91399 (91400, 91401) Micro economic concepts relating market structures and equilibrium
This course covers the things you'll need to know and be able to do for achievement standard 91399, 91400 and 91401 .
In it you'll find out how to give comprehensive explanations and solve problems relating to:
- How markets achieve equilibrium
- Why a free-market equilibrium is considered to be the most efficient market outcome
- How changes in a market affect the market’s efficiency
- How a change in a market affect the market’s participants
- How changes imposed on a market by government affect the market’s efficiency
- What happens to a firm’s costs if it produces one more unit
- What happens to a firm’s revenue if it sells one more unit
- How firms determine the most profitable output to produce
- What happens to a firm’s output if either demand or costs change
- What effect a market’s structure has on output decisions
- What effect a market’s structure has on the long run efficiency of the market.
How you'll learn
There are a variety of ways you can learn and interact with the materials in this course.
Self-paced learning – the material is set up so you can learn at your own pace. Although there are 'suggested' times for each page, they're just a guideline - plan your learning to suit you.
Practice activities – throughout this course there are short activities. These activities are for you, not for someone to mark them. These activities give you a great chance to practice what you've learned and compare your answer to the model feedback. Look at the feedback carefully to see if you have missed out any aspects from your answer.
Submitting photos – sometimes people find it easier to scribble down a diagram or show their working with pen and paper. No problem! You can still store all your working and diagrams with the activity. That way you'll be able to refer back to your answers when you're revising. Simply take a photo of your work and upload it with the relevant activity.