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Principles of Microeconomics.pdf

October 21, 2009 · Filed Under Social Economic  · Tags: , , , , ,

This material teaches the fundamentals of microeconomics. Topics include consumer theory, producer theory, the behavior of firms, market equilibrium, monopoly, and the role of the government in the economy.

Contents:

  • Overview: themes, types of markets, economic measurement, economic analysis
    • Optimization and allocation
    • Definition and various types of markets
    • Economic measurement
    • Economic analysis
  • The basics of supply and demand
    • Demand and supply curves
    • Equilibrium in the market
    • Government interventions
  • Elasticities of demand
    • Price elasticity of demand
    • Income elasticity of demand
    • Cross price elasticity of demand
    • Comparison of elasticity over short run and long run
    • Elasticity - price elasticity of supply
    • Consumer behavior - consumer preference
  • Deriving MRS from utility function, budget constraints, and interior solution of optimization
    • Utility functions, deriving marginal rate of substitution (MRS)
    • Budget constraints
    • Optimization: interior solutions
  • Optimization, revealed preference, and deriving individual demand
    • Optimization: corner solutions
    • Revealed preferences
    • Deriving individual demand, Engle curves
  • Substitution and income effects, individual and market demand, consumer surplus
    • Substitution effect, income effect, Giffen goods
    • From individual demand to market demand
    • Consumer surplus
  • Irish potato famine, network externalities, and uncertainty
    • Irish potato famine
    • Network externalities
    • Uncertainty
  • Preference toward risk, risk premium, indifference curves, and reducing risk
    • Preference toward risk
    • Risk premium
    • Indifference curves between expected value and standard deviation
    • Reducing risk: diversification
  • Insurance and production function
    • Reducing risk: insurance
    • Outline of producer theory
    • Production functions: short run and long run
  • Production functions
    • Short run production functions
    • Long run production functions
    • Returns to scale
  • Production functions and cost of production
    • Returns to scale
    • Production function derivation
    • Cost of production
    • Short run cost functions
    • Long run cost functions
  • The cost of production and profit maximization
    • Relation between long run cost and short run cost
    • Economies of scale
    • Economies of scope, learning
  • Short run and long run supply
    • Profit maximization
    • Short run supply
    • Producer surplus
    • Long run competitive equilibrium
  • Long run supply and the analysis of competitive markets
    • Long run equilibrium
    • Long run market supply
    • Gains and losses from government policies
  • Supply restrictions, tax, and subsidy
    • Agricultural price support
    • Supply restrictions
    • Tax and subsidy
  • Tax, subsidy, and general equilibrium
    • Tax
    • Subsidy
    • General equilibrium
    • Exchange economy
    • Exchange economy
    • Contract curves
    • General equilibrium in a competitive market
    • Utility possibilities frontier
    • Production in Edgeworth box
    • Production possibilities frontier
    • Output market efficiency
    • Why markets fail
    • Monopoly
    • Shift in demand and effect of tax
  • Monopoly and monopsony
    • Multiplant firm
    • Social cost
    • Price regulation
    • Monopsony
  • Monopoly and monopsony (cont.)
    • Monopsony
    • Monopoly power
    • Price discrimination
  • Pricing with market power
    • Third degree price discrimination
    • Peak-load pricing
    • Two-part tariffs
  • Pricing and monopolistic competition
    • Two-part tariffs
    • Bundling
    • Monopolistic competition
    • Game theory
    • Oligopoly
  • Oligopoly
    • Cournot games
    • Stackelberg games
    • Bertrand games
    • Prisoner’s Dilemma
  • Strategic games
    • Collusion - Prisoner’s Dilemma
    • Repeated games
    • Threat, credibility, commitment
    • Dominant firm model, cartel
    • Dominant firm model
    • Factor markets
  • Factor market
    • Supply of labor
    • Maximum/minimum strategy
    • Demand of labor
  • Investment, savings, time, and capital markets
    • Present discount value
    • Bonds
    • Effective yields
    • Interest rate determination
  • Asymmetric information
    • Adverse selection
    • Moral hazard
    • Unemployment
  • Externalities, market failure and government
    • Efficient wage theory
    • Externalities
    • Property rights
    • Common property resources
  • Public goods
    • Public goods

These microeconomic pdf materials are available FREE at MIT Open Courseware website, we merely collect the information, Online Free Ebooks neither affiliated with the author(s), the website and MIT brand nor responsible for its content and change of content. (Read our disclaimer here or here before you download the document from the website written above by clicking the below links).

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