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University of South Africa Microeconomics II Latest Study Guide for Semester 1 and 2

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University of South Africa Microeconomics II Latest Study Guide for Semester 1 and 2| Study unit 1: Assumptions of prior learning in microeconomics 1 Study Unit 2: The basics of supply and demand 2 2.4 Elasticity of supply and demand (including 2.5: Short-run versus long-run elasticity) 3 Activities 2.4 (and 2.5) 5 2.7 Effects of government intervention ± priFH FRQWUROV««««««««««««. 7 $FWiYiWiHV 2.7 «««««««««««««««««««««««««««. 9 Further reading 10 Answers to some of the questions 10 Study unit 3: Consumer behavior 11 Economics in action 11 Contents and learning outcomes 11 Consumer preferences 12 Activity 3.1 14 Budget constraints 15 Activity 3.2 16 Consumer choice 18 Activity 3.3 19 Revealed preference 21 $FWiYiW 3.4«««««««««««««««««««««««««««««««««22 Marginal utility and consumer choice 22 Activity 3.5 23 Cost-of-living indices 23 Economics in action revisited 24 Further reading 24 Answers to some of the questions 24 Study unit 4: Individual and market demand 26 Economics in action 26 Contents and learning outcomes 27 Individual demand 27 Activity 4.1 29 Income and substitution effects 31 Activity 4.2 32 Market demand 34 Activity 4.3 35 Consumer surplus 37 Activity 4.4 37 Network externalities 39 Activity 4.5 40 Empirical estimation of demand 40 Economics in action revisited 41 Further reading 41 Answers to some of the questions 41 Study unit 5: Uncertainty and consumer behaviour 43 (Not included) Study unit 6: Production 44 Economics in action 45 Contents and learning outcomes 45 The technology of production 46 Activity 6.1 47 Production with one variable input (labour). 47 Activity 6.2 48 Production with two variable inputs (labour and capital) 50 Activity 6.3 52 Returns to scale 54 Activity 6.4 55 Economics in action revisited 56 Further reading 56 Answers to some of the questions 56 Study unit 7: The cost of production 60 Economics in action 60 Contents and learning outcomes 60 Measuring cost: Which costs matter? 61 Activity 7.1 62 Cost in the short run 62 Short-run total production functions 62 Production functions: isoquants 64 The long-run and short-run expansion path 66 Activity 7.2 68 Cost in the long run 70 Activity 7.3 70 Long-run versus short-run costs 71 Activity 7.4 71 Production with two outputs ± economies of scope 73 Activity 7.5 73 Dynamic change in costs ± the learning curve 74 Estimating and predicting costs 74 Appendix to chapter 7««««««««««««««««««««««««««««75 Economics in action revisited 75 Further reading 76 Answers to some of the questions 77 Study unit 8: Profit maximisation and competitive supply 80 Economics in action 80 Contents and learning outcomes 81 Perfectly competitive markets 81 Activity 8.1 82 Profit maximisation 83 Activity 8 2 84 Marginal revenue, marginal cost, and profit maximisation 84 Activity 8.3 85 Choosing output in the short run 87 Activity 8.4 89 7KH FRPSHWiWiYH IiUP¶V VKRUW-run supply curve 90 Activity 8.5 91 The short-run market supply curve 91 Activity 8.6 92 Choosing output in the long run 93 Activity 8.7 95 7KH iQGXVWU¶V ORQJ-run supply curve 97 Activity 8.8 97 Economics in action revisited 98 Further reading 98 Answers to some of the questions 99 Study unit 9: The analysis of competitive markets 101 Economics in action 101 Contents and learning outcomes 101 Evaluating the gains and losses from government policies ± consumer and producer surplus 102 Activity 9.1 104 The efficiency of a competitive market 106 Activity 9.2 106 Minimum prices 107 Activity 9.3 107 Price supports and production quotas 109 Price supports 110 Production quotas 110 Activity 9.4 111 Import tariffs and quotas 111 Activity 9.5 112 Answers to some of the questions 113 Study unit 10: Market power: monopoly and monopsony 115 Economics in action 115 Contents and learning outcomes 115 Monopoly 116 Average revenue and marginal revenue 116 7KH PRQRSROiVW¶V RXWSXW GHFiViRQ iQ WKH VKRUW UXQ 116 Shifts in demand 117 The effect of a tax 117 The multiplant firm 118 Activity 10.1 118 Monopoly power 120 Activity 10.2 121 Sources of economic power 121 Activity 10.3 121 Social cost of monopoly power 122 Activity 10.4 123 Monopsony 124 Monopsony power 124 Limiting market power: the antitrust laws 125 Economics in action revisited 125 Further reading 125 Answers to some of the questions 125 Study unit 11: Pricing with market power 127 Economics in action 127 Contents and learning outcomes 128 Capturing consumer surplus 128 Activity 11.1 129 Price discrimination 129 First-degree price discrimination 130 Second-degree price discrimination 130 Third-degree price discrimination 130 Activity 11.2 131 Intertemporal price discrimination and peak-ORDG SUiFiQJ«««««««««132 11.4 The two-part tarifI«««««««««««««««««««««««««. 133 11.5 Bundling«««««««««««««««««««««««««««««. 133 11.6 Advertising 133 Activity 11.6 134 Economics in action revisited 134 Further reading 134 Answers to some of the questions 134 Study unit 12: Monopolistic competition and oligopoly 136 Economics in action 136 Contents and learning outcomes 137 Monopolistic competition 138 Activity 12.1 139 Oligopoly: setting the quantity 141 Activity 12.2 142 Oligopoly: setting the price (price competition) 144 Homogeneous products 144 Heterogeneous products 145 Activity 12.3 145 &RPSHWiWiRQ YHUVXV FROOXViRQ: WKH SUiVRQHU¶V GiOHPPD 146 Activity 12.4 147 IPSOiFDWiRQV RI SUiVRQHU¶V GiOHPPD IRU ROiJRSROiVWiF SUiFiQJ 147 Activity 12.5 148 Cartels 149 Activity 12.6 150 Economics in action revisited 151 Further reading 151 Answers to some of the questions 151 Study unit 13: Game theory and competitive strategy 154 (Not included) Study unit 14: Markets for factor inputs 155 (Not included) Study unit 15: Investment, time, and capital markets 156 (Not included) Study unit 16: General equilibrium and economic efficiency 157 Economics in action 157 Contents and learning outcomes 157 General equilibrium analysis 158 Activity 16.1 159 Efficiency in exchange 159 Activity 16.2 161 Equity and efficiency 162 Efficiency in production 162 Activity 16.4 164 The gains from free trade 165 An overview: the efficiency of competitive markets and why markets fail 166 Activity 16.6 166 Why markets fail 166 Activity 16.7 167 Economics in action revisited 168 Further reading 168 Answers to some of the questions 168 Study unit 17: Markets with asymmetric information 170 (Not included) Study unit 18: Externalities and public goods 171 (Not included)

