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Questions and Answers
What potential issue can arise from excessive downloading of documents?
What potential issue can arise from excessive downloading of documents?
Which factor might contribute to a user downloading documents multiple times?
Which factor might contribute to a user downloading documents multiple times?
What could be a negative impact of repeated document downloads on a user's device?
What could be a negative impact of repeated document downloads on a user's device?
Which of the following best describes a consequence of downloading documents excessively?
Which of the following best describes a consequence of downloading documents excessively?
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Why might users not delete downloaded documents promptly?
Why might users not delete downloaded documents promptly?
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What is the primary focus of microeconomics?
What is the primary focus of microeconomics?
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Which aspect is most likely studied under microeconomics?
Which aspect is most likely studied under microeconomics?
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What is the outcome of an increase in demand while supply remains constant?
What is the outcome of an increase in demand while supply remains constant?
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How does a price ceiling affect the market?
How does a price ceiling affect the market?
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Which of the following best describes 'elasticity' in microeconomics?
Which of the following best describes 'elasticity' in microeconomics?
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What is a common consequence of monopolistic competition?
What is a common consequence of monopolistic competition?
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In the context of externalities, what is a negative externality?
In the context of externalities, what is a negative externality?
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Which of these factors does NOT typically influence consumer behavior?
Which of these factors does NOT typically influence consumer behavior?
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Study Notes
Microeconomics Study Notes
- Course Title: Microeconomics 2 (Vietnam Foreign Trade University)
- Instructor: Cô Mỹ Hạnh
-
Topics Covered:
- Demand Theory
- Utility Theory
- Definition of Utility (U)
- Characteristics of Utility
- Total Utility (TU) Formula: TU = ΣMU
- Marginal Utility (MU).Formula: MU = ΔTU/ ΔQ
- Relationship between TU and MU (bell shape)
- Relationship between MU and TU (increase, max, decrease)
- Examples with calculations
- Utility Theory
- Law of Diminishing Marginal Utility: (WTP ↓ if we buy more)
- Consumer Surplus (difference between WTP & actual expenditure)
- Calculating equilibrium state and market situations (surplus/shortage)
- Consumer's Preference (complete, transitive)
- Indifference Curve
- Budget Theory
- Examples of bundles (football tickets, film tickets)
- Lagrange Multiplier Method
- Finding optimum
- Consumer utility maximization with budget constraint (U(X,Y) \to max)
- Effects of Income and Price Changes on Demand
- Income Consumption Curve (shifts right/left)
- Normal goods / Inferior goods
- Price Consumption Curve
- Substitution Effect, Income Effect
- Demand characteristics of goods
- Importance of properties and characteristics for consumer purchases
- Examples (sugar, honey)
- Demand estimation and forecasting
- Types of methods (elasticity method)
- Elasticity of demand (Ed)
- Cross-price elasticity of demand (Ed) (comparing goods)
- Normal goods/inferior goods/complements/substitutes
- Decision under Risk and Uncertainty
- Definitions: probability, payoff, states of nature
- Expected value (EV)
- Variance (var(X)): Measure of dispersion of outcomes about the mean
- Standard deviation
- Coefficient of variation (CV) (tool to compare riskiness)
- Theory of production
- Long run production
- Short run production
- Isoquant
- Isocost line
- Market Structures
- Perfect Competition (P=MC, maximizing profit at P=MC)
- Monopolistic Competition
- Oligopoly (Cournot, Squeezy model, Cartel)
- Monopoly(setting price above MC, maximizing profit/revenue)
- Demand Theory
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Description
Test your knowledge on key concepts in Microeconomics 2. This quiz covers Demand Theory, Utility Theory, Consumer Surplus, and market equilibrium calculations. Perfect for students from the Vietnam Foreign Trade University.
