review - Econ 100A: Final Review Thomas G. Koch Fall 2008...

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Unformatted text preview: Econ 100A: Final Review Thomas G. Koch Fall 2008 Thomas G. Koch Final Review 1(32) Clickers Turn on your clicker Hit a button Thomas G. Koch Final Review 2(32) Review Session for Final December 5th, 2:30-3:30 PM BUCHN 1910 Thomas G. Koch Final Review 3(32) Where we have been Two main deciders: the consumer and the producer The consumer: how much, what (when) to consume, work The producer: how much to produce, how Thomas G. Koch Final Review 4(32) The consumer The consumer gets the best bundle . . . that can be afforded. Start with preferences (best bundle) . . . and apply the budget constraint (can be afforded) Thomas G. Koch Final Review 5(32) With well-behaved preferences Thomas G. Koch Final Review 6(32) The Best Bundle Furthest-out indifference curve . . . that is still affordable If an interior solution, MU 1 ( x * 1 , x * 2 ) MU 2 ( x * 1 , x * 2 ) = p 1 p 2 But maybe not interior (quasi-linear, perfect substitutes, e.g.) Thomas G. Koch Final Review 7(32) Amended Algorithm...
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review - Econ 100A: Final Review Thomas G. Koch Fall 2008...

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