Professional A2 Micro Economics Revision Notes (Edexcel, AQA, OCR)

Jul 30th, 2016
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These revision notes have concise yet detailed overviews of all the major topics in Micro Economics at A2. This includes topics such as Types of Growth, Calculations (TR, AR, MR, AC, MC), Profit maximisation, Sales maximisation, Barriers to entry and exit, Perfect and Monopolistic Competition, Monopoly / Oligopoly / Monopsony, Productive / Allocative / X- inefficiency, Regulation and the Prisoner's Dilemma. Special software has been used to make sure these notes look immaculate in terms of presentation and clarity. Everything is clearly set out under titles, and there are several case studies for each topic.

Word Count: 18056
Showing Page: 1/70
UNIT 3 MICRO ECONOMIC REVISION NOTES o Organic growth o Inorganic growth o Benefits of growth o Benefits of staying small o Total revenue, average revenue, marginal revenue o Short run and long run o Total cost, average cost, marginal cost o Costs in the SR o Costs in the LR o Profit maximisation o Sales maximisation o Behavioural theories o Supernormal and normal profit o Barriers to entry and exit o Market concentration o Perfect competition o Monopolistic competition o Monopoly o Monopsony o Oligopoly o Productive efficiency o Allocative efficiency o X-inefficiency o Efficiency of different markets o Contestable markets o Competition policy o Regulation 1WHY DO FIRMS GROW?Unit 3 Micro Economic Revision NotesWhy do firms grow? Key Terms A firm is an organisation that brings together factors of production to produce an output.

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