Filter By
Filter Reset
Semester
All Materials (1,733,256)
US (774,458)
U of M (14,279)
ECON (974)
Rudi Bachmann (30)

All Educational Materials for Rudi Bachmann

Intermediate Microeconomic Theory

ECON 401 Chapter Notes - Chapter 5: Budget Constraint, Indifference Curve, Tangent
Premium

Chapter5:Choice Combining budget set and the theory of preferences in order to examine the optimal choice of consumers Consumer choose the most preferred bundle from their budget sets 5.1 Optimal Choi...

Economics
ECON 401
Rudi Bachmann
ECON 401 Chapter Notes - Chapter 4: Indifference Curve, Utility, Cardinal Utility
Premium

Chapter4:Utility https://www.youtube.com/watch?v=kJ43GdU5Uzc&t=19s Utility: numeric measure of a persons happiness How to make the choice that maximizes utility? Theory of consumer behavior: utili...

Economics
ECON 401
Rudi Bachmann
ECON 401 Chapter Notes - Chapter 3: Chocolate Syrup, Indifference Curve, Substitute Good
Premium

Chapter3:Preferences Economic concept of best things Consumption bundles: the objects of consumer choice; complete list of the goods and services that are involved in choice 3.1 Consumer Preferences ...

Economics
ECON 401
Rudi Bachmann
ECON 401 Chapter Notes - Chapter 2: Budget Constraint, Substitute Good, Opportunity Cost
Premium

Chapter2: Budget Restraint economists assume that consumers choose the best bundle goods they can afford 2.1 The Budget Constraint budget constraint: requires that the amount of money spent on two goods be no more than the...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 23: Nash Equilibrium, Vickrey Auction
Premium

Lecture 23: Prices and Auctions Selling a Single Item To One Buyer Known Value A single item (a painting). 1 buyer. The buyers value of the item: v. The buyers utility if he pays p: v p. The buyers utility if he doe...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 11: Normal Good, Deadweight Loss
Premium

Lecture 11: Equilibriums and Efficiency in a Single Market A tax in the market Can be paid by sellers or buyers. Efficiency Implications of a Tax How to evaluate the efficiency implications of a tax: Find out each agent...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 12: Substitute Good, Economic Equilibrium, Utility
Premium

Lecture 12: Complements, Substitutes, and Equilibrium in Two Markets Perfect Complements All consumers have the same utility function: U(q1, q2) = min(q1, q2) Sum of consumers income is Y. Market demand: D1 = Y(p1+p2) ...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 2: Rationality, Revealed Preference, Utility
Premium

Lecture 2: Consumer Rationality and Revealed Preferences The two main ideas of economics: Rationality. Equilibrium. Utility Maximizing Shopping Consumers shop to maximize utility. Consumers shop as if they maximized ut...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 20: Subgame Perfect Equilibrium, Subgame, Bertrand Competition
Premium

Lecture 20: Repeated Games and Collusion Joint Profit Maximization in the Bertrand Model Bertrand duopoly: D(p) = 12 p; C1(q1) = 2q1; C2(q2) = 2q2; The Only Bertrand (Nash) Equilibrium: p1 = p2 = 2: (Profit = 0 each.) ...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 14: Diminishing Returns, Marginal Product, Production Function
Premium

Lecture 14: General Equilibrium and Production Production So far we have only discussed exchange economies. What happens if there are firms which can create consumption goods? We would have to include production. Genera...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 24: Clayton Antitrust Act, Marginal Cost, Vickrey Auction
Premium

Lecture 24: Price Discrimination The monopolist will produce where demand is price elastic: Epsilon < 1 If the monopolist knows individuals willingness to pay: Sell to the customer with the highest willingness to pay. ...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 25: Market Failure, Competitive Equilibrium, Adverse Selection
Premium

Lecture 25: Adverse Selection Asymmetric Information Incomplete and symmetric information: All market participants dont know some information Example: the market for insurance contracts that cover the risk of an earthqua...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 5: Normal Good, Inferior Good, Utility
Premium

Lecture 5: The Effects of Income and Price Changes on Demand Demand Functions 2 goods. Utility function: U(q1; q2). Prices: p1; p2; income:Y . Maximizing utility algebraically (i.e. without specific numbers for p1; p2;...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture 10: Lecture 10
Premium

Lecture 10: Equilibrium in a Single Market The Apple Market Recall: The Market for Apples Every student is either a seller or a buyer of one apple. Each seller has some cost of producing one apple: C, possibly different...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 19: Takers, Inverse Demand Function, Joule
Premium

Lecture 19: Imperfect Competition: Monopoly and Oligopoly Market Structures Monopoly: A market with one firm. Duopoly: A market with two firms. Oligopoly: A market with few firms. (Duopoly is a special case of Oligopol...

Economics
ECON 401
Rudi Bachmann

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit