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ECON2350 Concise Mathematical Notes.docx

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ECON 2350
Ying Kong

ECON2350 Concise Mathematical NotesJanuary062014 Week11Microeconomics 1 Consumer theory ECON2300 2 Producer theory ECON2350 3 Public economicsEconomics uses mathematics model to describe the business world Economics is abstract it is all statistic result and theoretical work like the concept of utility Business school discuss in practical wayGraduate studies focus on general equilibrium many markets and game theoryIndustrial organization producer side international trade labour economics public finance public economics are all in MicroeconomicsCh18 TechnologyTechnology for scientist it means innovation new things created for economists it means the process of input being converted to output X input to Y outputYfX technology production functionxxxXXinputsvector12n1Inputs 2one output Yxxx12n3Technology YfXfGiven the same inputs different people produce different output because of technology efficiencyYfxxx12n4 inefficient plansGraduate studies have n inputsWhy we need to discuss technology To understand behaviour of producer Assumption producer looking for profit in market economy systemPrinciple maximize profitPlanned economy does not follow profit maximization which is not efficient5Isoquant relationship between two unputs with fixed output Cost is not the same at a level isoquant1133Y2XXY81Y1812Youtputfxx1211113YY13333egY2XXXXXX12122122IfY4XifY8X22January082014 Week12unconditional maximization is the core of microeconomicsxxx12nIsoquant YfXf11133egY2XXY21XXX12122 As y goes up isoquant is further to X1the original point3 types of technologies there are more Here is wellbehaved convex and monotonic1CobbDouglasaaa12nyAxxx12n unique feature asymptoting to any axisna1iConstant return of scale i1na1iDecreasing return of scale i1
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