IMS Content 1.2 <langstring xml:lang="en-US">WinEcon - Introductory Economics</langstring> A complete and fully-interactive introduction to the principles of economics. Interactive introductory economics courseware WinEcon - Introductory Economics What is Economics Introduction to Economics Introduction Introduction to Economics The Economic Approach - Rationality Objectives and Actions: The Squash Club Objectives and Actions: Allocating a Health Budget Objectives and Actions: Looking Ahead Economic Modelling Summary Introduction to Demand and Supply Introduction to Supply and Demand Introduction Demand Introduction Factors Affecting Demand The Demand Curve of an Individual Shifts in an Individual's Demand Curve The Product Demand Curve Shifts in the Product Demand Curve Summary Supply Introduction Factors Affecting Supply The Supply Curve of a Firm Shifts in the Supply Curve of a Firm The Product Supply Curve Shifts in the Product Supply Curve Summary Supply and Demand Analysis Introduction Market Equilibrium Comparative Statics Agricultural Support Government Intervention The Cobweb Model: A Divergent Cobweb The Cobweb Model: A Convergent Cobweb Summary Elasticity Introduction The Concept of Elasticity Elasticity and Smoking Price Elasticity of Demand Price Elasticity and Total Revenue Point Elasticity - Linear Demand Curve Point Elasticity - Non-linear Demand Curve Demand Curves with Constant Elasticity Factors Affecting PED Income Elasticity of Demand Cross Elasticity of Demand Elasticity of Supply Ruby Earrings and PES Price Elasticity of Supply Price Elasticity and the Slope of the Supply Curve Point Elasticity - Supply Factors Affecting PES Summary Summary of Demand and Supply Summary Intermediate Demand Introduction to Intermediate Demand Introduction Consumer Behaviour Introduction Consumption Decisions Summary Utility Analysis Introduction Total & Marginal Utility Utility and Demand Choice of Goods Summary About Indifference Curves Introduction Elements of the Consumer Choice Model Discovering Indifference Curves Assumptions of Indifference Curves Non-Standard Indifference Curves Summary The Budget Line Introduction The Budget Line Drawing the Budget Line Changing the Budget Line Summary Indifference Curve Analysis Introduction Optimal Consumption Choice Income - Consumption Curve The Engel Curve Price - Consumption Curve Deriving the Demand Curve Summary The Income & Substitution Effects Introduction The Effect of a Price Change The Substitution Effect The Income Effect The Income & Substitution Effects Inferior Goods Summary Summary of Intermediate Demand Summary Production and Costs Introduction to Production and Costs Introduction Short-Run Production Introduction Production and Factor Inputs The Short-Run Production Function Diminishing Returns in Production The Law of Variable Proportions Modern Production Methods Modern Production Methods: an example Short-Run Production Functions: a numerical example Marginal and Average Physical Product of Labour: a numerical example Mathematics of the Marginal Product Summary Production at Minimum Cost in the Long Run Introduction The Long-Run Production Function Output against Labour Curve as Capital is Increased The Isocost Line Factors Affecting the Isocost Line The Slope of the Isocost Line Isoquants and Production Rays Technical Efficiency The Shape of the Isoquant: factor substitutability The Slope of the Isoquant: factor substitutability The Shape of the Isoquant: marginal rate of substitution Producing at Minimum Cost Cost Minimisation for a Fixed Output Level Maximum Output for a Fixed Budget Changes in Factor Prices: factor prices Changes in Factor Prices: an example Summary Short-Run Costs Introduction Short-Run Costs and Labour Productivity Short-Run Cost Definition Drawing Short-Run Cost Curves Positioning Short-Run Cost Curves Deriving the Short-Run Average Fixed (AFC) and Average Variable Cost (AVC) Curves The Shape of the Average Total Cost (AC) Curve The Shape of the Marginal Cost (MC) Curve Deriving the Short-Run MC and AC Curves: a numerical example Mathematics of Marginal Cost Deriving Short-Run Total Cost Curves Summary of Short-Run Costs Cost Volume Profit (CVP) Analysis Introduction Cost Volume Profit (CVP) Analysis Cost Volume Profit Assumptions CVP: graphical analysis CVP: algebraic analysis Equation Showing CVP