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Micro Economics - Autumn

This class was created by Brainscape user George Reynolds. Visit their profile to learn more about the creator.

By: George Reynolds
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Decks in this class (15)

Topic 1: Budget Constraints & Preferences
What is the focus of microeconomi...,
How do economists model decision ...,
What is the standard two good bud...
16  cards
Consumer Optimisation & Utility
What does a utility function repr...,
What is a monotonic transformatio...,
What is marginal utility 3
14  cards
Demand Functions & Comparative Statics
What is a demand function in micr...,
What is marshallian demand 2,
What is an engel curve 3
14  cards
Income & Substitution Effects
When the price of a good changes ...,
What is the direction of the subs...,
What is the hicksian definition o...
13  cards
Consumer Welfare Measures
What is consumer surplus 1,
How does consumer surplus change ...,
What is compensating variation 3
12  cards
Labour Supply Theory
What two goods are involved in th...,
What is the labour supply budget ...,
What is the slope of the budget l...
12  cards
Uncertainty, Risk, and Insurance
What is a state of the world in u...,
What is a contingent consumption ...,
What is a state contingent commod...
16  cards
Technology & Isoquants
What is a production set 1,
What is a production function 2,
What are the main inputs in produ...
13  cards
Profit Maximisation and Scale of Production
What is the primary objective of ...,
How are revenue and cost defined 2,
What input choices are made in sh...
16  cards
Cost Minimisation and Cost Curves
What is the firm s cost minimisat...,
What is an isocost line 2,
What is the tangency condition fo...
16  cards
Equilibrium Concepts in Microeconomics
What is the difference between pa...,
What condition defines equilibriu...,
What is an excess demand function 3
16  cards
Pure Exchange and Trade
What is a pure exchange economy 1,
What defines the edgeworth box 2,
What is the endowment point 3
16  cards
Fundamental Theorems of Welfare Economics
What is a social planner s proble...,
What is pareto efficiency 2,
What does the first welfare theor...
11  cards
Crusoe Economy – Integrated Consumer-Producer Model
What is the robinson crusoe model 1,
What roles does crusoe play in th...,
What is the feasibility constrain...
12  cards
General Equilibrium with Production
What is the crusoe friday model 1,
What are the key elements of the ...,
What do individual ppfs represent 3
13  cards

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Micro Economics - Autumn

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