THE FIRM: BASICS
MICROECONOMICS
Principles and Analysis
Frank Cowell
March 2012
Frank Cowell: Firm Basics
1
Overview
The Firm: Basics
The setting
The environment
for the basic
model of the firm
Input requirement sets
Isoquants
Returns to scale
Marginal
pr
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Prerequisites
Almost essential
Firm: Optimisation
THE FIRM: DEMAND AND
SUPPLY
MICROECONOMICS
Principles and Analysis
Frank Cowell
March 2012
Frank Cowell: Firm- Demand & Supply
1
Moving on from the optimum
We derive the firm's reactions to changes in its
Prerequisites
Almost essential
Firm: Demand and Supply
THE FIRM AND THE
MARKET
MICROECONOMICS
Principles and Analysis
Frank Cowell
March 2012
Frank Cowell: The Firm & the Market
1
Introduction
In previous presentations weve seen how an optimising agent
r
Prerequisites
Almost essential
Firm: Basics
THE FIRM:
OPTIMISATION
MICROECONOMICS
Principles and Analysis
Frank Cowell
March 2012
Frank Cowell: Firm Optimization
1
Overview.
Firm:
Optimisation
The setting
Approaches to the
firms optimisation
problem
Stage
Chapter 3
The Firm and the Market
Exercise 3.1 (The phenomenon of natural monopoly Consider an industry
)
in which all the potential member rms have the same cost function C. Suppose
it is true that for some level of output q and for any nonnegative outpu
Chapter 2
The Firm
Exercise 2.1 Suppose that a unit of output q can be produced by any of the
following combinations of inputs
0:2
0:5
z1 =
0:3
0:2
; z2 =
; z3 =
0:5
0:1
1. Construct the isoquant for q = 1.
2. Assuming constant returns to scale, construct
Chapter 4
The Consumer
Exercise 4.1 You observe a consumer in two situations: with an income of
$100 he buys 5 units of good 1 at a price of $10 per unit and 10 units of good 2
at a price of $5 per unit. With an income of $175 he buys 3 units of good 1 at
Lecture 2:
Multiple Linear Regression Model
Source: Lecture Notes of Prof. Marcia Schafgans, London School of Economics
Classical Linear Regression Model
1
2
3
4
5
6
7
8
9
10
11
Lecture 1:
Statistical Review
Source: Lecture Notes of Prof. Marcia Schafgans, London School of Economics
Topic 1: Estimation
Topic 2: Sampling Properties
Estimation in a Finite Sample
Topic 3: General Methods of Estimation
Minimum Distance Estimation
Max