Intermediate Microeconomic
Theory
Dr.
Dao
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Normative vs. Positive Economics
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Perfectly competitive market
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Equilibrium price and equilibrium quantity
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Shortage vs. Surplus
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Effects of Changes in Supply and Demand on Equilibrium price and
quantity
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Income Elasticity of Demand
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Price Elasticity of Demand
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Cross price elasticity
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Transitivity assumption
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Perfect substitutes vs. Perfect complements
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Price consumption curve and Demand curve
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Expected value
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Inferior vs.
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Income and Substitution Effects of Change in Price
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Measure of risk
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Calculation of risk premium
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Individual vs. Market Demand
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Indifference curves
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Marginal rate of substitution
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Optimal combination (mix)
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Price elasticities of supply and demand
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Price supports vs. Price ceilings