The first in a series of Microeconomics study resources that looks at consumer behavior theory , a branch of microeconomics that seeks to understand how individuals make decisions regarding the purchase, consumption, and disposal of goods and services. It explores the factors and processes that influence consumers’ choices, preferences, and behaviors in the marketplace. This resource takes a look at utility, and how any rational consumer decides to purchase and use a product/service with the primary aim of maximizing their satisfaction or benefit. It covers Utility (Total, average and marginal utility) Law of diminishing marginal utility Relationship between marginal utility and the demand curve Principal theories of utility (Ordinal and cardinal utility) Limitations of theory of utility

A compilation of my summarized notes to any and all students and/or teachers reading and/or teaching Economics (9708) at the CIE Advanced Subsidiary (AS) Level.

Study resource on Microeconomic principles that will help provide an understanding on: Consumer surplus How changes in price affect consumer surplus Producer surplus How changes in price affect producer surplus

The fourth in a series of Microeconomics study resources that looks at consumer behavior theory , a branch of microeconomics that seeks to understand how individuals make decisions regarding the purchase, consumption, and disposal of goods and services. It explores the factors and processes that influence consumers’ choices, preferences, and behaviors in the marketplace. This resource takes a look at budget lines, a graphical representation of all possible combinations of two goods which can be purchased with given income and prices. It covers: Budget line How to graphically plot a budget line Factors affecting the budget line (Change in income and change in prices) Budget line and indifference curve analysis

The third in a series of Microeconomics study resources that looks at consumer behavior theory , a branch of microeconomics that seeks to understand how individuals make decisions regarding the purchase, consumption, and disposal of goods and services. It explores the factors and processes that influence consumers’ choices, preferences, and behaviors in the marketplace. This resource takes a look at indifference curves, a chart showing various combinations of two goods or commodities that give the consumer equal levels of satisfaction . It covers: Indifference curves and marginal rate of substitution Assumptions of indifference curves Properties and features of indifference curves Indifference curves of substitutes and complementary goods

The second in a series of Microeconomics study resources that looks at consumer behavior theory , a branch of microeconomics that seeks to understand how individuals make decisions regarding the purchase, consumption, and disposal of goods and services. It explores the factors and processes that influence consumers’ choices, preferences, and behaviors in the marketplace. This resource looks at consumer equilibrium, and how it helps consumers maximize their utility when they spend their given income on one or more commodities, and have no urge to change this level of consumption, given the prices of commodities. It covers: Consumer equilibrium in the case of a single commodity Consumer equilibrium in the case of two or more commodities

The fifth in a series of Microeconomics study resources that looks at consumer behavior theory, a branch of microeconomics that seeks to understand how individuals make decisions regarding the purchase, consumption, and disposal of goods and services. It explores the factors and processes that influence consumers’ choices, preferences, and behaviors in the marketplace. This resource covers the income and substitution effect; how a change in the price of a product induces a change in its consumption. It looks at: Income and substitution effect for normal goods Income and substitution effect for inferior goods Income and substitution effect for Giffen goods

The second in a series of Microeconomics study resources that looks at*** firm theory***, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This resource looks at the short run, a certain time period within the future where at least one input is fixed while others are variable. It looks at: Production function (Total, average and marginal product) Short-run production function (Law of diminishing returns)

The first in a series of Microeconomics study resources that looks at firm theory, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This resource looks into the concept of cost associated with production. It looks at: Fixed and variable costs Total, average and marginal costs

The fourth in a series of Microeconomics study resources that looks at*** firm theory***, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This study resource looks at the concept of revenue, the income that a firm receives from the sale of a good or service to its customers. It looks at: Total, average and marginal revenue “Price makers” and “price taker” firms Shape of a firm’s revenue curve.

The third in a series of Microeconomics study resources that looks at firm theory, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This resource looks at the long run, a situation where all main factors of production are variable. It also looks at: Economies of scale (Internal & External) Diseconomies of scale Long run average cost curve (Returns to scale)

The fifth in a series of Microeconomics study resources that looks at firm theory, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This study resource looks at the concept of business growth. It covers: Internal (organic) growth Integration (external growth) - Vertical, horizontal and conglomerate integration, franchising Constraints of business growth Demergers

The fourth in a series of Microeconomics study resources that looks at*** firm theory***, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents. This study resource looks at the objectives of a firm, outcomes that the owners of a business wish to achieve.

The first in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the concept of (economic) efficiency. It covers: Economic efficiency ( = Productive efficiency + Allocative efficiency) Productive efficiency Allocative efficiency Dynamic efficiency X-inefficiency

The third in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of monopolistic competition. It covers: Definition and features of a monopolistically competitive market Equilibrium in a monopolistically competitive market Efficiency in a monopolistically competitive market

The second in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of perfect competition. It covers: Definition and features of a perfectly competitive market Equilibrium in a perfectly competitive market Efficiency in a perfectly competitive market Shutdown condition

The fourth in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of oligopoly. It covers: Definition and features of an oligopoly Collusion (formal;cartels, and informal) Kinked demand curve N-firm concentration ratio Game theory Efficiency in oligopolies

The sixth in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This resource takes a look at the concept of price discrimination. It covers: Definition of price discrimination Conditions required for price discrimination by a firm to succeed. Different types of price discrimination (first-degree, second-degree and third-degree )price discrimination

The fifth in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency. This study resource looks at the market structure of monopoly. It covers: Definition and features of a monopoly Equilibrium in a monopoly Natural monopolies Efficiency in a monopoly

The fifth in a series of study resources on Microeconomics that will provide an understanding on market failure and it’s causes. This study resource takes a look at how information failure – a type of market failure – can occur because both individuals or firms have a lack of accurate or relevant information required to make informed economic decisions. Causes of information failure Asymmetric information (Adverse selection and moral hazard) Methods to resolve information failure Behavioral insights and nudge theory