PART I. Competitive markets |
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UNIT 2. Competitive Markets: supply and equilibrium |
• Market supply, production, factor prices and other factors
• The law of supply and price elasticity of supply
• Equilibrium and market forces
• Comparative static analysis
• Welfare analysis: consumer surplus, producer surplus and efficiency
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UNIT 4. International Trade
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• Integration of a small market
• Integration of a large market
• Tariffs, import quotas, export subsidies |
UNIT 5. Externalities, Public Goods and Incomplete Information
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• Externalities: a problem for markets
• Solutions
• The problem of providing public goods through markets
• Solutions to the insufficient private provision of public goods
• The lack of information: a problem for markets
• Solutions
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