100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Econ 360 Lectures 1-14 Notes $10.99   Add to cart

Class notes

Econ 360 Lectures 1-14 Notes

 5 views  0 purchase

This is a comprehensive and detailed note on lectures 1-14 for Econ 360. *Essential Study Material!!

Preview 1 out of 4  pages

  • October 1, 2024
  • 4
  • 2020/2021
  • Class notes
  • Prof. amarendra
  • All classes
All documents for this subject (3)
avatar-seller
anyiamgeorge19
Notes
Chapter I: The Market

Fundamental Issues in Microeconomics:
● Consumers: (D - Demand Side), consumption theory
● Producers: (S - Supply Side), production theory
● Market (D meets S), various forms of market equilibrium
● Market failures, their welfare implications

Purpose of Economic Modelling:
● “Solving” the model you built
● Interpreting the solution of your model and using it to explain economic phenomena
and/or behavior of economic agents (consumers, producers, and government)
● The solution should be compatible with two “principles”
● Optimization principle: people try to choose the best patterns of consumption that they
can afford.
● Equilibrium principle: prices adjust until the amount that people demand of something is
equal to the amount that is supplied

A Simple Model in Micro Analysis:
● Modeling an apartment market
a. Supply side: landlords.
b. Demand side: renters.
c. Market equilibrium: # of apartment rented and rental price (thus far, sounds like Econ
160)
d. Specific model assumptions: the distance of apartment (to campus) is close or distant but
otherwise identical; distant apartments’ rents are exogenous and known; many renters
and landlords.
● We just outline the model and indicate some interesting issues of the model
● We do not solve the model

Preparing Notions:
● Exogenous variables: their values are determined outside the model in
consideration(sometimes they are called “parameters)
● Endogenous variables: their values are determined by solving the model
● Equilibrium: the economic agents’ actions must be consistent with each other. (loosely
speaking, the solution of the model).

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller anyiamgeorge19. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.99
  • (0)
  Add to cart