Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tut
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2007 Prof. S. F. Leung
Final Examination May 22, 2007 8:30 am 11:30 am
This is a closed book examination. You have 180 m
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2006/07
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Thur 3:00p.m. 5:00p
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2007 Prof. S. F. Leung
Midterm Examination March 27, 2007 10:30 am 11:50 am
This is a closed book examination. You have
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2006/07
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Thur 3:00p.m. 5:00p
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2008 Professor S. F. Leung
Final Examination May 29, 2008 4:30 pm 7:30 pm
This is a closed book examination. You have 18
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2007/08
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Mon 3:00p.m. 5:00p.
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2008 Prof. S. F. Leung
Midterm Examination April 1, 2008 3 pm 4:20 pm
This is a closed book examination. You have 80 min
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2007/08
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Mon 3:00p.m. 5:00p.
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tut
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.
1. Every point on the map sits on an indierence curve
2. Utility increases in the northeast direction
3. Indierence curves do not cross
4. Indierence curves are not bands
5. Indierence curves are cont
Cardinal Utility versus Ordinal Utility
Cardinal numbers versus ordinal numbers Cardinal numbers are quantities, e.g., one, two , three, etc. Ordinal numbers are rankings, e.g., rst, second, third, et
Utility Maximization
Budget Constraint
Let px = price of good x; py = price of good y; and I = income. The budget constraint is given by px x + py y = I: What is the shape of the budget constraint? Wh
Applications of Indierence Curve Analysis
1. Labor Supply
A consumer has the utility function U (x; `), where x = quantity of good x; and ` = amount of leisure (measured in hours). Suppose T = h + `;
Demand Curves
x = d(px ; py ; I ) y = d(px ; py ; I ) From commodity space (x and y ) to price-quantity space (px and x). The determinants of the demand of x are px ; py ; and I: Demand curves have th
Figure 7 x is a substitute for y does not imply that y is a substitute for x
original budget line = MN original optimum = A When py ", the budget line pivots from MN to M the optimum moves from A N, t
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tut
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tut
ECON 198 Microeconomic Theory I Prof. S. F. Leung Spring 2009
Introduction
Fields in economics: 1. Microeconomics 2. Macroeconomics To some scholars, there is no distinction between microeconomics and