Veblen goods are luxury items where demand increases with price, driven by social prestige and pecuniary emulation, challenging traditional economic models of rational consumer behavior.
Institutional analysis in microeconomics examines how institutions like laws, norms, and power structures influence economic behavior, resource allocation, and market outcomes, moving beyond traditional economic
Explore how information economics, moral hazard, adverse selection, screening and signaling, and market failure shape economic decisions, manage risks, and address asymmetric information challenges.
Explore Bain's Limit Pricing Theory and how firms use strategic pricing to deter competitors. Learn about barriers to entry, strategic behavior, and market dominance.
Discover how externalities and public goods cause market failure and explore the role of Pigovian taxes and subsidies in correcting these inefficiencies.
Dive into game theory and strategic behavior in economics. Learn about Nash Equilibrium, dominant strategies, the prisoner's dilemma, and backward induction in sequential games.
Explore how price determination occurs in different market structures, from perfect competition to monopoly and oligopoly. Learn about Cournot, Bertrand, and Stackelberg models in oligopoly
Learn about production functions, including the Cobb-Douglas function, and how isoquant curves help firms optimize input combinations. Understand the Law of Production and its implications
Explore Revealed Preference Theory and how it differs from Cardinal and Ordinal Utility. Learn about consumer choice theory and how preferences are revealed through actual
