microeconomics summary.docx

Microeconomics: 1. Consumer Theory a. Utility Function- Express and Draw IC . !roperties o" IC # Monotonicity and Con$exity% c. Maximisation prolem: Utility Max &a'ran'rian()ud'et Constraint d. *ptimal )undle: Marshaillian e. +i,en +ood: Field Experiment ". Marshallian /ic0sian '. )ud'et Constraint # at% 2. Theory o" the Firm: !roduction Function # Cost Minimisation% a. Factor Demand # 3 and & % . Cost Function c. !ro4t Maximisation !rolem 5. 6el"are # Use inte'rals% a. Consumer 7urplus # Mashaillian Demand% . Compensatin' $ariation # /ic0sian Demand % c. Decision under certainty d. De'ree o" ris0 a$ersion # 8$erse9 eutral9 &$in'% e. Coe;cient o" 8solute is0 8$ersion ". Coe;cient 8 '. Implied Minimum Coe;cient o" 8solute elati$e is0 h. EU # 'amle(no 'amle% <. +ame Theory a. Model as strate'ic "orm . Dominant(Dominated c. !ure(Mixed E d. ) e. Chec0 E ". Electoral competition Model ) '. )etrand 'ame # !=MC% h. Cournot 'ame >. 8uction a. Types o" auction: 1 st 92 nd 9Dutch9En'lish9 ? . )est iddin' strate'y @. Extensi$e Form +ame a. Draw 'ame tree . Find 7! E c. elationship etweem 7! E 8 D E d. Find 1 that is not 7! E

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Microeconomics:

1. Consumer Theorya. Utility Function- Express and Draw ICb. Properties of IC ( Monotonicity and Convexity)c. Maximisation problem: Utility Max Lagrangrian/Budget Constraintd. Optimal Bundle: Marshaillian e. Giffen Good: Field Experiment *f. Marshallian & Hicksiang. Budget Constraint ( Rat) *

2. Theory of the Firm: Production Function ( Cost Minimisation)a. Factor Demand ( K* and L*)b. Cost Functionc. Profit Maximisation Problem

3. Welfare ( Use integrals)a. Consumer Surplus ( Mashaillian Demand)b. Compensating variation ( Hicksian Demand ) c. Decision under certaintyd. Degree of risk aversion ( Averse, Neutral, Lving) e. Coefficient of Absolute Risk Aversion f. Coefficient RRAg. Implied Minimum Coefficient of Absolute Relative Riskh. EU ( gamble/no gamble)

4. Game Theory a. Model as strategic form b. Dominant/Dominatedc. Pure/Mixed NEd. BRe. Check NE f. Electoral competition Model BRg. Betrand game ( P=MC) h. Cournot game

5. Auctiona. Types of auction: 1st ,2nd,Dutch,English,NZ*b. Best bidding strategy

6. Extensive Form Gamea. Draw game treeb. Find SPNEc. Relationship betweem SPNE AND NEd. Find 1 that is not SPNE

7. Economics of Informationa. Adverse Selection ( tute)b. Moral Hazard: Principal- Agent Model

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