Theme 2.1 & 2.2 — Notes

<#>Theme 2.1 & 2.2 — Notes

<##>Lecture Notes Theme2_1-2-2_Lecture_Notes.pdf

Covers:

• 2.1 Price Mechanism: Signalling, incentive, rationing functions
• 2.1 Demand & Supply: Equilibrium, shifts, PED/YED/XED/PES
• 2.1 Government Intervention: Taxes, subsidies, price controls, quotas
• 2.2 Firms & Decisions: Profit max (MR=MC), alternative objectives
• 2.2 Cost & Revenue: SR costs, economies/diseconomies of scale
• 2.2 Strategies: Growth, price discrimination, collusion, innovation, marketing
• Efficiency: Allocative, productive, dynamic efficiency

Covers:

• Paper structure and timing
• Command words and mark allocation
• 8 exam patterns with model answer structures
• DIEE framework (HCI approach)
• Diagram checklist
• Common errors