This section is delivered by EY Academy of Business
This study session begins by introducing fundamental concepts of demand and supply analysis for individual consumers and firms. Also covered are the various market structures (perfect competition, oligopoly, monopoly) in which firms operate. Key macroeconomic concepts and principles then follow, including aggregate output and income measurement, aggregate demand and supply analysis, and analysis of economic growth factors. The study session concludes with coverage of the business cycle and its effect on economic activity.
The candidate should be able to:
1. calculate and interpret price, income, and cross-price elasticities of demand and describe factors that affect each measure;
2. compare substitution and income effects;
3. distinguish between normal goods and inferior goods;
4. describe the phenomenon of diminishing marginal returns;
5. determine and interpret breakeven and shutdown points of production;
6. describe how economies of scale and diseconomies of scale affect costs.
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