Essentials of microeconomics

Krister Ahlersten

Microeconomics

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Microeconomics
1st edition
© 2008 Krister Ahlersten & bookboon.com
ISBN 978-87-7681-410-6

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Microeconomics

Contents

Contents
1

Introduction

10

1.1

Plan

11

2

Supply, Demand, and Market Equilibrium

13

2.1

Demand

13

2.2

Supply

15

2.3

Equilibrium

16

2.4

Price and Quantity Regulations

19

3

Consumer heory

22

3.1
3.2

Baskets of Goods and the Budget Line
Preferences

23
26

3.3

Indiference Curves

27

3.4

Indiference Maps

29

3.5

he Marginal Rate of Substitution

30

3.6

Indiference Curves for Perfect Substitutes and Complementary Goods

32

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Microeconomics

Contents

3.7

Utility Maximization: Optimal Consumer Choice

32

3.8

More than Two Goods

35

4

Demand

36

4.1

Individual Demand

36

4.2

Market Demand

40

4.3

Elasticity

41

5

Income and Substitution Efects

45

5.1

Normal Good

45

5.2

Inferior Good

47

6

Choice under Uncertainty

50

6.1

Expected Value

50

6.2

Expected Utility

51

6.3

Risk Preferences

53

6.4

Certainty Equivalence and the Risk Premium

54

6.5

Risk Reduction

54

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