micro-fall2007-1 - Intermediate Microeconomics Ani...

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Intermediate Microeconomics Ani Guerdjikova Fall 2007 Ani Guerdjikova ECON 313 Fall 2007 1 / 59
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Analyzing Economic Problems and Institutions Analyzing Economic Problems and Institutions Last week news. .. "Drop Foreseen in Median Price of U.S. Homes" Ani Guerdjikova ECON 313 Fall 2007 2 / 59
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Analyzing Economic Problems and Institutions Analyzing Economic Problems and Institutions Last week news. .. "Drop Foreseen in Median Price of U.S. Homes" "As Industries Wane, Entrepreneurs Reinvent" Ani Guerdjikova ECON 313 Fall 2007 2 / 59
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Analyzing Economic Problems and Institutions Analyzing Economic Problems and Institutions Last week news. .. "Drop Foreseen in Median Price of U.S. Homes" "As Industries Wane, Entrepreneurs Reinvent" Ani Guerdjikova ECON 313 Fall 2007 2 / 59
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Analyzing Economic Problems and Institutions Analyzing Economic Problems and Institutions Last week news. .. "Drop Foreseen in Median Price of U.S. Homes" "As Industries Wane, Entrepreneurs Reinvent" "House slaps $16 billion in taxes on oil industry" Ani Guerdjikova ECON 313 Fall 2007 2 / 59
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Analyzing Economic Problems and Institutions Analyzing Economic Problems and Institutions Last week news. .. "Drop Foreseen in Median Price of U.S. Homes" "As Industries Wane, Entrepreneurs Reinvent" "House slaps $16 billion in taxes on oil industry" Ani Guerdjikova ECON 313 Fall 2007 2 / 59
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Analyzing Economic Problems and Institutions Economic policy questions 1 2 Is the number of unemployed going to rise or fall? 3 How is the exchange rate going to change over the next months? 4 Will a decrease of gas taxes lead to higher turnover at the gas stations? 5 Is it better to introduce a minimal wage or transfers to the poor? 6 What are the e/ects of subsidizing an industry? Ani Guerdjikova ECON 313 Fall 2007 3 ± 59
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Analyzing Economic Problems and Institutions Agents Agents Consumers Firms Governmental organizations Decision-makers are often groups of people Example Planning a vacation: Family: Mum, Dad, Alice Vacation resorts: Australia, Brazil, Canada Ani Guerdjikova ECON 313 Fall 2007 4 / 59
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Agents Preferences: Agents Actions Mom Dad Alice Australia 1 2 3 Brazil 2 3 1 Canada 3 1 2 Decision rule: Majority voting. Mom makes a proposal. Round 1: B
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micro-fall2007-1 - Intermediate Microeconomics Ani...

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