1. Intro

1. Intro - Behind the supply curve: producer theory Market...

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Principles of Microeconomics Shomu Banerjee Emory University Fall 2011 1. Introduction
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What is Economics about? Allocation of scarce resources across competing wants Opportunity cost Individual choice Decision-making at the margin
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Two Notions Arithmomorphic Ex.: 3.72 Dialectic Ex.: friend IS IS NOT IS IS NOT
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Equilibrium & Efficiency
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Preview Trade-offs: Opportunity cost Trade-offs at a national level: PPF Basis for international trade Market : Demand, Supply, Equilibrium Market interventions: Price controls, quantity controls, taxes/subsidies
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Preview cont’d Behind the demand curve: consumer theory
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Unformatted text preview: Behind the supply curve: producer theory Market structures: # of buyers, # of sellers Perfect competitio n Duopoly Monopoly Oligopoly Monopolistic competition Preview contd Market failure Imperfect competition Externalities Public goods Asymmetric information Strategic interaction: Game theory Duopoly and oligopoly Grading policy 2 midterms: 20% each Final exam: 30% Online HW (Aplia): 15% Individual in-class quizzes: 5% Group in-class quizzes: 10% Experiments: 2% towards HW score Grade bump-up policy...
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1. Intro - Behind the supply curve: producer theory Market...

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