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Class Notes (1,032,446)
US (405,014)
U of M (6,919)
ECON (494)
Rudi Bachmann (25)

Class Notes for Rudi Bachmann

Intermediate Microeconomic Theory

ECON 401 Lecture Notes - Lecture 12: Substitute Good, Economic Equilibrium, Utility
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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 23: Nash Equilibrium, Vickrey Auction
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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
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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 2: Rationality, Revealed Preference, Utility
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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
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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
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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
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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
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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
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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
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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
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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
ECON 401 Lecture Notes - Lecture 26: W. M. Keck Observatory
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Lecture 26: Moral Hazard Introduction Hidden characteristics (Adverse Selection) Exogenous information is known to one side of the market, but not the other. E.g.: quality of a car, accident probability, labor productiv...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 7: Inferior Good, Normal Good, Budget Constraint
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Lecture 7: Labor Supply, Consumption and Savings Labor Supply A consumer has 24 hours of time available. The hours worked: H. Leisure: N = 24 H. The wage per hour is w. There is one consumption good. The quantity of...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 6: Inferior Good, Giffen Good, Convex Preferences
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Lecture 6: Elasticities and the Slutsky Equation Elasticities The Price Elasticity of Demand: (dD1dp1)(p1D1) = epsilon Percentage change in D1 if price p1 increases by 1. The Income Elasticity of Demand: (dD1dY)(YD1) = ...

Economics
ECON 401
Rudi Bachmann
ECON 401 Lecture Notes - Lecture 16: University Of New Hampshire, Resource Allocation, Contract Curve
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Lecture 16: Efficiency and Welfare Pareto Comparisons Welfare Possible uses of scarce resources are defined by: for every person which work they have to do; which production processes the resources are used for; for ev...

Economics
ECON 401
Rudi Bachmann
Permachart - Marketing Reference Guide: Net Asset Value, Mutual Fund, U.S. Securities And Exchange Commission

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Mutual Funds WHAT IS A MUTUAL FUND? PURCHASING & REDEE...

Biology
BIOL2721
All Professors
Macroeconomics - Reference Guides

Take a look at the big picture. This chart covers national income accounting, inflation, consumption, economic growth, money supply, labor markets, monetary policy, international trade, supply side economics, and fiscal po...

Business and Political Economy Program
BPEP-UB 2
All Professors
Permachart - Marketing Reference Guide: Marginal Revenue, Profit Maximization, Marginal Cost

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Microeconomics Microeconomics TYPES OF MARKETS ...

E-Business Marketing
ECN 102
All Professors
Permachart - Marketing Reference Guide: National Environmental Policy Act, Municipal Solid Waste, Criteria Air Contaminants

l e a r n • r e f e r e n c e • r e v i e w permacharts TM EEnvironmental Law ENVIRONMENTAL REGULATION NATIONAL ENVIRONMENTAL POL...

LAW
LAW 356
All Professors

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