Economic Concepts
- Marginal analysis
- Theory of consumer demand
- Theory of the firm
- Industrial organization
and firm behaviour
- Public choice theory
Quantitative Methods
- Numerical analysis
- Statistical estimation
- Forecasting procedures
- Game theory
- Optimization techniques
- Information systems
Such that:
Public Goods are goods that can be consumed or used by more than
one person at the same time with no extra cost.
Hospital administrators are rewarded for reducing the cost per bed
over a year. Hence, they become efficient with respect to costs.
Q f ( P, Y , Pc , Ps )
Single seller
No close substitutes
Barriers to entry
Economies of scale
Exclusive ownership of raw material
Licensing, patents, copyrights, legal franchise
Local monopolies may exist
Monopolistic competition
Many firms
Differentiated product
Free entry and exit
Oligopoly
Few firms produce most output
Homogeneous or differentiated product
Barriers to entry
Christopher Michael, Department of Economics - Trent University