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Micro economie samenvatting

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Volledige samenvatting van Micro economie, aangevuld met het boek, slides en grafieken uit de les en alle nodige lesnota's.

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  • December 21, 2018
  • 293
  • 2018/2019
  • Summary

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DEEL 1: INTRODUCTION TO MICROECONOMICS

- Overview and introduction to constrained optimization, equilibrium analysis and comparative
statics analysis
- Introduction to demand curves, supply curves, market equilibrium and elasticity

Hoofdstuk 2: Demand and Supply Analysis

1. Demand, supply and equilibrium

2. Elasticities

3. Back-of-the-envelope calculations

4. The identification problem

5. Market equilibrium: comparative statics

6. Multiple markets: general equilibrium

DEEL 2: CONSUMER THEORY

- Introduction to consumer choice
- Budget lines, utility maximization, analysis of revealed preference
- Comparative statistics of consumer choice and consumer surplus

Hoofstuk 3: Consumer Preferences and the Concept of Utility

1. Consumer preferences

2. Utility functions and indifference curves

3. Quasi-linear utility

4. Critique of the assumption of ‘rational’ behavior

Hoofdstuk 4: Consumer Choice

1. The budget constraint

2. Consumer choice

3. Duality

4. Consumer choice with composite goods

5. Simple applications of consumer choice

6. An application to intertemporal choice: borrowing and lending

7. Dealing with durable goods

8. Revealed preference theory

Hoofdstuk 5: The theory of demand

1. Deriving individual demand functions

2. Effects of price and income changes

, 3. Income and substitution effects

4. Consumer surplus

5. Aggregate demand and network externalities

6. Consumer demand and labour supply

7. The characteristics approach to consumer demand

DEEL 3: PRODUCTION AND COST THEORY

- Production function, marginal and average product, and returns to scale
- Concept of cost, input choice and cost minimization
- Construction of total, average, and marginal cost curves

Hoofdstuk 6: Inputs and Production Functions

1. Production functions

2. Input substitution and isoquants

3. Returns to scale

4. Technological progress

Hoofdstuk 7: Costs and Cost Minimization

1. Definition of costs and profit

2. Long-run input choices and costs

3. Conditional input demand functions

4. Cost functions

5. Short-run costs

6. Extensions

Hoofdstuk 8: Cost Curves

1. Detailed analysis of long-run costs

2. Economies of scale

3. Detailed analysis of short-run costs

4. Relation between short- and long-run costs

5. Extensions: multiple outputs and economies of scope, learning and volume effects,
econometric cost models

DEEL 4: PERFECTLY COMPETITIVE MARKETS

- Profit-maximizing output choice by a price-taking firm and prices in short-run and long-run
equilibrium
- Using the competitive market model to analyze public policy interventions

,Hoofdstuk 9: Perfectly Competitive Markets

1. Competitive markets: characteristics

2. Profit maximizing firms

3. Short-run equilibrium

4. Long-run equilibrium

5. Profit, producer surplus, and economic rent

6. Market efficiency: is perfect competition really that great?

7. Other firm objectives

Hoofdstuk 10: Competitive Markets: Applications

1. Indirect taxes and subsidies

2. Price controls: minimum and maximum prices

3. Tariffs and quotas in international trade

DEEL 5: MONOPOLY AND MONOPSONY
- Theories of monopoly and monopsony price setting
- Price discrimination

Hoofdstuk 11: Monopoly and Monopsony

1. Barriers to entry and monopoly

2. Behavior of the monopolist and the Inverse Elasticity Pricing Rule (IEPR)

3. Implications of monopolistic behavior

4. Pricing in practice: mark-up pricing

5. Multi-plant monopoly

6. The welfare cost of monopoly

7. Monopsony

Hoofdstuk 12: Capturing surplus

1. Introduction

2. First-degree price discrimination

3. Second-degree price discrimination: block tariffs and two-part tariffs

4. Third-degree price discrimination: different prices for different groups of consumers

5. Tying and bundling

6. Advertising

, DEEL 6: IMPERFECTLY COMPETITIVE MARKETS AND STRATEGIC BEHAVIOR

- Price determination in imperfectly competitive markets
- Simultaneous- move games and sequential move games

Hoofdstuk 13: Market Structure And Competition

1. Introduction: market structures

2. Oligopoly with homogeneous products

3. Dominant firm markets

4. Oligopoly with horizontally differentiated products

5. Monopolistic competition



Hoofdstuk 14: Game Theory and Strategic Behavior

1. Simultaneous-move one-shot games

a. Concepts: Nash equilibrium, dominant strategies, dominated strategies, mixed
strategies

2. Repeated simultaneous-move games

a. How to achieve cooperation?

3. Sequential-move games

a. Strategic moves

b. The value of commitment

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