Y1 - Economics for IB

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Summary

Week 3

Rijksuniversiteit Groningen · International Business

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Chapter 4: Demand: The Benefit Side of the Market
The Law of Demand
Indifference Curve Analysis and the Demand Curve
Individual and Market Demand Curves
Chapter 5: Perfectly Competitive Supply: the Cost Side of the Market
Thinking about Supply: The importance of Opportunity Cost
Input Prices, Production Capacity and the Firm’s Cost of Supply
The “Law” of Supply
Determinant of Supply
Revenues from Sales: Profit-maximizing firms in competitive markets
Using Costs and Revenues to determine how Profits are maximized

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