IMS Content 1.2 <langstring xml:lang="en-US">WinEcon - Sloman, Economics (7th Edition)</langstring> A fully-interactive introduction to the principles of economics to support the textbook, Economics (7th Edition) by John Sloman and Alison Wride. Interactive Sloman introductory economics course WinEcon - Sloman, Economics 7ed Introducing Economics What do economists study ? Introduction Introduction to Economics The Five Assumptions for the PPF Production Possibilities The Production Possibility Frontier Production Not at the Frontier Changing the PPF The Circular Flow of Goods and Income Summary Different Economic Systems Introduction The nature of economic reasoning Introduction 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 Appendix 1 Some techniques of economic analysis Introduction Some Techniques of Economic Analysis Summary Supply and Demand Demand Introduction Demand for Housing in St. Andrews - Sudden Increase 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 The Demand for Water 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 Price and Output Determination Introduction Market Equilibrium Comparative Statics Summary The control of prices Introduction Government Intervention Minimum Wage Summary Markets in Action Elasticity Introduction Market Demand for Water The Concept of Elasticity Elasticity and Smoking Price Elasticity of Demand Factors Affecting PED Elasticities in Estimating the Demand for Water Price Elasticity and Total Revenue Point Elasticity - Linear Demand Curve Point Elasticity - Non-Linear Demand Curve Demand Curves with Constant Elasticity 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 Income Elasticity of Demand Cross Elasticity of Demand Summary The time dimension Introduction Spot and Forward Markets Futures Markets How does a Futures Market work? Summary Indirect taxes Introduction Elasticity: Revising the Concept What is Tax Incidence? Unit Tax - An Example of Tax Incidence Summary Government rejection of market allocation Introduction Agriculture and agricultural policy Introduction Agricultural Support The Cobweb Model: A Divergent Cobweb The Cobweb Model: A Convergent Cobweb Summary Background to Demand Marginal Utility Theory Introduction Consumption Decisions Total & Marginal Utility Utility and Demand Choice of Goods Summary Demand under risk and uncertainty Introduction Examples of Certainty and Risk Risk in Economics Types of Risk Risks - Fair or Not? Risk Aversion Test your Understanding of Risk Insurance and Risk The Supply of Insurance Problems with Insurance Summary Indifference Analysis Introduction Saatchi and Saatchi - Product Choices Consumption Decisions (revisited) Elements of the Consumer Choice Model Discovering Indifference Curves Assumptions of Indifference Curves Non-Standard Indifference Curves The Budget Line Drawing the Budget Line Changing the Budget Line Optimal Consumption Choice Income - Consumption Curve The Engel Curve Price - Consumption Curve Deriving the Demand Curve The Effect of a Price Change The Substitution Effect The Income Effect The Income & Substitution Effects Inferior Goods Spend and Save Coupons A Two Part Tariff Inter-temporal Choice - Budget Constraint Inter-temporal Choice - Indifference Curve Analysis Carol's Hairdressing Business Summary Background to Supply The short-run theory of 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 Costs in the short run Introduction Short-Run Costs and Labour Productivity Short-Run Cost Definition Drawing Short-Run Cost Curves Positioning Short-Run Cost Curves Deriving Short-Run Total 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 IKEA - Better Products at Lower Cost Summary of Short-Run Costs Summary The long run theory of production Introduction Nike Changes its Production Processes Economies of Scale: definitions 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 The Three Scale Effects A Crude Oil Pipeline Crude Oil Pipeline - Economies of Scale Summary Costs in the long run Introduction Long-Run Average Costs in Practice Economies of Scale and Market Structure Long-Run Expansion Path Short-Run Expansion Path Expansion Paths: short and long-run cost curves Comparing Long and Short-Run Costs Summary Revenue Introduction Profit maximisation Introduction Profit Maximisation Marginal Cost and Revenue at Profit Maximisation Normal and Supernormal Profit Summary Perfect Competition & Monopoly Alternative market structures Introduction Virgin Records - New Business, Cheaper Prices Characteristics of Different Market Structures 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 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 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 Perfect Competition and Monopoly Compared Main Differences between Perfect Competition and Monopoly Price, Output & Profit in Competition & Monopoly Economies of Scale and Market Structure (revisited) The Supply of Water Impact of Water Meters and Weather Summary The theory of contestable markets Introduction Imperfect Competition 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 Rivalry in Oligopoly Competition or Collusion 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 Saatchi and Saatchi: Product Differentiation The Case for Imperfect Competition Differences Within Imperfect Competition Summary Game theory Introduction Game Theory Prisoners' Dilemma Game: an example A Duopoly Game Based on the Prisoners' Dilemma Nash Equilibria versus Co-operation Reasoning as a Duopolist Followers and Leaders Summary Price discrimination Introduction Price Discrimination Under Monopoly Summary Alternative Theories of the Firm Problems with traditional theory Introduction The Activities of Firms Lonely Planet: An