Required Output Level CVP: an illustration CVP: a numerical example Summary of Cost Volume Profit (CVP) Analysis Comparing Long and Short-Run Costs Introduction Long-Run Expansion Path Short-Run Expansion Path Expansion Paths: short and long-run cost curves Comparing Long and Short-Run Costs Economies of Scale Introduction Economies of Scale: definitions The Three Scale Effects Long-Run Average Costs in Practice Economies of Scale and Market Structure Summary Perfect Competition and Monopoly Introduction to Perfect Competition and Monopoly Introduction Markets and Profits Introduction Characteristics of Different Market Structures Profit Maximisation Marginal Cost and Revenue at Profit Maximisation Normal and Supernormal Profit Summary Perfect Competition Introduction Four Key Assumptions in Perfect Competition Firm and Industry Demand in Perfect Competition Demand Curve of a Firm in Perfect Competition Profit Maximisation in Perfect Competition Profit Maximising Output for a Firm in Perfect Competition Fixed and Variable Costs Short Run Supply Summary Comparative Static Analysis of Perfect Competition Introduction Profits and Losses in the Short-run The Comparative Static Effects of Demand Changes A Change in Demand with Diseconomies of Scale Comparative Static Effects of Changing Costs The Effect of a Tariff on Imports Summary Monopoly Introduction Two Key Assumptions in Monopoly Barriers to Entry A Monopolist's Revenue A Monopolist's Demand and Marginal Revenue Profit Maximisation by a Monopolist Profit Maximisation for a Monopolist using MC and MR Monopoly and Supply Demand, Elasticity and Monopoly Price Discrimination Under Monopoly Perfect Competition and Monopoly Compared Main Differences between Perfect Competition and Monopoly Summary Summary of Perfect Competition and Monopoly Summary Imperfect Competition Introduction to Monopolistic Competition and Oligopoly Introduction Monopolistic Competition Introduction Key Assumptions in Monopolistic Competition Short Run Equilibrium of a Monopolistic Firm Adjustment to Long-run Equilibrium Quiz on Monopolistic Competition Summary Oligopoly Introduction The Key Assumptions of Oligopoly Interdependence in Oligopoly Collusive Oligopoly Cartels Cartel Disintegration A Cartel Example - OPEC Collusion in Practice Non Collusive Oligopoly Equilibrium in Non Collusive Oligopoly Models of Non-collusive Oligopoly Assumptions of Cournot's Oligopoly Model Cournot's Model of Duopoly The Kinked Demand Curve Other Explanations for Stable Prices Non - Price Competition Advertising The Economics of Advertising The Advertising Elasticity of Demand Game Theory Prisoners' Dilemma Game: an example A Duopoly Game Based on the Prisoner's Dilemma Nash Equilibria versus Co-operation Reasoning as a Duopolist Followers and Leaders Summary Comparing Monopolistic Competition and Oligopoly Introduction The Case for Imperfect Competition Differences Within Imperfect Competition Summary Summary of Monopolistic Competition and Oligopoly Summary Regulation of Markets and Market Failure Introduction to Regulation of Markets and Market Failure Introduction Requirements for Allocative Efficiency Introduction Allocative Efficiency Marginal Private Cost & Benefit Perfect Competition & Allocative Efficiency The Six Competitive Market Assumptions Summary Market Failure Introduction Reasons for Market Failure Monopoly Power & Allocative Inefficiency Externalities & Allocative Inefficiency Summary Monopoly Power Introduction Price, Output & Profit in Competition & Monopoly Efficiency in Competition & Monopoly Summary Externalities & Social Costs Introduction Production Externalities Consumption Externalities Finding Marginal Social Cost & Benefit What are Social Costs and Externalities? Summary Government Regulation Introduction Demand for Regulation Supply of Regulation Equilibrium Amount of Regulation Examples of Regulation Summary Taxes & Subsidies Introduction Monopoly Policy in a First-Best World Externality Policy in a First-Best World The Second-Best World Advantages/Disadvantages of Taxes & Subsidies Summary Monopoly & Merger Policy Introduction UK regulation of Private Monopolies & Oligopolies UK Merger Policy Regulation due to Membership of the European Union Summary Summary of Regulation of Markets and Market Failure Summary Factors of Production Introduction to Factors of