Category: Microeconomics

0

Lecture 6

Production Production with Two Variable Inputs Isoquants isoquant: Curve showing all possible combinations of inputs that yield the same output. isoquant map: Graph combining a number of isoquants, used to describe a production function....

0

Lecture 5

Uncertainty and Consumer Behavior "Rational" but bounded, capability limited. Describing Risk Probability Likelihood that a given outcome will occur. Objective interpretation of probability Subjective probability (perception that an outcome will occur) Expected Value Expected...

0

Lecture 4

Individual and Market Demand It is much easier to comprehend the knowledge with the aid of such graphs. Individual Demand Price Changes Quantity change (moving to a different point on the curve) Price-Consumption Curve...

2

Lecture 3

Consumer Behaviour allocate incomes (constraints) different goods & services (preferences; price) maximize well-being (satisfaction) theory of consumer behaviour: Description of how consumers allocate incomes among different goods and services to maximize their well-being. How...

0

Lecture 2

The Basics of Supply and Demand Supply and Demand The Supply Curve Q_S=Q_S(P) Higher Price → Larger Quantity (upward) Lower Production costs → Larger Quantity (that is the right shift of the curve) The...

0

Lecture 1

Course Introduction We will mainly focus on the basic concepts. Lecture Materials The main book: Pindyck, R.S. and Rubinfeld, D.L., 2010, Microeconomics (7th Edition) Learning Activities Lectures (There are also quizs.) Homework Assessment method:...