Theory of the Firm Resources: Class of 2021
80+ Video Lessons | IB Lesson Specific Slides | IB Instructor’s Notes | IB Key Terms & Vocabulary | IB Exam Practice Questions | IB Internal Assessment Handbook | IB Student Discussions
Introduction to Theory of the Firm
Introduction to Costs, Revenue, and Profit Theory
Key Terms and Concepts: Costs, Revenue, and Profit
Lesson 1: Introduction to Costs Theory
Lesson 2: The Short-Run and The Long-Run
Lesson 3: Total Product, Marginal Product, and Average Product
Lesson 4: The Law of Diminishing Returns
Lesson 5: Economic Costs (Implicit and Explicit)
Lesson 6: Total Cost, Marginal Cost, and Average Cost
Lesson 7: Short-Run Costs and Diagrams
Study Break!
Lesson 8: Long-Run Costs
Closing Remarks: Costs Theory
Review Questions: Costs Theory
Key Terms and Concepts: Costs Theory
IB Exam Practice Questions: Costs Theory
Lesson 1: Introduction to Revenue Theory
Lesson 2: Total Revenue, Marginal Revenue, and Average Revenue
Lesson 3: Revenue Curves in Perfect Competition ("Price Takers" Market Structure)
Lesson 4: Revenue Curves in Monopoly, Monopolistic Competition, and Oligopoly ("Price Makers" Market Structures)
Closing Remarks: Revenue Theory
Review Questions: Revenue Theory
Key Terms and Concepts: Revenue Theory
IB Exam Practice Questions: Revenue Theory
Lesson 1: Introduction to Profit Theory
Lesson 2: Economic Profit, Abnormal Profit, Normal Profit, and Negative Profit
Lesson 3: The Shut-Down Price
Lesson 4: The Shut-Down Price on a Diagram
Lesson 5: The Break-Even Price
Lesson 6: The Profit-Maximizing Level of Output
Lesson 7: Showing Profit in Perfect Competition ("Price-Takers" Market Structure)
Study Break!
Lesson 8: Showing Profit in Monopoly, Monopolistic Competition, and Oligopoly ("Price-Makers" Market Structures)
Lesson 9: Other Motives Besides Profit Maximization
Closing Remarks: Profit Theory
Review Questions: Profit Theory
Key Terms and Concepts: Profit Theory
IB Exam Practice Questions: Profit Theory
Lesson 1: Introduction to Perfect Competition Market Structure
Lesson 2: The Revenue Curves in Perfect Competition
Lesson 3: The Profit Maximizing Level of Output in Perfect Competition
Lesson 4: Abnormal Profit in Perfect Competition
Lesson 5: Negative Profit (Loss) in Perfect Competition
Lesson 6: Normal Profit in Perfect Competition
Study Break!
Lesson 7: Productive Efficiency in Perfect Competition
Lesson 8: Allocative Efficiency in Perfect Competition
Lesson 9: The Long-Run in Perfect Competition
Lesson 10: Productive and Allocative Efficiency in the Long-Run
Closing Remarks: Perfect Competition
Review Questions: Perfect Competition
Key Terms and Concepts: Perfect Competition
IB Exam Practice Questions: Perfect Competition