Production Introduction Factor Markets Introduction Factor Markets: an overview Factor Supply: the supply of labour Introduction Supply of Labour: the leisure/work trade-off Supply of Labour: derivation of the budget constraint The Labour Supply Decision The Market Supply of Labour Summary Factor Demand: the demand for labour Introduction Short-Run Demand for Labour: competitive input & output markets Short-Run Demand for Labour Aggregate Demand for Labour Factor Demand by a Firm: under different market structures The Firm's Demand for Factors: possible market combinations Competitive Input Market & Imperfect Output Market Derivation of Marginal Factor Costs in Imperfect Input Markets Derivation of MRP & VMP in Imperfect Output Markets Imperfect Input & Output Markets Imperfect Input Market & Competitive Output Market Summary Economic Rent and Transfer Earnings Introduction The Market for Skilled Labour - TV weather presenters The Market for Unskilled Labour - bar staff The Market for City Centre Office Space Economic Rent and Transfer Earnings Summary of Economic Rent and Transfer Earnings Discrimination in the Labour Market Introduction The Aggregate Supply Curve faced by a Monopsonist Discriminating and Non-Discriminating Monopsony Compared Summary Labour Markets: Impact of the Minimum Wage Introduction Minimum Wage Summary Capital Investment Appraisal Introduction Net Present Value Evaluate Your Own Project The Meaning of Net Present Value The Cost of Capital: an introduction The Cost of Capital: influences Payback Summary Macroeconomic Data Introduction to Macroeconomic Data Introduction Macroeconomic Variables Introduction Trended and Non-Trended Variables The Behaviour of Real and Nominal Variables Nominal and Real Interest Rates Positive and Negative Real Interest Rates Real Interest Rates in Various Countries Hyperinflations Fitting Linear Trends Trends in Levels and Logarithms Deviations from Linear and Log-Linear Trends Linear Trends with Constant Growth Annual Real GDP Growth Rates Quarterly GDP Growth Rates Summary Measuring Macroeconomic Variables Introduction Measuring the Price Level and Inflation Calculating the GDP Deflator The Balance of Payments Devaluation and the Balance of Payments Summary Interactions Between Macroeconomic Variables Introduction Comovements with GDP Growth Lead and Lag Comovements Inflation over the Business Cycle Money Supply and Inflation International Comovements Summary National Income Accounting Introduction to National Income Accounting Introduction Defining Output Introduction Potential Pitfalls in Measuring Productive Activity Transfer Payments Double Counting - a Potential Error Double Counting - Avoiding the Problem Summary Developing an Accounting Framework Introduction Developing an Accounting Framework The Household Sector The Productive Sector The Circular Flow of Income Investment and Saving Why Saving Equals Investment The Inclusion of Government Injections Equal Withdrawals The Foreign Sector The Injections Equal Withdrawals (Again) Summary The Measurement of GDP in Practice Introduction Real and Nominal GDP The Output Approach GVA in Current Prices Output by Sector The Expenditure Approach Composition of Expenditure The Income Approach GDP by Income Type Summary GNI, NNI and Economic Welfare Introduction GNI and NNI GDP and Economic Welfare Summary Summary of National Income Accounting Summary Income Expenditure Model Introduction to the Income Expenditure Model Introduction Circular Flow of Income and Expenditure Introduction Basic Concepts: Firms and Households Basic Concepts: Aggregate Markets The Simple Circular Flow of Income and Expenditure The Full Circular Flow of Income and Expenditure Accounting Identities in the Circular Flow Planned Versus Actual Flows Summary The Household Sector Introduction The Consumption Function Consumption and Income in Selected Countries Marginal Propensities to Consume and Save Average Propensity to Consume The Consumption Function Diagram Consumption, Taxation and Saving Taxation Saving Summary The Firms Sector and the Goods Market Introduction Aggregate Demand in the Goods Market Constructing the Aggregate Demand Function The Firms Sector Aggregate Supply: Equation & Diagram Summary Equilibrium in the Goods Market Introduction Goods Market Equilibrium Keynesian Cross Diagram The Formal Model: Equations & Solutions Solution Method 1: Aggregate Demand equals Aggregate Output/Income Introduction to Solution Method Two Solution Method 2: Planned Withdrawals equals Planned Injections Equilibrium Values for Other Variables Formal Model: Diagrams Summary Exogenous Changes in Aggregate Demand Introduction A Change in Injections A Change in Injections: a numerical example The Multiplier The Size of the Multiplier Equilibrium Values and Exogenous Changes The Multiplier: Withdrawals/Injections Summary Policy Implications of the Model Introduction Unemployment and Macroeconomic Policy Equilibrium and Full Employment Policy Implications: A Few Cautions Summary Money Supply and Demand Introduction to Money Introduction Money Supply and Demand: Introduction Functions of Money Summary Money Supply Introduction The Money Stock: Aggregate Measures Flows of Funds Accounts Assets and Liabilities Financial Accounts and the Flows of Funds The Banking System: The Role of the Central Bank The Banking System: The Other Banks Non-Bank Financial Institutions (NBFI's) The Banking System Banking Operations A Multi Bank System Loans and the Banking System The Minimum Reserve Ratio Loan Expansion and the Bank Deposit Multiplier Summary Monetary Control Introduction Control of the Money Supply Exogenous and Endogenous Money Bills and Bonds Open Market Operations: In Theory Open Market Operations: In UK Practice Open Market Sales and Banks' Responses Other Monetary Control Measures Interest Rate Control Methods Summary Classical Theory of Money Demand Introduction Money Supply and Demand: Theoretical Approaches The Classical Quantity Theory of Money The Cambridge Version of Quantity Theory of Money The Classical Loanable Funds Market Summary Keynesian Theory of Demand for Money Introduction Keynesian Theory of Money Demand The Transactions Demand for Money The Speculative Demand for Money The Total Demand for Money Function The Money Market and Equilibrium Interest Rate Exogenous Changes and their Money Market Effects The LM Curve and Equation LM Curve: Graphical Derivation LM Curve and Equation: Exogenous Changes LM Curve: Equation Derivation Summary Monetarist Theory Introduction Friedman's Theory of Money Demand Monetarism - The General Approach Money, Price Level and Output: Debates on Causality Empirical Evidence on the Money Demand Function Summary Summary of Money Supply and Demand Introduction Reconciling Money Flows and Money Stocks Money Supply and Demand: Review Summary Theories of Aggregate Demand Introduction to Aggregate Demand Introduction Theories of Aggregate Demand Classical / Monetarist Aggregate Demand Introduction The Quantity Theory of Money The Quantity Theory and Aggregate Demand The Monetarist Transmission Mechanism Policy Implications Summary Classical / Monetarist Open Economy Introduction International Trade: An Example Fixed Exchange Rates Flexible Exchange Rates Summary: Trade and Exchange Rates Summary Keynesian Aggregate Demand Introduction Introduction: Keynesian Aggregate Demand Consumer Demand and Disposable Income Consumer Demand and the Rate of Interest The Consumption Demand Function The Investment Decision and the Rate of Interest Investment Demand and the Rate of Interest Investment Demand and Aggregate Output/Income The Investment Demand Function The IS Equation and Curve: Graphical Approach Changes in Injections and Withdrawals The IS Equation and Curve: Equation Approach The IS Curve and Aggregate Demand The IS-LM Analysis and Aggregate Demand Real - Financial Sector Interactions Joint Equilibrium of Goods and Money Markets IS-LM Equilibrium Exogenous Changes in the IS-LM Model Relative Effects of Exogenous Changes IS-LM Models Policy Implications of the IS-LM Theory Keynesian Aggregate Demand and the Price Level Summary Keynesian Open Economy Introduction The BP Curve IS-LM-BP Analysis with Fixed Exchange Rates IS-LM-BP Analysis: Exchange Rate Changes IS-LM-BP Analysis with Flexible Exchange Rates Exogenous Changes: Fixed Exchange Rates Exogenous Changes: Flexible Exchange Rates Summary Neoclassical Aggregate Demand Introduction Neoclassical Theory of Consumer Expenditure The Permanent Income Hypothesis The Life Cycle Hypothesis Neoclassical Consumption Theories Real Balance Effects in Aggregate Demand Aggregate Demand as a Function of the Price Level The Neoclassical Synthesis