E

Economic cost. See Opportunity cost

• definition of,
  Introduction - Cost & Profit - 1

Economic loss

• definition of,
  Introduction - Cost & Profit - 4
  Perfect Competition - Short Run - 10

Economic rents

• definition of,
  Factor Markets - Economic Rents - 1

  example of,

  Factor Markets - Economic Rents - 3-4

Economic profit

• definition of,
  Introduction - Cost & Profit - 2

  example of,

  Introduction - Cost & Profit - 3-5

  Introduction - Mutiple Choice Questions - 1,2

  Monopolistic Competition - Mutiple Choice Questions - 1,5

  Factor Markets - Mutiple Choice Questions - 22

  and elasticity,

  Elasticity - Own Price - Revenue - 4

  shown graphically,

  Perfect Competition - Short Run - 6

  and property tax,

  Perfect Competition - Mutiple Choice Questions - 27

Economies, market

See Market economies

Economies of scale,

See Increasing returns to scale (IRS)

Efficiency,

See Allocative efficiency

Elastic demand. See also Price elasticity of demand

• definition of,
  Elasticity - Demand - Own Price - 1

  infinitely (perfectly),

  Elasticity - Demand - Own Price - 24

  Perfect Competition - Firm Demand - 1-2

  types of,

  Elasticity - Introduction - 4

Elasticity

• arc elasticity,
  • definition of,
    Elasticity - Introduction - 10-11

    arc cross price elasticity,

    Elasticity - Demand - Cross Price - 5

    arc income elasticity,

    Elasticity - Demand - Income - 14

    arc own price elasticity,

    Elasticity - Demand - Own Price - 16
• cross price elasticity of demand,
  • definition of,
    Elasticity - Introduction - 4
    Elasticity - Demand - Cross Price - 1

    example of,

    Elasticity - Mutiple Choice Questions - 2,3,10,17
• definition of,
  Elasticity - Introduction - 1

