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### Self-teaching 1st year PhD Microeconomic Theory

How should one proceed if he wanted to master the microecon theory course typically taught in the 1st year of a PhD program on his own? Which text(s) and/or online course(s) should he follow? Suppose ...
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### What is the difference between average cost and marginal cost?

$$AC(q) = \frac {C(q)}{q}$$ $$MC(q) = \frac{\partial C(q)}{\partial q}$$ These are the definitions. But I don't understand what the difference is. Is the average cost the cost per unit while the ...
1k views

### Exporting inflation

One explanation I have read for the resistance of the dollar to inflation is that it is "exported" meaning that excess dollars go abroad and foreign use of the dollar increases, thus preventing the ...
101 views

### Can be the duality theorem applied to not locally non-satiated utility functions?

I have the following not locally non-satiated utility function: $$U(x,y)=-(x-1)^2-(y-2)^2$$ where $U(x,y): \, \!R^n_+ \rightarrow \!R$ The 3D plot of this function is an infinite paraboloid; ...
149 views

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### how can devaluation of a nation's currency lead to increase in government expenditure, hence facilitating economic growth

how can devaluation of a nation's currency lead to increase in government expenditure, hence facilitating economic growth. I was reading through a textbook and saw that the devaluation of a nation's ...
252 views

### Throw-away paradox with independent goods

The throw-away paradox is a situation in which a trader can gain by throwing away some of his initial endowment. The specific example, brought by Aumann and Peleg in 1974, concerns an economy with ...