Criticisms of the Neoclassical Synthesis Summary Theories of Aggregate Supply Introduction to Theories of Aggregate Supply Introduction Basic Tools for Aggregate Supply Introduction The Aggregate Production Function The Aggregate Demand for Labour Labour Supply and Unemployment Summary The Classical Theory of Aggregate Supply Introduction Classical Aggregate Supply at a Glance Classical Labour Supply Theory Are You Prone to Money Illusion? Classical Model: Employment Determination The Classical Aggregate Supply Curve AS Curve Shifts: Technology Shocks AS Curve Shifts: Income Tax Changes Unemployment in the Classical Model Classical Aggregate Supply: A Summary Summary Keynesian Theory of Aggregate Supply Introduction Keynesian Aggregate Supply at a Glance Keynesian Theory of Labour Supply Keynesian Model: Employment Determination The Keynesian Aggregate Supply Curve Unemployment in the Keynesian Model Keynesian Aggregate Supply: A Summary Summary The Monetarist Model of Aggregate Supply Introduction Monetarist Aggregate Supply at a Glance Monetarist Theory of Labour Supply Monetarist Model: Employment Determination The Monetarist Aggregate Supply Curve Unemployment in the Monetarist Model Logarithms and Growth Rates: A Review The Phillips Curve Monetarist Aggregate Supply: A Summary Summary Monetary and Fiscal Policies Introduction to Fiscal and Monetary Policy in Closed and Open Economies Introduction Macroeconomic Policy and AggregateDemand Introduction Fiscal Policy and Crowding Out Recap on the Slope of the IS Curve Recap on the Slope of the LM Curve The Effectiveness of Fiscal Policy Fiscal Policy Exercise - Introduction Fiscal Policy Exercise Fiscal Policy Exercise Solutions Monetary Policy The Effectiveness of Monetary Policy Monetary Policy Exercise - Introduction Monetary Policy Exercise Monetary Policy Exercise Solutions Summary Fiscal and Monetary Policy in the AS-AD framework Introduction Keynes Versus the Classics Fiscal Policy Under Flexible Prices Monetary Policy Under Flexible Prices AS-AD Fiscal Policy Exercise - Introduction AS-AD: Fiscal Policy Exercise AS-AD: Fiscal Policy Solutions Summary Policy in the Open Economy Introduction The IS-LM-BP Framework Policy Effectiveness in the Open Economy Fiscal Policy in a Fixed Exchange Rate Regime Monetary Policy in a Fixed Exchange Rate Regime Fiscal Policy Under Flexible Exchange Rates Monetary Policy Under Flexible Exchange Rates Policy Exercise Summary The Monetarist Critique of Active Stabilisation Policy Introduction The Natural Rate Hypothesis Policy Timing and Magnitude The Timing of Policy Changes Timing and Magnitude The Political Angle Summary Monetary and Fiscal Policy in Open and Closed Economies Summary Macroeconomic Fluctuations Macroeconomic Fluctuations: An Introduction Introduction Concepts and Definitions Introduction Measuring a Cycle Cycles Terminology An Actual Cycle Aggregate Demand and Supply Shocks Shocks and Persistence Effects of Shocks and Persistence Summary Macroeconomic Theories of Fluctuations Introduction Theories of Cycles: Overview Classical Model: AD Shock Classical Model: AS Shock Stabilising Prices in the Classical Model Keynesian Model: AD Shock Keynesian Model: AS Shock Monetarist Model: AD Shock Monetarist Model: AD Shocks Monetarist Model: AS Shock Monetarist Model: AS Shocks Summary Development Economics Introduction to The Economics of Development Introduction The Distribution of Income Introduction The Distribution of Income Countries by Income Categories Distribution of Income - The Lorenz Curve Countries with the Lowest Income Lorenz Curves for Different Countries Summary Measuring Development Introduction Development - Concepts and Measurements GNP Per Capita and Life Expectancy at Birth Countries Classified by Development Indicators The Human Development Index The Human Development Index for Selected Countries Increasing the Value of the Human Development Index Countries Classified by the Human Development Indicator Basic Development Indicators Summary The Last Three Development Decades Introduction The Last Three Development Decades The Development of Various Regions over Three Decades The 1960s The Problems of Primary Producers Import Substitution Industrialisation Import Substitution Industrialisation - An Example The 1970s The Four Tigers of Asia The 1970s: The First Oil-shock, Borrowing