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Introduction to Microeconomics

This class was created by Brainscape user Raunaq Mohammad. Visit their profile to learn more about the creator.

By: Raunaq Mohammad
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Decks in this class (13)

Lecture 2 - Introduction
What is microeconomics,
What 3 questions must every socie...,
Define opportunity cost
10  cards
Lecture 3 - Supply and Demand
What does the demand for a good d...,
What effect do changes in price h...,
What variables go on the axes for...
10  cards
Lecture 4 - Preferences
What is a good,
Do economists judge whether an in...,
Write a statement using the corre...
22  cards
Lecture 6 - Utility Functions
What is a utility function,
What are the two types of utility...,
What are the features of an ordin...
14  cards
Lecture 7 - Budget Constraints/Consumer Choice
What is the format for writing a ...,
Can budget constraints be rewritten,
What are the two assumptions we m...
19  cards
Lecture 8 - Price and Income Changes
What is comparing two equilibrium...,
What does a demand curve show,
What is the relationship between ...
16  cards
Lecture 9/10 - Income and Substitution effects
How can we decompose the change i...,
What is the substitution effect,
What is the income effect
17  cards
Lecture 11 - Elasticity
What is an elasticity,
What notation is often used to re...,
What is the formula used to calcu...
18  cards
Lecture 12 - Compensating and Equivalent variation in income
What does compensating variation ...,
On a preferences diagram how can ...,
How do we find the compensating v...
15  cards
Lecture 13 - Labour Supply
What are some simplifying assumpt...,
Imagine the following scenario ab...,
What leisure and consumption does...
11  cards
Lecture 14 - Altruistic Behaviour
Briefly explain what the dictator...,
Through the experiment being repl...,
Explain the results of the dictat...
9  cards
Lecture 15 - Production functions
What is a firm,
Define capital services k,
Define labour services l
35  cards
Lecture 16 - Costs
What is the relationship between ...,
What type of good is capital,
How do we measure the opportunity...
13  cards

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Introduction to Microeconomics

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