ECON2201 Study Guide - Final Guide: X&Y
Document Summary
Words: economics, microeconomics of how these choices create markets how the economy works, economic models, positive analysis. : systematically and purposefully doing your best to achieve your: marginal change, marginal cost, marginal benefit, rational objectives item. Mr is the derivative of total revenue: derivative of with respect to x is f(x,y, derivative of equation holding y constant, denoted as: f x(x, y , marginal product of labor: L: preference relation, if bundle a is at least as preferred as bundle b, we say a b. A b , b c then xa+(1 x) b c for 0 x 1. U (a) o: if u (a) u (b, marginal utility of x . I=x px+y p y y= i x py px p y. : u ( x ,y )=min (ax ,by ) : u ( x ,y )=ax +by: composite goods.
