2022 CFA Level I Exam: Study Session 3. Economics (1) - Reading 8. Topics in Demand and Supply Analysis

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	1. Demand Concepts a. calculate and interpret price, income, and cross-price elasticities of demand and describe factors that affect each measure;
	2. Elasticities of Demand a. calculate and interpret price, income, and cross-price elasticities of demand and describe factors that affect each measure;
	3. Substitution Effect, Income Effect, Normal and Inferior Goods b. compare substitution and income effects; c. distinguish between normal goods and inferior goods;
	4. Supply Analysis: Cost, Marginal Return, and Productivity d. describe the phenomenon of diminishing marginal returns;
	5. Economic Profit vs. Accounting Profit d. describe the phenomenon of diminishing marginal returns;
	6. Marginal Revenue, Marginal Cost and Profit Maximization d. describe the phenomenon of diminishing marginal returns;
	7. Breakeven Analysis and Shutdown Decision e. determine and describe breakeven and shutdown points of production;
	8. Understanding Economies and Diseconomies of Scale f. describe how economies of scale and diseconomies of scale affect costs.

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