and Debt The 1980s The Debt Crisis Borrowing and Indebtedness Summary The Direction and Composition of International Trade Introduction The Direction of International Trade Proportions of Trade Between Groups of Countries Recap: The Direction of International Trade Composition of International Trade Composition of Exports by Groups of Countries Composition of Exports for Various Regions Countries Grouped by Income and Composition of Trade Composition of Trade for Selected Countries Summary Summary of The Economics of Development Summary Welfare Economics Introduction to Welfare Economics Introduction Efficiency & Equity Criteria Introduction Allocative Efficiency for Society Net Social Benefit Types of Efficiency - Quiz The Pareto Principle Pareto Optimality Equity & Efficiency Summary Production Possibility Frontier Introduction The Five Assumptions for the PPF Production Possibilities The Production Possibility Frontier Production Not at the Frontier Changing the PPF Summary Public & Merit Goods Introduction Public versus Private Goods Key Characteristics of a Public Good Public Goods and Free Riders How much of a public good to produce? Key Characteristics of a Merit Good Summary Consumer & Producer Surplus Introduction Understanding Consumer Surplus Individual Consumer Surplus Market Consumer Surplus Consumer Surplus for Different Demand Curves Defining Producer Surplus Producer Surplus in Different Markets Social Surplus Summary Welfare Effects of Monopoly Introduction The Competitive Industry Social Surplus in Competition Social Surplus in Monopoly Changes Resulting from Monopolisation Deadweight Loss of Monopoly - An Alternative Measure Monopolisation of a Constant Cost Industry The Welfare Cost of Monopoly: Scale Economies & Choice Rent-seeking by Monopolists Summary Taxation, Benefits & Tax Incidence Introduction Types of Tax in the U.K. Sources of Tax Revenue Progressive, Regressive & Proportional Taxes Requirements of a Good Tax System Benefit Payments What is Tax Incidence? Unit Tax - An Example of Tax Incidence Summary Summary of Welfare Economics Summary Insurance and Risk Introduction to Insurance & Risk Introduction Risk in Economics Introduction Examples of Certainty and Risk Risk in Economics Types of Risk Risks - Fair or Not? Risk Aversion Test your Understanding of Risk Summary Insurance Introduction Insurance and Risk The Supply of Insurance Problems with Insurance Summary Forward and Futures Markets Introduction Spot and Forward Markets Futures Markets How does a Futures Market work? Summary Investment and Uncertainty Introduction Holding a Portfolio Diversification Summary Summary for Insurance & Risk Summary Nationalisation and Privatisation Introduction to Nationalisation and Privatisation Introduction Nationalisation Introduction The Major UK Nationalisations The Case for Nationalisation The Economic Case for Nationalisation The Emergence of a Natural Monopoly Pricing Policy - Problems under Natural Monopolies Externalities and Public Goods The Nationalised Industries in the UK - A Potted History Productive Efficiency UK Allocative Efficiency Summary Privatisation Introduction Definitions of Privatisation UK Privatisations UK Privatisation - Two Periods Incentives and Efficiency Seven Reasons to Privatise Ownership and Efficiency Objectives of Privatisation Regulation of Privatised Utilities The Privatisation of Electricity Summary A Case Study on the Provision of Healthcare Introduction Case Study: The UK's National Health Service (NHS) Private vs Public Control of Health Care Resources Private vs Public Control - Ask the Experts Case Study NHS: What are the Benefits of a Mixed System? Case Study NHS: Internal Markets - the NHS of the 1990's Summary Summary of Nationalisation and Privatisation Summary Financing Business Introduction to Financing Business Introduction What is a Firm? Introduction Types of Firm What is a Firm? The Value Chain Stages in the Value Chain Value Chain Exercise Market or Firm Co-ordination? The Market, Firms or Both? Better Co-ordination by Firms Forms of Business Organisation Businesses and Legal Liability Legal Forms of Business Organisation Business Organisation: Matching Game Company Information Summary Financing Firms Introduction Why Do Firms Need Finance? Finance for Industry Types of Security Short-Term Financing Sources of Short-Term