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Microeconomics II

Study Guide for ECS2601

First and Second Semesters

Department of Economics
University of South Africa
Pretoria

, ii

© 2012 University of South
AfricaAll rights reserved

Printed and distributed by the
University of South Africa
Muckleneuk, Pretoria

Compiled by the Department of Economics

ECS2601/1/12012-2014

,iii ECS2601/1/2012-14

Contents Page

Introduction x
Aims of the module......................................................................................................................... ix
Prescribed tutorial matter ................................................................................................................. x
Suggested method of study ............................................................................................................. xi

Study unit 1: Assumptions of prior learning in microeconomics ......................1

Study Unit 2:

The basics of supply and demand ......................................................................... 2

2.4 Elasticity of supply and demand (including 2.5: Short-run versus long-run elasticity) ... 3

Activities 2.4 (and 2.5) ................................................................................................................... 5

2.7 Effects of government intervention ± priFH FRQWUROV««««««««««««. 7

$FWiYiWiHV 2.7 «««««««««««««««««««««««««««. ......... 9

Further reading.............................................................................................................................. 10
Answers to some of the questions................................................................................................. 10

Study unit 3: Consumer behavior ....................................................................... 11
Economics in action ...................................................................................................................... 11
Contents and learning outcomes ................................................................................................... 11
Consumer preferences ................................................................................................................ 12
Activity 3.1 ................................................................................................................................... 14
Budget constraints ...................................................................................................................... 15
Activity 3.2 ................................................................................................................................... 16
Consumer choice ............................................................................................................ 18
Activity 3.3 ................................................................................................................................... 19
Revealed preference ....................................................................................................... 21
$FWiYiW\ 3.4«««««««««««««««««««««««««««««««««22
Marginal utility and consumer choice ............................................................................ 22
Activity 3.5 ................................................................................................................................... 23
Cost-of-living indices ................................................................................................................. 23

, iv ECS2601/1/2012-14
Economics in action revisited ........................................................................................................ 24
Further reading............................................................................................................................... 24
Answers to some of the questions ................................................................................................. 24

Study unit 4: Individual and market demand ...................................................... 26
Economics in action ....................................................................................................................... 26
Contents and learning outcomes .................................................................................................... 27
Individual demand .......................................................................................................................27
Activity 4.1 .................................................................................................................................... 29
Income and substitution effects ................................................................................................... 31
Activity 4.2 .................................................................................................................................... 32
Market demand ............................................................................................................................ 34
Activity 4.3 .................................................................................................................................... 35
Consumer surplus ........................................................................................................................37
Activity 4.4 .................................................................................................................................... 37
Network externalities ................................................................................................................... 39
Activity 4.5 .................................................................................................................................... 40
Empirical estimation of demand .................................................................................................. 40
Economics in action revisited ........................................................................................................ 41
Further reading............................................................................................................................... 41
Answers to some of the questions ................................................................................................. 41

Study unit 5: Uncertainty and consumer behaviour ............................................ 43
(Not included)

Study unit 6: Production ...................................................................................... 44
Economics in action ....................................................................................................................... 45
Contents and learning outcomes .................................................................................................... 45
The technology of production...................................................................................................... 46
Activity 6.1 .................................................................................................................................... 47
Production with one variable input (labour). ............................................................................... 47
Activity 6.2 .................................................................................................................................... 48
Production with two variable inputs (labour and capital) ............................................................50
Activity 6.3 .................................................................................................................................... 52
Returns to scale ............................................................................................................................ 54
Activity 6.4 .................................................................................................................................... 55
Economics in action revisited ........................................................................................................ 56
Further reading............................................................................................................................... 56
Answers to some of the questions ................................................................................................. 56

Study unit 7: The cost of production ................................................................... 60
Economics in action ....................................................................................................................... 60

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