Graphing functions: An example with a demand function.
Oct 2, 2013
Assume, for example, the following demand function for ski days at the
Steamboat ski area.
Dssb = 20 + :03(snowsb ) :06psb + :01pvail
where Dssb is the individual demand, this year, for St
If OPEC wants to take in more revenues from the sale
of oil should they increase the price of oil, decrease the
price of oil, or hold steady on the price?1
erm: draft Oct 15, 2013.
OPEC is close to a "monopoloy:" it produces a large proportion of the worl
Edward Morey: draft Oct 24, 2012
This lecture covers the topic of budget constraints.
Economics is all about modeling behavior in a world of scarcity.
(Note that a bunch of the material in this lecture is not covered in KW.
How responsive are you?
Edward Morey: draft October 13, 2013
The more one reacts to an outside in
uence, the more responsive you are to
For example, if, in the next election the addition of Paul Ryan to the Republication presidential ticket
Consumer Theory in a Nutshell
We are starting a series of lectures on consume theory. The intent is to build a
theory/model to explain the predict the behavior of an individual (how she will
live her life: what she will consume, where she will live (and
Summary thoughts before first midterm in 2010: Fall 2012
Oct 9, 2012
Some review notes before the first midterm.
If you have a question, write it out now and hand it in; better, send it to me by email, preferably by the
Monday before the exam.
Preferences and utility
October 30, 2012
Prediciting what the individual will do
A consumer demand functions are determined by her budget constraint
and her preferences
We devoted a whole lecture to budget constraints.
Up to now we have sai
Fred misguided sports parent
Edward: rough draft, Nov. 8, 2012
(Note that this lecture contains a bunch of basic algebra. When you rst
work through these notes you might want to concentrate on the graphs and slide
over the math. On the second go, try an
The utility maximizing bundle
draft Oct 30, 2012
Continue to consume two goods. Let make it food and sports equipment,
f and s where f if the amount of food purchased and consumed and s is the
amount of sports equipment purchased and used.
Theory of the rm in a nutshell
Nov 1, 2011
A look at and past pure competition
Like the consumer, the rm wants to do the best it can subject to the
constraints it faces.
We often assume that the rm wants to maximize its prots but o
More on consumer theory: predicting and explaining the choices we make
draft Oct 30, 2012
Choices depend on preferences and and constraints
Wrt constraints, and quoting from a course evaluation
"You seem like a nice guy but you are sooooooooo
boring. I wo