Transcription of Intermediate Microeconomics - Yonsei
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Intermediate Microeconomics - Yonsei
Intermediate Microeconomicsby Jinwoo Kim1 Contents1 The Market42 Budget Constraint83 Preferences104 Utility145 Choice186 Demand247 Revealed Preference278 Slutsky Equation309 Buying and Selling3310 Intertemporal Choice3712 Uncertainty3914 Consumer Surplus4315 Market Demand4618 Technology4819 Profit Maximization5220 Cost Minimization5421 Cost Curves5722 Firm Supply5923 Industry Supply6224 Monopoly64225 Monopoly Behavior6726 Factor Market7227 Oligopoly7628 Game Theory8030 Exchange853Ch. 1. The MarketI. Economic model:A simplified representation of realityA.
= MRS= p 1 p 2 – x0is not optimal: MU 1 MU 2 = MRS< p p 2 = x 2 x 1 or MU 1 x 1 <MU 2 x 2!Better off with exchanginggood1forgood2 Example.Cobb-Douglasutilityfunction MRS= a 1 ;xa x 2 x 1 = p 1 p 2 p 1x 1 + p 2x 2 = m)!(x 1 2) = am p 1; (1 a)m p 2 II.Non-tangentsolution A.Kinkeddemand Example.Perfectcomplement: u(x 1;x 2) = minfx 1;x 2g 18
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