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Intermediate Microeconomic Notes

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Full High Distinction Intermediate Microeconomics 23567 Notes. Current Student at University Of Technology as at 2017 and these notes apply to this year.

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56 Pages Complete Study Notes 1-2 Years old
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Topics this document covers:
Economics Economy Microeconomics Utility Consumer theory Family economics Marginal concepts Indifference curve Consumer choice Marginal rate of substitution Preference Linear utility
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Topics this document covers:
Economics Economy Microeconomics Utility Consumer theory Family economics Marginal concepts Indifference curve Consumer choice Marginal rate of substitution Preference Linear utility
Sample Text:
Individuals b. Firms c. Governments 2) Interest is on: a. How do these rational units make choices under conditions of scarcity b. What are the social consequences of each of the rational units - In particular, the microeconomic analysis is divided into three components: o Consumer theory (Lectures 1-5): How rational, self interested consumers make consumption choices subject to budget constraint. o Producer theory (Lectures 6-8): How rational, self interested producers (firms) make production choices to maximize profits. o Competitive market equilibrium. Lectures 9-10): How equilibrium prices and quantity equalize aggregate consumer demand (from consumer theory) and aggregate producer supply (from producer theory). o Distortions of the market equilibrium (invisible hand) (Lecture 11) Consumer behaviour: - We analyse the consume...
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