Notes

Chapter 1

Chapter 2

Product Possibilities

PPF & Opportunity Costs

Comparative Advantage & Gains from Trade

Absolute Advantage

Chapter 3

Market Demand (and Example)

Market Supply I

Market Supply II & Equilibrium

Analyzing Market Equilibrium

Chapter 4

Price Elasticity of Demand (and Analysis)

Other Elasticities of Demand

Elasticity of Supply

Chapter 5

Economic Welfare, Consumer and Producer Surplus

Welfare, Total Surplus, and Deadweight Loss

Externalities I

Externalities II

Public Goods

Chapter 6

Price Control I

Price Control II

Sales Tax on Consumers

Sales Tax on Firms

Sales Tax Analysis

Chapter 7

The Production Function (and Example)

Short Run Costs of Production

Typical Short Run Cost of Production Functions

Long Run Costs of Production

How to Read Cost Curves

Chapter 8

Perfect Competition in the Short Run: Choosing Profit Maximizing Quantity to Produce

Perfect Competition in the Short Run: Short Run Shutdown

Perfect Competition in the Short Run: Measuring Economic Profits

Perfect Competition in the Long Run: Exit and Entry

Perfect Competition Using Algebra to Analyze the Market