  demand,

  See Elastic demand

  See Inelastic demand

  perfectly inelastic, shown graphically

  Elasticity - Demand - Own Price - 23

  perfectly elastic, shown graphically

  Elasticity - Demand - Own Price - 24

  along a demand curve shown graphically,

  Elasticity - Demand - Own Price - 17

  income elasticity of demand,

  • definition of,
    Elasticity - Introduction - 4

    example of,

    Elasticity - Demand - Income - 1

    Elasticity - Mutiple Choice Questions - 1,4,7,12,13,14,18

  inelastic demand,

  own price elasticity of demand,

  See Price elasticity of demand

  price elasticity of demand,

  See Price elasticity of demand

  own price elasticity of supply,

  • definition of,
    Elasticity - Introduction - 4

    sign of,

    Elasticity - Supply - 1

  point elasticity,

  Elasticity - Introduction - 12

Employment,

Introduction - Mutiple Choice Questions - 10

Factor Markets - Factor Prices - 18

Factor Markets - Market Power - 12, 13, 16, 21-24

Factor Markets - Mutiple Choice Questions - 9

Current Events - Holiday Employment

Current Events - Hurricanes and Strikes

Energy conservation,

Current Events - Energy Use

Energy consumption,

Current Events - Energy Use

Engel curve

• definition of,
  Elasticity - Demand - Income - 10

  example of,

  Elasticity - Demand - Income - 12-21

Entry barriers,

See Barriers to entry

Entry into industry,

Perfect Competition - Introduction - 6

Environmental problems,

Externalities - Industry Structure - 6

Current Events - Energy Use

See also Pollution - abatement

Equilibria,

Demand & Supply - Equilibrium - 5

Equilibrium, market

Demand & Supply - Equilibrium - 1

Demand & Supply - Market Adjustment - 1

Perfect Competition - Equilibrium - 4

Demand & Supply - Mutiple Choice Questions - 10

• nash equilibrium
  See Game theory - nash equilibrium

Equilibrium price and quantity,

Demand & Supply - Equilibrium - 1

Demand & Supply - Market Adjustment- 3

Demand & Supply - Mutiple Choice Questions - 2

Excess burden (Deadweight loss),

Consumer Choice - Tax-Surplus - 6-8

Excess capacity,

Monopoly - Entry Barriers - 5, 9-10

Monopolistic Competition - Excess Capacity - 1-5

Excise taxes,

Consumer Choice - Tax-Surplus - 1-8

Current Events - Cigarette Tax

Expectations,

See Demand - expectations

See Supply - expectations

Expenditure compensation,

Consumer Choice - Income & Substitution Effect - 6-9

Consumer Choice - Income & Substitution Effect - Expenditure - 1-28

Externalities. See also Pollution

• cost-benefit analysis of,
  Externalities - Introduction - 1

  definition of,

  Externalities - Introduction - 1

  and industrial structure,

  Externalities - Industry Structure - 1-6

  negative vs. positive,

  Externalities - Introduction - 1

  optimal levels of,

  Externalities - Marketable Pollution Credits - 1

  pollution,

  See Pollution

  and profit maximizing

  • imperfectly competitive firm,
    Externalities - Industry Structure - 4-6

    perfectly competitive firm,

    Externalities - Industry Structure - 2-6

  and taxation,

  Externalities - Pollution Taxes - 1

F

Factor demand,

See Factors of Production - Derived Demand

Factor demand curve,

Factor Markets - Factor Demand - 6-20

• elasticity of,
  Factor Markets - Factor Demand - 18-20

Factor markets,

Factor Markets - Introduction - 1

Factor price,

Factor Markets - Factor Prices - 1-18

Current Events - Holiday Employment

Factors,

See Factors of production

Factors of production,

Demand & Supply - Production Costs - 1

Factor Markets - Introduction - 1

• capital,
  Factor Markets - Firm Hiring - 5-24

  derived demand for,

  • definition of,
    Factor Markets - Factor Demand - 1, 15

    example of,

    Factor Markets - Factor Prices - 2

    Factor Markets - Mutiple Choice Questions - 6,7

    Current Events - Holiday Employment

  labor,

  See Labor

  markets for,

  See Factor markets

  marginal factor cost (MFC),

  Factor Markets - Market Power - 6-18

  Factor Markets - Mutiple Choice Questions - 12

  marginal revenue product (MRP),

  Factor Markets - Factor Demand - 5-20

  Factor Markets - Market Power - 2-19

  Factor Markets - Mutiple Choice Questions - 1,2,3

  marginal product of,

  Factor Markets - Factor Demand - 3-7

  Factor Markets - Mutiple Choice Questions - 2

  price paid for,

  Factor Markets - Factor Prices - 1

  variable factors,

  Production Costs- Diminishing Returns - 1

  wage paid for,

  Factor Markets - Factor Supply - 2-18

  Factor Markets - Factor Prices - 1-18

  Factor Markets - Mutiple Choice Questions - 1, 10-14

Federal Trade Commission (FTC),

Current Events - Productivity

Current Events - Microsoft and DOJ

Firms

• and monopoly,
  Monopoly - Introduction - 2

  and monopolitic competition,

  Monopolistic Competition - Introduction - 2

  and oligopoly,

  Oligopoly - Introduction - 2

  and perfect competition,

  Perfect Competition - Introduction - 2

Fixed costs

• average fixed cost (AFC),
  See Average fixed cost

  definition of,

  Production Costs - Fixed and Variable Costs - 1

  change in,

  Production Costs - Cost Shifts - 1-2

  Perfect Competition - Cost Change - 12-17

  Perfect Competition - Mutiple Choice Questions - 3

  Monopoly - Cost Change - 7-13

  Monopoly - Mutiple Choice Questions - 6-7

  Monopolistic Competition - Cost Change - 9-14

  Factor Markets - Mutiple Choice Questions - 19-20

  computation of,

  Production Costs- Cost Areas - 3

  Perfect Competition - Short Run Shut Down - 5

  examples of,

  Production Costs - Fixed and Variable Costs - 1-2

  Production Costs- Cost Curves - 2

  Perfect Competition - Cost Change - 1

  Production Costs - Mutiple Choice Questions - 12

  Perfect Competition - Mutiple Choice Questions - 26-28

  total fixed costs

  See Total Fixed Costs

Fixed factors,

Production Costs - Diminishing Returns - 1-5

Production Costs - Marginal Product - 1

Perfect Competition - Cost Change - 2

Forgone costs,

Perfect Competition - Short Run - 6

Forgone income,

Introduction - Cost & Profit - 4-7

Introduction - Opportunity Costs - 5

Introduction - Mutiple Choice Questions - 1

Monopolistic Competition - Entry Barriers - 4

Monopolistic Competition - Mutiple Choice Questions - 1

Forgone interest,

Introduction - Mutiple Choice Questions - 2

Perfect Competition - Cost Change - 1

Monopoly - Cost Change - 7

Factor Markets - Present Value - 7

Forgone opportunity,

Introduction - Cost & Profit - 1,5

Introduction - Opportunity Costs - 7

Introduction - PPF - 1

Forgone opportunity,

Introduction - Cost & Profit - 1,5

Forgone salary (ies),

Production Costs - Short Run Costs - 1

Monopoly - Cost Change - 1,7

Monopolistic Competition - Mutiple Choice Questions - 1

Free entry,

Monopolistic Competition - Introduction - 2,6

Perfect Competition - Introduction - 2,6

Free exit,

Monopolistic Competition - Introduction - 2,6

Perfect Competition - Introduction - 2,6

Free rider,

Public Economics - Free Rider - 1-5

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