资源描述：
《Interdemiate Microeconomics_Tian》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、ECON323Section503GuoqiangTian2007IntermediateMicroeconomics(323)LectureNotesofDr.GuoqiangTianI.MathReviewandEconomicsReview1.MathReview1.1Equationforstraightliney=ax+bwherea-slopeb-interceptof'$AgA3eWy.*J^cz-A(hY0IkVx1.2Solvetwoequationswithtwounknowns.i)y=60-3x,whereslope--3interceptw60ii
2、)y=5+2x,whereslope=2intercepte5iii)Findtheintersectionofthesetwolinesgraphically:algebraically:=>60-3~=5+2x55-5xx-::=11~5:=60-3~2orY*-5+2x*=60-33-5+22-27=27Thisisallthemathyouneedforthiscourse.Economic3ReviewEconomics-thestudyofhowlimitedresourcesareallocatedamongcompetinguses.Resources-La
3、nd-allnaturalresourcese.g.,soil,forest,minerals,water.Labor-includesthementalandphysicalskillsprovidedbyworkers,e.g.teachers,managers,dancers,steelworkers.Capital-includesman-madeaidstoproductione.g.machinery,buildings,tools.Problem-ResourcesarelimitedbutsocietyhasunlimitedwantsThuswehaves
4、carcity.Becauseofscarcity,economicdecisionsarenecessary,suchasi)whatgoodsshouldbeproducedandinwhatquantities.ii)howshouldgoodsbeproduced(whichfeasibletechnology)iii)forwhomarethegoodsproduced2~1~1.dLUhrl<.&&t.w~-d!4;)wkd-prow7Solutionsdependuponthetypeofeconomicsystem.CentralizedsvstemDec
5、entralizedsystem-allproductionand(priceormarketsystem)consumptiondecisionsare-consumptionandmadebyacentralplanningproductiondecisionsareboardmadewithmarkets-nounemployment,no-consumersandproducersinflation,nofreearemotivatedbyself-enterpriseinterestWewillstudythepricesystemtolearnhowmarket
6、swork.Microeconomics-studyofindividualconsumers,firmsormarkets,aswellashowmarketsareorganized.Economicagents-consumers-whogenerateademandforgoodsandservicesviautilitymaximization.-producers(firms)-whosupplyquantitiesofgoodsandservicesviaprofitmaximization.RelativePriceandAbsolutePriceAbsol
7、utepriceornominalpriceisthepricewithoutconsideringthechangingvalueofmoney.Relativepriceorrealpriceisthepricewithconsideringthechangingvalueofmoney.Eg.ThepriceofthefirstclassticketforTitanicin1912was$7,500whichistheequivalentofroughly$80,000in1997dollars.ThreeB
