02-economic-models jpw - PREVIEW Lecture 2 Economic Models...

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microL2-F2010 page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ PREVIEW Lecture 2 Economic Models Dr. Jennifer P. Wissink August 31, 2010 ©2009 John M. Abowd and Jennifer P. Wissink, all rights reserved.
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microL2-F2010 page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ So what is this course about? (And what is it not about?) My working title: Introduction to… Applied Microeconomic Theory. Theory: We will construct models. » Look at the world, hypothesize a model, analyze the model, use the model to make predictions and then see if the model holds up under empirical scrutiny.
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microL2-F2010 page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Applied Microeconomic Theory Economics: The study of the allocation of scarce resources to produce commodities to satisfy infinite human wants. » Classic definition. Economics is about constrained optimization. Choice under conditions of scarcity. Micro: Looking at small pieces of the puzzle, individual markets (as opposed to macro - which looks at the big picture). » Three basic traditional micro questions: What? How? and For Whom?
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http://www.arts.cornell.edu/econ/wissink/econ102jpw/ Examples of Microeconomic and Macroeconomic Concerns BRANCH OF ECONOMICS PRODUCTION PRICES INCOME EMPLOYMENT Micro Production output in individual
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02-economic-models jpw - PREVIEW Lecture 2 Economic Models...

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