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September 9 Econ 2260 Notes.docx

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Department
Economics
Course
Economics 2261A/B
Professor
Charles Zheng
Semester
Fall

Description
Economics is the science of interactive reasoning  one’s decision responds to others’ decisions It’s like a game of chess – your move is based upon your opponent’s move, and your opponent’s perception of your move Science – uses math, comprises of empirical research, do experiments Microeconomics is based on the game theory - We focus on one’s decision, and set aside others’ decisions Competitive market: a decision maker has no influence on market prices Imagine in a very simple world, that a decision maker can only choose 2 commodities to consume: Good 1 and Good 2 Good 1, Price = P
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