Essentials of Microeconomics

Bonnie Nguyen is an Honours graduate from the University of Sydney in both Law and Economics. Bonnie’s research interests include an economic analysis of litigation and the internal organization and ownership structure of firms. She has published research in the Journal of Institutional and Theoretical Economics and the Australian Economic Review. Bonnie has previously taught microeconomics at the University of Sydney. Andrew Wait is an Associate Professor in the School of Economics at the University of Sydney. He has a PhD from the Australian National University and a Bachelor of Economics (Honours) from the University of Adelaide. Andrew’s research interests include industrial organization and organizational economics. Andrew has published in the Rand Journal of Economics, the International Journal of Industrial Organization and the Journal of Law, Economics and Organization. He is the co-convenor of the Annual Organizational Economics Workshop.

Part 1: Key Concepts and Tools 1. Key Economic Concepts 2. Key Mathematical Tools 3. Key Strategic Tools Part 2: Gains from Trade 4. Trade and the PPF 5. Bargaining Part 3: Market Fundamentals 6. Demand 7. Production and Costs 8. Supply 9. Equilibrium and Welfare 10. Elasticity Part 4: Types of Markets 11. Introduction to Markets 12. Perfect Competition 13.Monopoly 14. Monopolistic Competition 15. Oligopoly Part 5: Market Failures 16. Price Regulation, Taxes and Subsidies 17. Externalities 18. Public Goods and Common Resources 19. The Theory of Second Best Part 6: International Trade 20. International Trade Part 7: Review 21. Questions & Answers