersection

SATC = STC / Output

SAVC = SVC / Output

SAFC = SFC / Output

SMC = Change in STC / Change in output

SMC always intersect with SATC in the minimum of SATC

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Supply curve represents ...

The supply curve represents the positive relationship between the price of a product and the willingness of a firm to supply it