Econ50spring10checklist

Econ50spring10checklist - Economics 50 Stanford University...

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Economics 50 Stanford University Spring Quarter 2010 1 An End-of-Quarter Checklist A not-necessarily-complete list of terms and concepts Market equilibrium Exogenous vs. Endogenous variables Indifference Curves Utility functions Marginal utility Marginal rate of substitution (its definition; its interpretation and importance) Budget lines and budget sets (linear vs. kinked) Convexity (what it means intuitively; why it makes our analysis easier) Monotonicity for a utility function (and what it would mean, if it didn’t hold) Monotonic transformations (and why they can be useful) Lagrangean method (first order conditions; deriving demand functions from utility functions) Cobb-Douglas utility functions (What do they look like? What do we know about the corresponding demand functions?) Perfect Complements; Perfect Substitutes (What do the indifference curves look like?
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