In this article, we will provide excerpts of Economics tutor Mr Koh’s specific chapter previews for microeconomics. The main idea behind this is to help students of economics tuition to understand the topic and the scope of each topic as well as skills that are required.
Demand and Supply
This topic is divided into two parts:
- Understanding the demand, supply, and factors of elasticity as well as their applications.
- The application of government policies for a specific purpose. In the beginning, students must understand various factors to explain the impact of certain developments on the market and to recognize the strategies that maximize the overall revenue. (price x quality)
On the involvement of government, students must learn how a price ceiling, price floor, indirect tax and subsidy work, and the advantages and disadvantages related to these policies. They should then be ready to propose a combination of such policies to serve the aims of government – particularly to help consumers and producers.
Firms and How They Operate
Mr Koh shares a conceptual map in his economics tuition classes to understand these approaches, i.e. students should learn in advance the understanding of features of market structures to explain and evaluate the behaviour and performance of firms.
The article will not only revolve around the behaviour of a firm and its performance, questions can also be set from the following points, therefore, students must learn all these aspects:
- Price discrimination
- Economies of scale
- Barriers to entry
Mr Koh’s economics tuition divides the topic into two summarized parts:
- Explaining the main reason behind the failure of the market: it requires complete explanation and is majorly content driven.
- Discussing the right choice of policy for tackling failure situations: it requires the detailed evaluation of adopted policies particularly in the context of market failure.
Mr Koh’s economics tuition particularly focus on three main themes with respect to Part I and Part II respectively.
Some institutes follow activity approach to explain market failure and some used market approach. In this article, our focus is activity approach, this results in a negative and positive cost, benefit curves without the consent of spill-over effects that arise from production or consumption of goods.
Join Mr Koh’s economics tuition in order to further your content knowledge and deepen your understanding of the concepts.