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Textbook Notes for Economics at Stanford University


STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 21: Longrun, Substitute Good, Production Function

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Study behavior of profit maximizing firms in competitive, noncompetitive markets. How minimize costs of producing any given level of output. How to cho
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 9-15: Slut, Isoquant, Boundary Value Problem

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1) let the prices change and alter our income so can just afford old bundle at new prices. 2) then will adjust purchasing power and keep prices constan
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 14: Slutsky Equation, Quasilinear Utility, Reservation Price

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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 9: Inferior Good, Indifference Curve, Budget Constraint

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Suppose consumer starts with endowment of two goods, omega 1 and omega 2. Amount of 2 goods consumer has before entering market. Gross demand: amount o
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 5: Tx1, Indifference Curve, Convex Preferences

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Put together budget set and theory of preferences to examine optimal choice of consumers. Find bundle in budget set that is on highest indifference cur
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 8: Inferior Good, Normal Good, Slutsky Equation

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Consider how consumer choice of good responds to price. It is possible to construct examples where optimal demand for good decreases when price falls.
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 15: Normal Good, Inferior Good, Luxury Goods

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Slope of demand curve: change in quantity demanded over change in price. Price elasticity of demand: defined to be the change in percent of the quantit
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 6: Utility, Complementary Good, Inverse Demand Function

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Optimal choices of consumer depend on consumer income and prices of goods. Consumer"s demand functions give optimal amounts of each of goods as functio
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 19: Consumer Choice, Marginal Product, Capital Good

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Firm behavior, constraints imposed on by customers, competitors, and nature. Capital goods: inputs to production that are themselves produced goods. Na
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter Notes - Chapter 4: Marginal Utility, Monotonic Function, Cardinal Utility

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Utility function: assigning number to every possible consumption bundle that more preferred bundles get assigned larger numbers than less-preferred bun
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter 1: Econ 50 Chapter 1 reading

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Example to consider: apartments in college town, some apartments close to college, others far away. Exogeneous price not determined by forces in model.
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STANDFORDECON 50christopher MaklerWinter

ECON 50 Chapter 3: Econ 50 Chapter 3 reading

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Given any two consumption bundles (cid:4666)(cid:1876)(cid:2869),(cid:1876)(cid:2870)(cid:4667) and (cid:4666)(cid:1877)(cid:2869),(cid:1877)(cid:2870)
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