Economics HL
4
Chapters
117
Notes
Unit 1 - Intro To Econ & Core Concepts
Unit 2 - Microeconomics
Understanding Demand Insights Into Buyer Behavior
Understanding The Law Of Demand Why Price Impacts Purchase
Understanding The Demand Curve Price vs. Quantity
Understanding Non-Price Determinants Of Demand Shifts
Understanding Shifts Vs. Movements In The Demand Curve
Understanding The Definition Of Supply In Business
The Law Of Supply: Price, Production, & Profit Dynamics
Unlocking The Mysteries Of The Supply Curve
Understanding Non-Price Determinants of Supply Shifts
Understanding Movements & Shifts In The Supply Curve
Understanding Market Equilibrium: The Balance of Demand & Supply
Understanding Market Equilibrium Shifts A Deep Dive
Understanding The Invisible Hand: The Price Mechanism's Role
Unlocking Consumer Surplus The Secret Behind Pricing
Unlocking Consumer Choices: Delving into Behavioural Economics
Unlocking Choices The Power of Behavioral Economics
Business Goals Beyond Profit CSR, Market Share & Growth
Understanding Income Elasticity of Demand (YED)
Understanding Price Elasticity of Supply Key Determinants Over Time
PES Analysis: Primary Commodities Vs. Manufactured Products
Why Governments Intervene in Markets: Top Reasons Explained
Indirect Taxes Impact & Analysis for Consumers and Producers
Understanding Government Subsidies Benefits & Impact
Understanding Price Ceilings Impact & Implications
Understanding Price Floors Impact & Implications in Markets
Market Mechanisms Achieving Social Efficiency Or Failing
Understanding Externalities Causes & Consequences in Economics
Understanding Pigovian Taxes: The 'Polluter Pays Principle'
Understanding Public Goods: Characteristics & Examples
Adverse Selection The Hidden Challenge in Markets
Moral Hazard The Hidden Risks of Asymmetric Information
Addressing Asymmetric Information Government Vs. Private Responses
Unraveling Economic Profits From Basics To Market Structures
Understanding Structure-Conduct-Performance The Power Of Market Dynamics
Understanding Perfect Competition Decoding Market Dynamics
Unraveling Allocative Efficiency in Perfect Competition
Monopoly Market Dynamics Insights Into Power & Profits
Understanding Monopoly Firms Efficiency & Market Power
Understanding Entry Barriers: Types & Implications
Unlocking The Secrets Of Oligopoly Markets
Unlocking Monopolistic Competition Its Dynamics and Impact
Benefits Of Big Firms: Monopoly Power & Market Dominance
Tech Giants' Abuse Of Monopoly Power: A Deep Dive
Understanding Price Elasticity of Demand (PED)
Unlocking Income Elasticity Of Demand: What It Means For You
Comparing PES: Primary Commodities Vs. Manufactured Products
Unmasking Monopoly Firms: Impacts On Society
Unit 3 - Macroeconomics
Unit 4 - The Global Economy
Economics HL
Unit 2 - Microeconomics
Understanding Perfect Competition Decoding Market Dynamics
661 words
4 mins read
Last edited on 5th Nov 2024
Table of content
Price takers- no haggling allowed! 💰
- Firms can't change the price. It's like a dollar store – everything's a dollar, no matter what.
- You can't charge higher because others are selling at the market price. It's like trying to sell ordinary water for $5 when everyone else sells it for $1.
- Selling at a lower price? No reason to, you can sell all you want at the market price. Why sell cookies for $2 when everyone buys them at $3?
Quinoa party with felipe- an example of perfect competition 🌾
- Meet Felipe, the quinoa seller. He sells his quinoa at the market price, P.
- He knows that consumers will buy all the quinoa he offers at that price.
- His Average Revenue (AR) and Marginal Revenue (MR) are all the same and equal to P.
How felipe maximizes his profits 🚀
- Felipe chooses to sell q* units, where MR = MC (Marginal Revenue = Marginal Cost). It's like finding the perfect number of pizzas to sell that maximizes your earnings.
- If his AR (Average Revenue) is greater than his ATC (Average Total Cost), he makes positive economic profits. Think of it as selling candy bars for $1 when it costs 50 cents to make them – pure profit!
Unlock the Full Content! 
Dive deeper and gain exclusive access to premium files of Economics HL. Subscribe now and get closer to that 45 🌟
Economics HL
Unit 2 - Microeconomics
Understanding Perfect Competition Decoding Market Dynamics
661 words
4 mins read
Last edited on 5th Nov 2024
Table of content
Price takers- no haggling allowed! 💰
- Firms can't change the price. It's like a dollar store – everything's a dollar, no matter what.
- You can't charge higher because others are selling at the market price. It's like trying to sell ordinary water for $5 when everyone else sells it for $1.
- Selling at a lower price? No reason to, you can sell all you want at the market price. Why sell cookies for $2 when everyone buys them at $3?
Quinoa party with felipe- an example of perfect competition 🌾
- Meet Felipe, the quinoa seller. He sells his quinoa at the market price, P.
- He knows that consumers will buy all the quinoa he offers at that price.
- His Average Revenue (AR) and Marginal Revenue (MR) are all the same and equal to P.
How felipe maximizes his profits 🚀
- Felipe chooses to sell q* units, where MR = MC (Marginal Revenue = Marginal Cost). It's like finding the perfect number of pizzas to sell that maximizes your earnings.
- If his AR (Average Revenue) is greater than his ATC (Average Total Cost), he makes positive economic profits. Think of it as selling candy bars for $1 when it costs 50 cents to make them – pure profit!
Unlock the Full Content!
Dive deeper and gain exclusive access to premium files of Economics HL. Subscribe now and get closer to that 45 🌟
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