Microeconomics

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Markets

Supply and demand may be two of the most ubiquitous terms in modern economics. Explore how the two forces interact, what factors determine their influence, and how easily they change. Discover how maximizing surplus is a driving force for equilibrium.

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Market Supply and Demand Free

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Market SupplyFree

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Market DemandFree

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Determinants of Supply and DemandFree

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Determinants of SupplyFree

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Determinants of DemandFree

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Shifts and Interventions

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Market shifts

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Market interventions

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Elasticities

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Producer and Consumer Surplus

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Producer surplus

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Consumer surplus

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Consumer Theory

How do consumers decide what to spend their money on? Consumer theory studies consumer behavior given their preferences and budget constraints. Learn how scarcity, or a state of limited resources, creates a situation in which choices must be made, and how economists quantify preferences through utility.

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Budgets

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Price and Income Changes

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Price changes

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Income changes

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Binary Relations

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Preference Types and Representations

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Preference types

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Representations

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Utility Notation and Properties

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Constrained Optimization

Because of scarce resources, all decisions are constrained by certain limits. Calculate optimum values while incorporating these constraints, and learn how Lagrange multipliers are a useful tool for such calculations.

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Lagrange Multipliers

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Constrained Optimization

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Individual Demands

The aggregate demand of all individual demands determines the behavior of the demand curve in economics. Closely examine assumptions of individuals maximizing their utility and how the demand curve behaves overall.

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Preference Maximization

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Calculating Individual Demands

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Properties of Demand Functions

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Consumer Comparatives

Economic demand from consumers is affected by a variety of changing factors in the market. Explore how changes in income or changes in the price of a good affect a consumer's demand curve and calculate elasticities to determine the magnitude of that impact.

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Engel Curves

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Elasticities

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The Income and Substitution Effects

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The income effect

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The substitution effect

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Applications of Consumer Theory

Apply the principles of consumer theory to models describing the balance of choice between labor and leisure and the choice between present and future consumption.

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The Neoclassical Labor Supply Model

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The Two Period Savings Model

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Exchanges

How do markets interact and attain equilibrium? In this theme, apply analysis tools such as the Edgeworth Box to examine allocation options and use Walras' Law to show excess demand is zero.

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The Edgeworth Box

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Properties of Allocations

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Walras Equilibrium

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Welfare

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Firms with One Input

What factors influence how firms contribute supply to the market? Analyze basic production functions and how they relate factors of production to physical output. Learn about the financial aspects of revenue, cost, and profit of a firm. Explore how firms maximize profit and how marginal costs define the supply curve.

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Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

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Production Functions and Their Properties

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Profits, Revenue, and Costs

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Profits

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Revenue

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Costs

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Profit Maximization and the Supply Curve

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Profit maximization

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The Supply Curve

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Firms with Two Inputs

In the case of most scenarios, firms must consider more than one input. While this is more realistic, it can make analysis more complex. Utilize isoquants to simplify production functions in two factors. Build on knowledge of firms with one input and perform cost minimization with cost functions.

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Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

Your weighted accuracy is based on your most recent attempts compared to everyone else’s first attempts.

Re-answering questions correctly will improve your weighted average status.

Production Functions in Two Factors

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Production functions in two factors

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Isoquants

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Cost Minimization

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Cost Functions and Profit Maximization

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Perfect Competition

In an idealized situation, firms participate in a perfectly competitive market, with no advantages. Use this model to explore how firms operate in the short run and compare this to how they can change over time in the long run.

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Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

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Short-Run

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Long-Run

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Imperfect Competition

In reality, firms can exist in markets which are not perfectly competitive, where some have advantages over others. Explore practices such as price discrimination and antitrust laws, and discover how monopolies and oligarchies are established.

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Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

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How Monopolies Maximize Profit

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Price Discrimination

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Antitrust Law

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Oligopoly

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Risk

Any market generally involves some level of uncertainty in decisions. Learn how this risk is quantified with expected utility, a weighed sum based on probabilities, and how this expected utility is optimized.

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Expected Utility

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Game Theory

All markets involve a measure of competition, but often cooperation can also be mutually beneficial. Apply the mathematical theories of game theory to predict economic decisions and actions. Explore advanced game theory topics as well.

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Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

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Foundations

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Simultaneous-Move Games with a Discrete Strategy Space

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Sequential-Move Games with a Discrete Strategy Space

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Games with a Continuous Strategy Space

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Mixed Strategies

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Combining Sequential and Simultaneous Move Games

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Games with Asymmetric Information

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Repeated Games

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Evolutionary Games

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