review - PADP 6950 Fertig Utility function Indifference...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: PADP 6950 Fertig Utility function Indifference curve Slope Marginal rate of substitution Diminishing MRS Budget Line Equation of a line How changes in price and income affect budget line How public transfer programs change the budget line/set Consumer's optimal bundle is found at tangency of budget and indifference curves Demand schedule and curve Demand curve is derived from consumer choice theory Market demand curve Moves along the demand curve vs. shifts in the demand curve Elasticity Price elasticity of demand Cross-price elasticity of demand Income elasticity of demand Elastic vs. inelastic Ordinary vs. Giffen goods Substitutes vs. complements Normal vs. inferior goods Consumer surplus Producer surplus Effect of tax on price, quantity, CS, and PS Tax revenue Deadweight loss Effect of price elasticity of demand on effect of tax Pareto efficiency Pareto improvement Intertemporal budget constraint Discount rate Net present value Benefit-cost analysis Expected utility function Risk aversion Risk premium Adverse selection Moral hazard Lemon's Principle Solutions to asymmetric information Review Topics Fall 2011 UGA ...
View Full Document

This note was uploaded on 01/18/2012 for the course PADP 6950 taught by Professor Fergi during the Spring '11 term at UGA.

Ask a homework question - tutors are online