econ111_lecture1 - Econ 111 Microeconomics Spring 2009...

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Econ 111 (Spring '09) 1 Econ 111 Microeconomics Spring 2009 Lecture 1: Consumer Behavior (Chapter 3) Heiwai Tang
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Econ 111 (Spring '09) 2 Basic Information Heiwai Tang Rm 2340 Office hour: Thur 2-3pm, or by appointment http://ihome.ust.hk/~hwtang/econ111.html TA: Astor Fok Two tutorials: go to the one that you registered for! Thur 9:00-9:50 am, Rm. 2405 Fri, 3:00-3:50 pm, Rm. 4504
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Econ 111 (Spring '09) 3 Grades 18% -- 6 problem sets due in a week, no late submission 30% -- midterm In class, March 19 (Thurs) 47% -- final (cumulative) TBA
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Econ 111 (Spring '09) 4 Required Readings Microeconomics – An Asian Perspective (2006), by Pindyck and Rubinfeld OR Microeconomics , 6th (2005) or 7th (2008) edition, by Pindyck and Rubinfeld Lecture notes/ slides
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Econ 111 (Spring '09) 5 Overview Before Midterm Demand Theory (consumer behavior and choice) Production Theory (cost functions, profit functions, etc.) Analysis of Competitive Markets After Midterm Market power (monopoly, monopsony, oligopoly) Labor and capital markets Game theory and some applications Market imperfections (e.g. markets with asymmetric information, externalities, etc.) Economics & Psychology (if time permits)
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Econ 111 (Spring '09) 6 Chapters 3: Consumer Behavior Preferences and indifference curves Budget constraint Optimal choice Effects of price and income changes
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Econ 111 (Spring '09) 7 Bottom Line of Consumer Behavior In reality, we face many options (come to class or sleep more? watch a movie or study? Live on campus or not?) Why can’t we choose ALL at the same time? Because we have constraints. We have 24 hours a day, so time is a constraint We only have certain level of income, so money is a constraint. Suppose that all types of consumption can be quantified, we can systematically solve for the BEST choice .
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Econ 111 (Spring '09) 8 Indifferent curves First, we need to find a way to express how happy/ satisfied consumers are. Indifference curves are used to express consumer
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econ111_lecture1 - Econ 111 Microeconomics Spring 2009...

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