Surplus & Social Welfare: Applying the concept of surplus to measure the welfare of an economy and use the supply and demand model to illustrate it

Impact of Government Interventions: Understand how government interventions (eg. price controls) impact social welfare using model of supply & demand

Price Elasticity of Demand: Learn how to classify goods based on their price elasticity of demand & predict how changes in price might affect revenue

Analysis of Tax Implications: Use the price elasticity of demand concept to determine the distributional and welfare effects of an excise tax

Learn to apply marginal returns to inputs, key firm costs, and cost changes over time.

Understand perfect competition, profit maximization, and profit-maximizing output.

Learn about market structures and distinguish marginal revenue in different firms for profitability assessment.

Explore welfare effects of market power, types of price discrimination, and its societal impact.

Understanding Free Rider Problem: Develop knowledge of the free rider problem and its implications on goods and services in an economy.

Excludability and Rivalry: Learn how to classify a good based on its excludability and rivalry attributes.

Public Goods: Delve into the challenges associated with the provision of public goods and comprehend the reasons behind these difficulties.

Market Externalities: Identify different market externalities & recognize why markets typically struggle to address these externality issues