Microeconomics

1. Market Mechanisms
   1. Demand and Supply
      1. Law of Demand
         1. Definition and Explanation
         2. Determinants of Demand
            1. Consumer Preferences
            2. Income Levels
            3. Prices of Related Goods
            4. Future Expectations
            5. Number of Buyers
         3. Impact on Consumer Behavior
         4. Graphical Representation
      2. Law of Supply
         1. Definition and Explanation
         2. Determinants of Supply
            1. Production Technology
            2. Input Prices
            3. Prices of Related Goods in Production
            4. Future Expectations
            5. Number of Sellers
         3. Producer Behavior and Supply Curve
         4. Graphical Representation
      3. Market Equilibrium
         1. Equilibrium Price and Quantity
         2. Graphical Determination of Equilibrium
         3. Effects of Equilibrium Shifts
            1. Changes in Demand
            2. Changes in Supply
            3. Simultaneous Shifts
         4. Dynamic Nature of Market Equilibrium
      4. Shifts vs Movements Along Curves
         1. Difference Between Shifts and Movements
         2. Causes of Movement Along Curves
            1. Change in Price
         3. Causes of Shifts in Curves
            1. Change in Non-Price Factors
         4. Policy Implications of Shifts and Movements
   2. Price Elasticity
      1. Elasticity of Demand
         1. Definition and Calculation
            1. Percentage Method
            2. Midpoint Method
         2. Types of Elasticity
            1. Perfectly Elastic
            2. Perfectly Inelastic
            3. Unit Elastic
            4. Elastic
            5. Inelastic
         3. Factors Affecting Demand Elasticity
            1. Availability of Substitutes
            2. Necessity vs Luxury
            3. Proportion of Income Spent
            4. Time Horizon
         4. Implications for Revenue and Taxation
      2. Elasticity of Supply
         1. Definition and Calculation
            1. Formula for Supply Elasticity
         2. Types of Elasticity
            1. Perfectly Elastic
            2. Perfectly Inelastic
            3. Unit Elastic
            4. Elastic
            5. Inelastic
         3. Determinants of Supply Elasticity
            1. Flexibility of Production
            2. Time Frame for Response
         4. Policy and Market Implications
      3. Factors Affecting Elasticity
         1. Cross-Price Elasticity of Demand
            1. Substitutes and Complements
            2. Calculation and Interpretation
         2. Income Elasticity of Demand
            1. Normal and Inferior Goods
            2. Calculation and Interpretation
         3. Implications for Business Strategy and Policy
      4. Applications and Implications
         1. Pricing Strategies Based on Elasticity
         2. Tax Incidence and Burden
         3. Adjusting to Market Changes
         4. Long-Run vs Short-Run Elasticity Considerations