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Y2 Fundamental microeconomics

This class was created by Brainscape user Max Eustance Brougham. Visit their profile to learn more about the creator.

By: Max Eustance Brougham
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Decks in this class (16)

Consumer theory - preferences and utility
What are the three axioms of cons...,
What is completeness axiom,
What is transitivity axiom
6  cards
Budget constraints and optimal choice
What is consumer expenditure cons...,
What does the tangency point mean,
What is an interior solution
5  cards
Demand and elasticities
At the tangency point for optimal...
1  cards
Intertemporal choice
What is the marginal rate of time...
1  cards
producer theory
0  cards
Market equilibrium: perfect competition
Firms in a perfect competition ma...,
What are common characteristics o...,
What does pi mean
6  cards
Welfare and applications of competitive model
What does pi represent,
Supply curve equals the _ curve,
What is total welfare in a market...
4  cards
Monopoly
What is a monopoly,
Monopoly output is the,
Monopolists set the price above m...
26  cards
Price discrimination
What is nonuniform pricing,
What are examples of price discri...,
What is price discrimination
30  cards
Oligopolies
Markets differ according to,
In oligopolies power is collectively,
In oligopoly firms cant ignore
19  cards
General equilibrium
What is welfare economics used to...,
General equilibrium is when all m...,
Whats an example of the knock on ...
5  cards
Uncertainty
Consumers and firms behave differ...,
What will people usually do in ri...,
Risk is when
12  cards
General equilibrium and welfare
Tatonnement is when,
What is pareto optimality,
Every point on the contract curve is
3  cards
Welfare analysis of large projects
What are examples of projects tha...,
What does an investment project i...,
We discount things more heavily t...
14  cards
Externalities and public goods
What is an externality,
What do negative externalities do,
Firms and consumers dont have to ...
21  cards
Exam knowledge gaps
What is compensating variation eq...,
What is the formula for mrs,
What is the optimal consumption l...
20  cards

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Y2 Fundamental microeconomics

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