Lecture notes

Lecture notes - Microeconomics lecture notes

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1 1 Optimization and Allocation 14.01 Principles of Microeconomics, Fall 2007 Chia-Hui Chen September 5, 2007 Lecture 1 Overview: Themes, Types of Markets, Economic Measurement, Economic Analysis Microeconomics is a branch of economics that studies how individuals and ±rms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Outline 1. Chap 1: Optimization and Allocation 2. Chap 1: Defnition and Various Type oF Markets 3. Chap 1: Economic Measurement 4. Chap 1: Economic Analysis 1 Optimization and Allocation Consumer theory. Maximize preference (with limited income or time) Producer theory. Maximize pro±t (with limited capital) 2 DeFnition and Various Type of Markets Market. A place where buyers and sellers come together to exchange some product or good. Product and ±actor Markets Market Buyers Sellers Product Market individuals ±rms Factor Market ±rms individuals Table 1: Product and Factor Markets. Cite
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Lecture notes - Microeconomics lecture notes

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