Example of a Modern Firm The Firm What is a Firm? Forms of Business Organisation Businesses and Legal Liability Legal Forms of Business Organisation Business Organisation: Matching Game Types of 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 Transaction Costs Markets, Contracts and the Firm The Principal-Agent Relationship Dealing with Principal-Agent Problems Principals, Agents and Incentives - some examples Summary Alternative maximising theories Introduction A Managerial Approach to the Firm The Profit Objective Bank of Scotland and Halifax Merger The Merger Process Merger Activity Types of Merger Effects of Mergers and Acquisitions Franchising Franchise Partners Why Do Firms Need Finance? Finance for Industry Summary Multiple aims Introduction HSBC - Return on Capital Nestle - Sustainable Value Examples of Company Objectives The Nature of Business Objectives The Motivations of Owners, Managers and Workers The Business Environment Organisation and Objectives Summary Pricing in practice Introduction The Theory of Distribution of Income Wage determination under perfect competition Introduction Factor Markets: an overview 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 Factor Demand by a Firm: under different market structures The Firm's Demand for Factors: possible market combinations Short-Run Demand for Labour: competitive input & output markets Short-Run Demand for Labour Aggregate Demand for Labour Summary Wage determination in imperfect markets Introduction Derivation of the Marginal Factor Cost in Imperfect Input Markets Derivation of MRP and VMP in Imperfect Output Markets Imperfect Input Market and Competitive Output Market Imperfect Input and Output Markets The Market for Skilled Labour - TV weather presenters The Market for Unskilled Labour - bar staff Economic Rent and Transfer Earnings Summary of Economic Rent and Transfer Earnings The Aggregate Supply Curve faced by a Monopsonist Discriminating and Non-Discriminating Monopsony Compared Summary Capital and Profit 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 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 Land and Rent Introduction The Market for City Centre Office Space Revising Economic Rent and Transfer Earnings Summary Inequality, Poverty and Redistribution Inequality and poverty Introduction The World Distribution of Income Revising the Minimum Wage The National Minimum Wage Summary Taxes, benefits and the redistribution of income Introduction Types of Tax in the U.K. Sources of Tax Revenue Progressive, Regressive & Proportional Taxes Requirements of a Good Tax System Benefit Payments Summary Markets, Efficiency and Public Interest Efficiency under Perfect Competition Introduction Allocative Efficiency Marginal Private Cost & Benefit Perfect Competition & Allocative Efficiency The Six Competitive Market Assumptions Allocative Efficiency for Society Net Social Benefit Types of Efficiency - Quiz The Pareto Principle Pareto Optimality Equity & Efficiency 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 The case for government intervention Introduction Reasons for Market Failure Externalities & Allocative Inefficiency Production Externalities Consumption Externalities Finding Marginal Social Cost & Benefit What are Social Costs and Externalities? 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 Monopoly Power & Allocative Inefficiency Revising the Competition and Monopoly Models Efficiency in Competition & Monopoly 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 Summary Forms of government intervention Introduction Externality Policy in a First-Best World Monopoly Policy in a First-Best World The Second-Best World Advantages/Disadvantages of Taxes & Subsidies Demand for Regulation Supply of Regulation Equilibrium Amount of Regulation Examples of Regulation Summary Cost-benefit analysis Introduction The case for laissez-faire Introduction Summary Environmental Policy Environmental Policy Introduction Government Policy towards Business Competition Policy Introduction Revising Monopoly Banking Services Monopoly UK regulation of Private Monopolies & Oligopolies UK Merger Policy Regulation due to Membership of the European Union Summary Privatisation and Regulation 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 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 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? Summary The National Economy The scope of macroeconomics 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 Summary The circular flow of income 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 Measuring national income Introduction Potential Pitfalls in Measuring Productive Activity Transfer Payments Double Counting - a Potential Error Double Counting - Avoiding the Problem Real and Nominal GDP The Output Approach GVA in Current Prices Output by Sector The Income Approach GDP by Income Type The Expenditure Approach Composition of Expenditure GNI and NNI GDP and Economic Welfare Summary Short-term economic growth and the business cycle Introduction 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 Long-term economic growth Introduction Macro Issues & Analysis: an Overview Unemployment Introduction Introducing Unemployment Summary Aggregate demand and supply and the level of prices Introduction Inflation Introduction Measuring the Price Level and Inflation Calculating the GDP Deflator Hyperinflations Summary The balance of payments and exchange rates Introduction The Balance of Payments Devaluation and the Balance of Payments Introducing Exchange Rates Summary The relationship between the four macro objectives Introduction Comovements with GDP Growth Lead and Lag Comovements Inflation over the Business Cycle