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roshan muppalla
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Decks in this class (34)
law of diminishing returns
Short run,
What does the law of diminishing ...,
Increase labour to
7
cards
Fixed and Variable costs (AFC, TFC, AVC)
Costs,
Explicit costs are,
Implicit costs are
9
cards
Marginal and Average Cost Curves
Mc,
Idea of diminishing returns,
Why does ac change a bit after
4
cards
Total cost curves – TC, TVC, TFC
If we hire some workers,
When the shape of the curve becom...
2
cards
LR costs and returns to scale
Long run,
Scaling up,
1 increasing returns to scale
6
cards
Economies of diseconomies of scale
Eos is,
Internal eos,
Risk bearing
17
cards
Revenue – MR, AR + TR
Tr,
Ar,
Mr
7
cards
Profit – normal, supernormal (abnormal) and subnormal
Explicit costs of production,
Implicit costs of production,
Economic profit considers both
14
cards
Objectives of firms – profit max, rev max, sales max, satisficing
Profit maximisation,
Traditional economic theory,
Why profit maximise
23
cards
Barriers to entry and exit
Barriers to entry,
Lloyds tsb,
Legal
7
cards
Business efficiency
Allocative efficiency,
Productive efficiency,
X efficiency
6
cards
Efficiency analysis
Consumer analysis of allocative e...,
Producer analysis of allocative e...,
Consumer analysis of productive e...
8
cards
Business Growth
Reasons why firms seek growth,
Reasons why some firms choose to ...,
Types of firms
35
cards
perfect competition
Characteristics of perfect compet...,
Lr equilibrium,
Snp sr equilibrium
10
cards
Perfect competition - Shutdown points
Shut down condition,
If you shut down you still pay,
If avc ar
3
cards
Monopoly
Characteristics of a monopoly,
Conclusions,
Dynamically
21
cards
price discrimination
Definition,
Conditions necessary,
1st degree discrimination
9
cards
competitive markets
Definition,
Pros,
Cons
4
cards
Monopolistic competition
Characteristics of monopolistic c...,
Examples of industries with monop...,
Why doesn t short run snp last
8
cards
concentration ratios
Definition,
N total market share
2
cards
oligopoly
Characteristics of oligopoly,
Eg,
Kinked demand curve p1
20
cards
contestable market
Definition,
Characteristics of contestable ma...,
Technology link to contestability
7
cards
competition policy
Who enacts competition policies,
What are aims of competition policy,
When will cma intervene
17
cards
Privatisation
Idea behind is,
Adv,
Disadv
3
cards
deregulation
Idea is to,
Show graph of switch from,
Adv
5
cards
nationalisation
Definition,
Arguments in favour,
Arguments against
3
cards
Labour
Mrp,
Why is mrp curve shaped like that,
Firms will keep hiring workers until
46
cards
reasons for business growth and types of firms
Reasons why firms seek growth,
Reasons why some firms remain small,
Reasons why firms must remain small
7
cards
business growth
Internal organic growth,
External inorganic growth,
Horizontal merger
13
cards
Monopsony
Monopsony definition,
A monopsonist has a large amount ...,
Monopsony power
13
cards
government intervention in product markets
Competition policy aims to ensure,
Main pillars of uk competition po...,
Tax on monopoly profits
23
cards
competition, protecting suppliers and workers
What benefits do small businesses...,
Problems start ups face,
How can gov support startups
17
cards
regulatory capture
Definition,
Causes,
Impacts
3
cards
non price competition
An oligopolistic market tends to ...,
Types,
Advertising
9
cards
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econ micro
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