Finance Capital Gearing Capital Gearing - an illustration Simulate the Effect of Capital Gearing on your own Company The Stock Exchange The History of the Stock Exchange Ways of Issuing Securities The Stock Exchange - Conditions for Listing Summary Company Accounts Introduction Company Accounts: Legal Requirements Published Accounts - Accounting Principles The Balance Sheet Balance Sheet Entries Balance Sheet Exercise The Profit and Loss Account Profit and Loss Account: an exercise Cash Flow Statements Relationship between the Accounts Measuring Profits and Costs: Differing Perspectives Introduction Differing Perspectives - Cost of Using Fixed Assets Straight Line Depreciation Reducing Balance Depreciation Differing Perspectives - Stock Valuation Differing Perspectives - Imputed Values Summary Introductory Mathematics for Economists Introductory Mathematics for Economists Introduction About Introductory Mathematics for Economists The Basics Introduction Variables and Functions Fractions and Sharing Basic Rules of Algebra Coordinates and Graphs Powers and Indices Economic Problems - Basic Mathematics Summary of the Basics Equations Introduction Transposition Linear Equations Quadratic Equations Simultaneous Equations Exponential Functions Logarithmic Functions Economic Problems - Equations Summary of Equations Sequences and Series Introduction Sequences and Series Present Value & Cash Flow Economic Problems - Sequences Summary - Sequence & Series Summary for Introductory Mathematics for Economists Summary Intermediate Mathematics for Economists Intermediate Mathematics for Economists Introduction About Intermediate Mathematics for Economics Differentiation in Economics Introduction Why Economists use Differentiation The Basic Rules of Differentiation Worked Examples A Summary of The Basic Rules of Differentiation Practice Differentiation Example One - Utility Functions Example Two - Revenue Functions Example Three - Cost Functions Maximum & Minimum Values Introduction Identifying Maximum & Minimum Values Checking for Maximum or Minimum Turning points Rules for Finding a Maximum or Minimum What Happens at a Maximum? Example One - Maximum Profit Example Two - Minimum Average Cost Product, Quotient & Chain Rules Introduction The Product Rule The Quotient Rule The Chain Rule Further Rules of Differentiation - A Summary Example One - Marginal Revenue (Product Rule) Partial Differentiation Introduction Marginal Product of Labour and Capital Practice Partial Differentiation Maxima/Minima of Multivariate Functions Introduction Optimisation of Multivariate Functions Maxima/Minima Subject to a Constraint Introduction Constrained Optimisation The Substitution Method The Lagrange Multiplier Method Differentiation of Log/Exponential Functions Introduction Natural Logarithmic & Exponential Functions Rules for Differentiation of Logs/Exponentials Practise Differentiating Logs/Exponentials Summary for Intermediate Mathematics for Economists Summary Probability for Economists Elementary Probability Introduction Sets Probability: Outcomes, Events & Sample Spaces Definition of Probability: The Probability Postulates Probability Calculator Throwing Two Coins: How Many Heads? Summary Elementary Statistics Introduction Grouped Data The Mean The Mode The Median of Raw Ungrouped Data The Median: Grouped Data Mean, Mode, Median and Symmetry Summary Discrete Distributions Introduction Binomial Distribution Poisson Distribution Summary Continuous Distributions Introduction Normal Distribution Summary Central Limit Theorem Introduction Central Limit Theorem Summary Statistics for Economists Correlation Coefficient Introduction How To Get More Information (in this chapter) Correlation Coefficient Summary Simple Regression Introduction Fitting a Line to the Data Linear Regression (or Fitting a Line to the Data) Linear Regression Summary Multiple Regression Introduction Multiple Linear Regression Multiple Linear Regression Analysis Chi-squared Test for Normality of Residuals F-Test t-test Regression: Analysis of Variance The Analysis of Variance Multiple Regression As A Sequence of Simple Regressions Summary Analysis of Variance Introduction Analysis of Variance Summary Dummy Variables Introduction Dummy Variables Summary Time Series Analysis Introduction Time Series Analysis: Moving Averages Time Series Analysis Summary