Class Notes at Texas A&M University

ECON 202: Principles of Microeconomics - Lecture 13: Firms in Perfectly Competitive Markets Characteristics of a Perfectly Competitive Market ● Economists categorize markets into four main structures based on thre...

ECON 202: Principles of Microeconomics - Lecture 16: Monopoly and Antitrust Policy Do Monopolies Really Exist? ● Monopoly: A firm that is the only seller of a good or service that does not have a close subs...

ECON 202: Principles of Microeconomics - Lecture 14: Monopolistic Competition What is Monopolistic Competition? ● Monopolistic Competition: A market structure in which barriers to entry are low and many fir...

ECON 202: Principles of Microeconomics - Lecture 2: Trade-offs, Comparative Advantage, and the Market System Pt. 1 Scarcity and Trade-offs ● Scarcity: a situation in which unlimited wants exceed the limited resourc...

ECON 202: Principles of Microeconomics - Lecture 10: Elasticity: The Responsiveness of Demand and Supply What is Elasticity? ● Elasticity: A measure of how much one economic variable (such as quantity demanded ...

ECON 202: Principles of Microeconomics - Lecture 3: Trade-offs, Comparative Advantage, and the Market System Pt. 2 Specialization and gains from Trade ● Together, the PPF and the concept of opportunity costs give ...

ECON 202: Principles of Microeconomics - Lecture 6: Economic Efficiency, Government Price Setting, and Taxes Pt. 1 Consumer Surplus ● Consumer surplus is a measure of the dollar benefit consumers receive from buyi...

ECON 202: Principles of Microeconomics - Lecture 12: Isoquants and Isocosts Isoquants ● Firms are obligated to choose the combination of inputs it will use to produce a given quantity of output. ○...

ECON 202: Principles of Microeconomics - Lecture 1: Foundations and Models What is Economics? Why is it important? ● People are required to make choices in order to attain their goals; choices are necessary ...

ECON 202: Principles of Microeconomics - Lecture 11: Technology, Production, and Costs Economic Definition of Technology ● The basic activities of a firm is to use inputs — workers — m...

ECON 202: Principles of Microeconomics - Lecture 15: Oligopoly Oligopoly and Barriers to Entry ● Oligopoly: A market structure in which a small number of interdependent firms compete. ● Oligopolies exist beca...

ECON 202: Principles of Microeconomics - Lecture 4: The Interaction of Demand and Supply Pt. 1 What Determines the Price of a Smartphone? ● Demand for smartphones: ○ How many smartphones do consumers wa...

ECON 202: Principles of Microeconomics - Lecture 8: Externalities, Environmental Policy, and Public Goods Pt. 1 Externalities ● In the past lectures, it has been shown that the most efficient market outcome will c...

ECON 202: Principles of Microeconomics - Lecture 7: Economic Efficiency, Government Price Setting, and Taxes Pt. 2 Government Price Controls ● On occasion, the government might override market outcomes by setting ...

ECON 202: Principles of Microeconomics - Lecture 9: Externalities, Environmental Policy, and Public Goods Pt. 2 Four Categories of Goods ● Goods can be categorized on the basis of whether their consumption is riva...