I will come forth as gold!
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....
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...
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...
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...
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...
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:...
Structure
Recent Comments