Weeks | Topics |
1 |
Consumer behaviour:
Consumer preferences,
Budget constraint,
Consumer choice.
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2 |
The concept of utility and theories, Individual and market demand:
Individual demand,
Income and substitution effects.
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3 |
Production:
The technology of production,
Isoquants,
Production with one variable input.
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4 |
Production with two variable inputs,
Returns to scale,
Production functions.
3. The cost of production:
Economic cost and accounting cost,
Cost in the short run.
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5 |
Cost in the long run,
Production with two outputs,
Learning curve.
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6 |
General Equilibrium and economic efficiency:
General equilibrium analysis,
Efficiency in exchange.
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7 |
Efficiency in production.
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8 |
The efficiency of competitive markets.
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9 |
Market power and unefficiency.
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10 |
Asymmetric information and markets:
Quality uncertainty and the market for Lemons,
Moral Hazards.
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11 |
Externalities and Public goods:
Externalities.
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12 |
Externalities and property rights.
Private preferences for public goods.
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13 |
Income distribution,
Lorenz curve,
Gini coefficient.
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14 |
Algebreical applications.
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