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PADP 6930 Foundations of Economic Policy
9 Lecture Notes & Midterm Study Guides (Formulas, Key Concepts, & Practice Test)
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Introduction to Economics & Markets
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What is Economics? Micro vs. Macro Economics. The Market. Demand & Supply Curve. Types of Market. Perfect Competition. Discriminating Monopolist. Ordinary Monopolist. Policy Controls. Pareto Efficiency. Pareto Improvement.
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Add to cartWhat is Economics? Micro vs. Macro Economics. The Market. Demand & Supply Curve. Types of Market. Perfect Competition. Discriminating Monopolist. Ordinary Monopolist. Policy Controls. Pareto Efficiency. Pareto Improvement.
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Consumer Choice
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Economic Theory of the Consumer. Utility Function. Indifference Curves. Budget Constraint. Consumer Equilibrium.
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Add to cartEconomic Theory of the Consumer. Utility Function. Indifference Curves. Budget Constraint. Consumer Equilibrium.
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Demand
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Demand Curves. Moves vs. Shifts. Factors Affecting Demand. Individual Demand Curve. Ordinary vs. Griffen Goods. Market Demand Curve. Elasticity. Midpoint Elasticity Formula. Price Elasticity. Responsivity.
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Add to cartDemand Curves. Moves vs. Shifts. Factors Affecting Demand. Individual Demand Curve. Ordinary vs. Griffen Goods. Market Demand Curve. Elasticity. Midpoint Elasticity Formula. Price Elasticity. Responsivity.
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Uncertainty
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utility Under Uncertainty. Risk Aversion. Concavity. Certainty Equivalent. Insurance. Insurance Purchase Decision
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Add to cartutility Under Uncertainty. Risk Aversion. Concavity. Certainty Equivalent. Insurance. Insurance Purchase Decision
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Surpluses
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Consumer Welfare. Consumer Surplus. Marginal Benefit Curve. Producer's Surplus. Taxes & Surplus. Deadweight Loss. Inelastic vs. Elastic. Pareto Efficiency & Tax.
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Add to cartConsumer Welfare. Consumer Surplus. Marginal Benefit Curve. Producer's Surplus. Taxes & Surplus. Deadweight Loss. Inelastic vs. Elastic. Pareto Efficiency & Tax.
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Inter-temporal Choice & Net present Value
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Inter-Temporal Choice Model. Present Value. Budget Constraint. Discouned Utility. Inter-Temporal Indifference Curve. Net Present Value. Policy Application
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Add to cartInter-Temporal Choice Model. Present Value. Budget Constraint. Discouned Utility. Inter-Temporal Indifference Curve. Net Present Value. Policy Application
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Supply
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Cost Curves. Types of Cost. Fixed Costs. Variable Costs. Total Costs. Average Costs. Marginal Costs. Marginal Revenue. Firm Supply Decision. Pure Competition Market. Short Run vs. Long Run Supply. Market Supply.
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Add to cartCost Curves. Types of Cost. Fixed Costs. Variable Costs. Total Costs. Average Costs. Marginal Costs. Marginal Revenue. Firm Supply Decision. Pure Competition Market. Short Run vs. Long Run Supply. Market Supply.
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Theory of the Firm
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The Firm. Firm Technology. Production Function. Short Run Production Function. Long Run Production Function. Isoquants. Technical Rate of Substitution. Slope. Firm Profit Maximization Problem. Costs of Production. Cost Minimization.
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Add to cartThe Firm. Firm Technology. Production Function. Short Run Production Function. Long Run Production Function. Isoquants. Technical Rate of Substitution. Slope. Firm Profit Maximization Problem. Costs of Production. Cost Minimization.
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Asymmetric Information
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Information Failure. Adverse Selection. Mitigating Inefficient Outcomes. Moral Hazard. Signaling.
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Add to cartInformation Failure. Adverse Selection. Mitigating Inefficient Outcomes. Moral Hazard. Signaling.
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Midterm Formulas
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Utility Function. Budget Constraint Function. Optimal Consumption Condition. Midpoint Elasticity Formula. Surplus. Taxation. Inter-Temporal Choice. Discounted Utility. Net Present Value. Expected Utility.
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Add to cartUtility Function. Budget Constraint Function. Optimal Consumption Condition. Midpoint Elasticity Formula. Surplus. Taxation. Inter-Temporal Choice. Discounted Utility. Net Present Value. Expected Utility.
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Midterm Lecture Key Concepts
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Micro vs. Macro. Demand & Supply Curve. Markets. Pareto Efficiency. Perfect Competition Market. Utility. Monotonic & Convex. Indifference Curves. Marginal Rate of Substitution. Budget Constraint. Consumer Equilibrium. Demand Schedules & Curves. Moves vs. Shifts. Elasticity. Cross-Price Elasticity. O...
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Add to cartMicro vs. Macro. Demand & Supply Curve. Markets. Pareto Efficiency. Perfect Competition Market. Utility. Monotonic & Convex. Indifference Curves. Marginal Rate of Substitution. Budget Constraint. Consumer Equilibrium. Demand Schedules & Curves. Moves vs. Shifts. Elasticity. Cross-Price Elasticity. O...
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Midterm Practice Test
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Consumer Choice. Optimal Bundle. Utility. Slope. Taxation. Demand. Supply. Equilibrium Price. Equilibrium Quantity. Surplus. Deadweight Loss. Insurance Purchase Decision. Expected Utility. Expected Value. Plotting Markets.
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Add to cartConsumer Choice. Optimal Bundle. Utility. Slope. Taxation. Demand. Supply. Equilibrium Price. Equilibrium Quantity. Surplus. Deadweight Loss. Insurance Purchase Decision. Expected Utility. Expected Value. Plotting Markets.
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