Money Supply and Inflation International Comovements Summary The Roots of Modern Macroeconomics Setting the scene: three key issues Introduction Classical macroeconomics Introduction The Quantity Theory of Money The Quantity Theory and Aggregate Demand Summary The Keynesian revolution Introduction The monetarist-Keynesian debate Introduction The current position: an emerging consensus? Introduction Short-run Macroeconomic Equilibrium Background to the theory Introduction Revising Some Basic Macroeconomic Concepts 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 Aggregate Demand in the Goods Market Constructing the Aggregate Demand Function The Firms Sector Aggregate Supply: Equation & Diagram Summary The determination of national income 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 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 Simple Keynesian analysis of unemployment and inflation Introduction Unemployment and Macroeconomic Policy Equilibrium and Full Employment Policy Implications: A Few Cautions Summary The Keynesian analysis of the business cycle Introduction Measuring a Cycle Cycles Terminology An Actual Cycle Theories of Cycles: Overview Investment Demand and Aggregate Output/Income Summary Money and Interest Rates The meaning and functions of money Introduction Money Supply and Demand: Introduction Functions of Money Summary The financial system Introduction 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 Summary The supply of money Introduction The Money Stock: Aggregate Measures Loan Expansion and the Bank Deposit Multiplier Summary The 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 Summary Equilibrium Introduction Reconciling Money Flows and Money Stocks The Money Market and Equilibrium Interest Rate Exogenous Changes and their Money Market Effects Summary Relationship of Money & Goods Markets The effects of monetary changes on national income Introduction Revising the Quantity Theory of Money The Monetarist Transmission Mechanism Policy Implications Friedman's Theory of Money Demand Empirical Evidence on the Money Demand Function Summary The monetary effects of changes in the goods market 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 Money, Price Level and Output: Debates on Causality Summary ISLM Analysis Introduction 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 LM Curve and Equation LM Curve: Graphical Derivation LM Curve and Equation: Exogenous Changes LM Curve: Equation Derivation 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 Policy Implications of the IS-LM Theory Keynesian Aggregate Demand and the Price Level Summary Taking inflation into account Introduction Fiscal and Monetary Policy Fiscal policy Introduction Policy Timing and Magnitude The Timing of Policy Changes Timing and Magnitude The Political Angle Summary Monetary policy 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 ISLM analysis of fiscal and monetary policy 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 IS-LM Models 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 UK fiscal and monetary policy Introduction Rules versus discretion Introduction AS, Unemployment & Inflation Aggregate supply Introduction The Aggregate Production Function The Aggregate Demand for Labour Labour Supply and Unemployment Summary The expectations-augmented Phillips curve 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 The Natural Rate Hypothesis Monetarist Aggregate Supply: A Summary Revising Theories of Cycles Monetarist Model: AD Shock Monetarist Model: AD Shocks Monetarist Model: AS Shock Monetarist Model: AS Shocks Summary Inflation & unemployment: Classical/New classical position 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 Another Revision of Theories of Cycles Classical Model: AD Shock Classical Model: AS Shock Stabilising Prices in the Classical Model Summary Inflation & unemployment: the modern Keynesian position 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 Keynesian Model: AD Shock Keynesian Model: AS Shock Summary Long-term Economic Growth Introduction Introduction Supply-Side Policies Introduction Introduction International Trade The advantages of trade Introduction Opportunity Cost and the Production Possibility Frontier The Gains from Trade The Principle of Comparative Advantage Sources of Comparative Advantage More Sources of Comparative Advantage Summary Arguments for restricting trade Introduction The Effect of a Tariff on Imports Preferential trading Introduction The European Union Introduction Balance of Payments & Exchange Rates Alternative exchange rate regimes Introduction International Trade: An Example Summary Fixed exchange rates Introduction Fixed Exchange Rates Summary Free-floating exchange rates Introduction Flexible Exchange Rates Doing Business Abroad: Reducing Exchange Rate Risk Summary: Trade and Exchange Rates Summary Exchange rate systems in practice Introduction Appendix: The open economy and IS-LM analysis 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 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 Global and Regional Interdependence Introduction Introduction Economics of developing countries The Problem of Underdevelopment 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 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 International trade and development 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 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 Summary Structural problems within developing countries Introduction The problem of debt Introduction The 1980s The Debt Crisis Borrowing and Indebtedness 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 and 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