Micro Economics

This document contains the key micro economic concepts as thought in wharton school of business management. the author has painstakingly gone through the volumes of theory in micro economics and has lucidly simplified the concepts in the neatly presented format. The users would find this a good refresher on micro economics. Whether you are a novice or expert learner of micro economics you would find this document more useful. This document is prepared keeping in mind the first time learners. You would find all necessary concepts, formulas that is required in the micro economics section.

The lesson starts with basic demand theory capitulating industry demand and supply functions, followed by elasticity of demand and supply. The next lesson talks about consumer behavior and rational choice which briefly touch base on laws of diminishing marginal utility, market bundles and how to compute consumer surpluse. Chapter 4 talks about production theory which talks about marginal cost and marginal revenues and ways to maximize economic profits. Chapter 5 goes deeper in to analysis of costs (long run and short run cost functions), break even analysis. Chapter 6 talks about various types of competition in the market and how to price the product under different market conditions.

The author is currently pursuing his MBA program and has prepared this course material for his own use. The author does not take responsibility of its contents and users are advised to validate the facts against own resources, professors and other team members. You would certainly find this document more helpful in preparing for your micro economics course. Feel free to drop your comments.