Filter By
Filter Reset
Semester
Class Notes (1,047,039)
US (411,352)
Chicago (816)

Class Notes at University of Chicago

ECON 20100 Lecture 1: E201book

INTRODUCTION TO MICROECONOMICS E201 Dr. David A. Dilts Department of Economics, School of Business and Management Sciences Indiana - Purdue University - Fort Wayne May 10, 1995 First Revision July 14, 1995 Second Revis...

Economics
ECON 20100
John List, Min Sok Lee
Mathematics
MATH 15200
Prof. Jones
Mathematics
MATH 15200
Prof. Jones
Mathematics
MATH 20250
Rozenblyum
ECON 20000 Lecture Notes - Lecture 4: Marshallian Demand Function, Concave Function, Budget Constraint

The Utility Maximization Problem Deriving Demand How do we combine the Budget Constraint: p x+ p yy m, and Utility: U (x,y) to determine what the consumer will chose? The consumer chooses the bundle that maximizes utility ...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 10: Budget Constraint, Marshallian Demand Function, Indirect Utility Function

Price Indices When multiple prices change, how can we measure ination? is the consumer better or worse off? How can we compensate them? Price index - a measure of changes in purchasing power. Used to adjust social security...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 7: Utility, Indirect Utility Function

Measuring utility in money Quasi-linear demand is convenient because utility is in the same units as the numeraire Each dollar spent on y gives one util ) utility is measured in dollars In general utility is ordinal, so th...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 8: Envelope Theorem, Expenditure Function, Inferior Good

EV and CV CV and EV are not generally equal They measure things with different kinds of money. When comparing differences (e.g. different price changes), it is important use same money. Which is larger? A price increase is...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 3: Utility, Indifference Curve, Gatorade

Preferences Prices, income and the resulting budget set are the environment in which consumers make choice. Within those constraints, the choice is determined by their preferences. Preferences are a indicate which of two c...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 2: Budget Constraint, Income Tax, Composite Good

2 The Budget Constraint A consumption bundle Rational consumers have preferences over consumption bundles Suppose that there is a set of goods from which consumer can choose. Apples, oranges, coffee, ... Sometimes apples t...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 5: Engel Curve, Demand Curve, Inferior Good

Comparative Statics Effect of Income Changes Suppose m goes up (write m ). What can happen? x can increase. x is then a normal good. x> 0 m x x can decrease. x is an inferior good. m < 0. A good cannot be inferior for all ...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 9: Composite Good, Budget Constraint, Utility Maximization Problem

Intertemporal Consumption So far, we learned about the basic tools and methods of consumer theory. In the remaining lectures, we will apply these tools to specic problems. Today we will apply these tools to the question of...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 6: Hicksian Demand Function, University Of Houston, Expenditure Function

Expenditure Minimization Given prices (p x py), there are many bundles and corresponding income levels that attain a utility of U. More precisely, any m such that: m p x+ p y y for some (x,y) with U (x,y)= U. We will nd th...

Economics
ECON 20000
All Professors
ECON 20000 Lecture Notes - Lecture 1: Opportunity Cost, Shampoo, Microeconomics

1 Introduction Scarcity There is a limited nite amount of resources Cars, corn, iphones...water, clean air... time Scarcity relative to demand land on the moon is not scarce Tradeoffs If a truckful of corn is used for etha...

Economics
ECON 20000
All Professors

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