about 13 years ago - No comments
Image: Some rights reserved by Valerie Everett a) Exploring Supply and Demand by Kim Sosin – useful in that you can get feedback on the impacts on the Supply and Demand graph, shown on the right hand side of your browser. b) True/False Quiz hosted on a http://www.oup.com site. c) SELF-GRADING PRACTICE QUIZ #3 via…
about 13 years ago - No comments
In 2011, Thailand suffered one of its most destructive floods in history. This link will hopefully update with some accuracy to give this post some context in the future (at the time of writing, the floods are still very much underway): 2011 Thailand Floods on Wikipedia Due to a combination of reduced supply (as many…
about 13 years ago - No comments
This post is to add further resources on the concept of supply, for those who wish to follow up on this absolutely essential concept in Economics. First, however, I recommend you use the resources on this post to learn about supply: http://opengecko.com/economics/supply/ 1) Videos Supply by vaacon1 Creating a supply curve from a supply schedule…
about 13 years ago - No comments
This post is to add further resources on the concept of demand, for those who wish to follow up on this absolutely essential concept in Economics. First, however, I recommend you use the resources on this post to learn about demand: 1) Videos What is a demand curve? by Note – I think part of…
about 13 years ago - No comments
IB Syllabus requirements: • Assumptions of the model • Collusive and non-collusive oligopoly • Cartels • Kinked demand curve as one model to describe interdependent behaviour • Importance of non-price competition • Theory of contestable markets BrynJonesOnline introduces the theory before moving onto Kinked Demand Theory: Cartels This helpful video is by richardmckenzie Non Collusion…
about 13 years ago - No comments
Here is the IB syllabus requirement for this sub-topic: Monopolistic competition • Assumptions of the model • Short-run and long-run equilibrium • Product differentiation • Efficiency in monopolistic competition From www.reffonomics.com a useful introductory slide on calculating price and quantity under monopolistic competition scenario: Which then leads to finding profit (from the same site, www.reffonomics.com)…
about 13 years ago - No comments
The IB syllabus requirements for this sub-topic are to understand: Assumptions of the model Sources of monopoly power/barriers to entry Natural monopoly Demand curve facing the monopolist Profit-maximizing level of output Advantages and disadvantages of monopoly in comparison with perfect competition Efficiency in monopoly Here are a selection of useful resources to further your understanding…
about 13 years ago - No comments
The IB Economics syllabus requires you to understand the following: • Assumptions of the model • Demand curve facing the industry and the firm in perfect competition • Profit-maximizing level of output and price in the short-run and long-run • The possibility of abnormal profits/losses in the short-run and normal profits in the long-run •…
about 13 years ago - No comments
www.bized.co.uk provides some useful materials for this topic. The starting point is their mind map. Click below to view the mindmap on its original site and in full. A very useful MS powerpoint file, also courtesy of www.bized.co.uk, to expand on teh above mindmap can be accessed here: pajholden gives an overview in 8…
about 13 years ago - No comments
We need to understand this according to the syllabus: Distinction between normal (zero) and supernormal (abnormal) profit Profit maximization in terms of total revenue and total costs, and in terms of marginal revenue and marginal cost Profit maximization assumed to be the main goal of firms but other goals exist (sales volume maximization, revenue maximization,…