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University of Guelph | ECON 2310
Professors
• Plesca,
• Johanna Goertz,
• Kurt Annen

#### 21 sample documents related to ECON 2310

• University of Guelph ECON 2310
Lab 1 Exercise 1 Consider a world with two goods, say soup and bread. Assume a consumer with monotonic preferences over soup and bread. Is the slope of this consumers indierence curves positive or negative? Make a graph and derive indierence curves for th

• University of Guelph ECON 2310
Lab 7: ECON*2310/K.Annen Exercise 1 True or False? Consider a consumer for whom X Y Z . This consumer has the choice between the following two probability distributions: Option 1: To obtain Z with probability one. Option 2: To obtain X and Y with probab

• University of Guelph ECON 2310
Welcome to ECON2310 Intermediate Microeconomics Section 4 Instructor: Kurt Annen ECON2310 - Intermediate Microeconomics 1 Microeconomics in a Nutshell 1) Scarcity Principle: World is characterized by scarcity. We have to make choices. Behavior of individ

• University of Guelph ECON 2310
PART 1: Economic Decision Making Lecture 2 Utility Functions ECON2310 - Intermediate Microeconomics 1 Recap Preferences as ordinal rankings of consumer bundles Indifference curves a graphical preferences. tool to represent A utility function is a way o

• University of Guelph ECON 2310
PART 1: Economic Decision Making Lecture 3 Optimal Consumer Choice ECON2310 - Intermediate Microeconomics 1 Consumers buy (demand) goods because they like them and can afford them. In order to explain consumer behavior (choices/demand) we need to know 1.

• University of Guelph ECON 2310
PART 1: Economic Decision Making Lecture 5 The Theory of Demand ECON2310 - Intermediate Microeconomics 1 Deriving Consumer Demand The optimal choice of goods x and y at some set of prices and income is called the consumer s demanded bundle. In general, i

• University of Guelph ECON 2310
120919 Part 1: Economic Decision Making Lecture 6: Consumer Surplus Lecture Outline Change in Demand as a result of Price Changes: A more careful analysis. SubsGtuGon and Income Eect. Measurement of Consumer Welfa

• University of Guelph ECON 2310
120921 Part 1: Economic Decision Making Lecture 6: Produc<on Lecture Outline Comparing Consumer Choice with Producer Choice Produc<on Func<on Marginal Product and Average Product Subs<tu<on between Inputs: Isoquant

• University of Guelph ECON 2310
120926 Part 1: Economic Decision Making Lecture 7: Produc=on and Cost Minimiza=on Lecture Outline Technology and its Returns to Scale Cost minimiza=on: Isocost curves Tangency condi=on Cost Func=ons Factor D

• University of Guelph ECON 2310
121001 Part 1: Economic Decision Making Lecture 8: Prot Maximiza=on Lecture Outline Recap Proper=es of Technology and the shape of cost curves. Marginal Cost. Revenue of a rm. Prot Maximum Exercises Int

• University of Guelph ECON 2310
121003 Part 1: Economic Decision Making Lecture 8: Review Lecture Outline Format of the Exam Your QuesFons Some Exercises Intermediate Microeconomics ECON*2310/Annen 2 1 121003 Format of the Exam 25 True

• University of Guelph ECON 2310
121010 Part 1: Economic Decision Making Lecture 10: Choices Involving Time Lecture Outline Describing TransacAons involving Ame Why interest rates? Compounded Interests Present Value of a Stream of Incomes across Am

• University of Guelph ECON 2310
121012 Part 1: Economic Decision Making Lecture 11: Choices involving Risk Lecture Outline How to describe choice situaCons that involve risk. Probability distribuCons. Preferences over probability distribuCons. Expe

• University of Guelph ECON 2310
121017 Part 1: Economic Decision Making Lecture 10: Choices Involving Strategy Lecture Outline DeterminisBc vs. Strategic Choice Environment Intermediate Microeconomics ECON*2310/Annen 2 DeterminisBc vs. Strategic Choice

• University of Guelph ECON 2310
121022 Part 1: Economic Decision Making Lecture 13: Choices Involving Strategy II Lecture Outline Famous game: The Prisoners Dilemma Repeated Games: Finitely repeated games innitely repeated games Games with Imper

• University of Guelph ECON 2310
121024 Part 2: Compe11ve and Non Compe11ve Markets Lecture 14: Perfectly Compe11ve Markets Lecture Outline Market supply: The big picture. Firms in a perfectly compe11ve market. Market supply in perfectly compe11ve m

• University of Guelph ECON 2310
121029 Part 2: Compe11ve and Non Compe11ve Markets Lecture 15: Market Interven1ons Lecture Outline Concept of Economic Rent Market Interven1ons: Raising taxes The incidence of a tax Price oors Price ceiling G

• University of Guelph ECON 2310
121031 Review Midterm 2 November 1, 2012 Exercise 1 Graph a total cost funcAon for a rm with a technology that exhibits decreasing returns to scale. increasing returns to scale. constant returns to scale. In

• University of Guelph ECON 2310

• University of Guelph ECON 2310

• University of Guelph ECON 2310
Chapter 2 Supply and Demand CopyrightbyMcGrawHill Main Topics Demand Supply Market equilibrium Elasticities of demand and supply 2 -2 Figure 2.1: Demand Curve for Canadian Corn Market (hypothetical) 2 -3 Demand Curves Product demand curve shows: How muc