Summary Market structure

The documents provide a complete overview of key economic concepts, beginning with Demand Analysis, which explains how consumers behave in response to changes in price, income, and related goods, along with elasticity, forecasting techniques, and consumer equilibrium using both cardinal and ordinal utility approaches. The Introduction to Economics section highlights the meaning and scope of economics and business economics, distinguishing micro and macro perspectives while explaining essential principles like incremental analysis, cost concepts, discounting, time perspective, and inflation. The Market Structure notes describe different forms of markets—perfect competition, monopoly, monopolistic competition, and oligopoly—along with the theory of the firm, profit maximization rules, pricing and output decisions, and the kinked demand curve model that explains price rigidity. Finally, the Supply and Production section covers the law of supply, factors affecting supply, production functions, the law of variable proportions, returns to scale, isoquants, producer’s equilibrium, cost classifications, revenue curves, and economies of scale, forming a complete foundation for understanding how firms make production and pricing decisions in various market environments.