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chapter_1 - Introduction Microeconomics deals with:...

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Chapter 1: Preliminaries Slide 1 Introduction Microeconomics deals with: Behavior of individual units When Consuming - How we choose what to buy Behavior of individual units When Producing - How we choose what to produce
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Chapter 1: Preliminaries Slide 2 The Themes of Microeconomics Microeconomics Allocation of Scarce (limited) Resources and Trade-offs in a market economy Microeconomics and Optimal Trade-offs 1. Consumer Theory 2. Workers 3. Theory of the Firm Microeconomics and Prices The role of prices in a market economy How prices are determined
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Chapter 1: Preliminaries Slide 3 Theories and Models Microeconomic Analysis Theories are used to explain observed phenomena in terms of a set of basic rules and assumptions. For example The Theory of the Firm The Theory of Consumer Behavior
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Chapter 1: Preliminaries Slide 4 Theories and Models Microeconomic Analysis Models: a mathematical representation of a theory used to make a prediction. Validating a Theory
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This note was uploaded on 05/09/2011 for the course ECON 111 taught by Professor Chan during the Spring '11 term at HKU.

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chapter_1 - Introduction Microeconomics deals with:...

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