Microeconomics I

Catalog description

Theory of consumer behavior. Primal-dual relationships in consumer theory including indirect utility functions and consumer expenditure functions. Properties of consumer demand functions. Consumer welfare measurement. Production technology and the theory of the firm including cost minimization and profit maximization. Dual relationships in producer theory including cost functions and profit functions. Properties of firm output supply and input demand equations. Long-run market equilibrium in a competitive market environment. Market equilibrium with upward sloping input supply equations. The theory of monopoly.