Monday, October 09, 2006

Microeconomic Topics to Revise (Analysis)

1. Application of Price Theory
  • Demand & Supply factors - Change in Equilibrium Price & Quantity (in given markets, e.g. car, labour, oil, housing, hotel - See 2005 Tutorial 7 Essays 1 & 2)
  • Oil prices - See 2005 Tutorial 7 Case Study
  • Elasticity of Demand & Supply - Extent of Changes in Eqm Price & Qty - See 2005 Tutorial 6 Data Response
  • Assess burden of tax and benefits of subsidies (Producers & Consumers)
  • Assess effectiveness and impact of government intervention (taxes, subsidies, quota, minimum/maximum prices --> to affect equilibrium price & quantity)

2. Elasticity of Demand & Supply

  • Nature of goods - PED (Elastic & Inelastic), YED (Normal & Inferior) & CED (Complements & Substitutes)
  • Explain strategy/decision/impact (Pricing, Output & Marketing strategies)
  • See 2005 Tutorial 5 Essays 1, 2 & 3

3. Production & Cost

  • Explain and Distinguish SR & LR Production & Cost Behaviour - Law of Diminishing Returns, Economies of Scale
  • How do firms grow large? - Rev & Cost
  • Why do firms grow large? (Is Big Always Beautiful?) - Advantages and Disadvantages of Large vs. Small firms
  • 2005 Tutorial 9 Essays 2 & 3

4. Market Structures

  • Characteristics - No. of firms, Size of firms, No. of buyers and sellers, Nature of Product
  • Behaviour - Price & Output Policy, Revenue (TR, AR, MR) Curves, Price vs. Non-price competition, Collusion vs. Competition (for Oligopoly), Profit Maximising Behaviour & Shut Down Condition
  • Performance - SR & LR Profitability, Allocative & Productive Efficiency, R&D, Equitability
  • PC vs. Monopoly - The classic argument of Advantages & Disadvantages of Increased Competition in an industry
  • Government Regulation of Monopoly (How? - MC or AC pricing, Taxation; and Why? )
  • Privatisation vs. Nationalisation (Pros & Cons)
  • Price Discrimination

5. Wage Theory - Wage Differentials

  • Demand factors - MRP theory (MPP x MR)
  • Supply factors - Immobility, Talents & Skills etc
  • Market Imperfections - Government Intervention, Trade Unions (Bilateral Monopoly)
  • Non- Economic Arguments

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