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Results tagged with microeconomics
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user 1601
Microeconomics is a branch of economics that studies the market behavior of individual actors (usually firms and consumers) and the aggregation of their actions in different institutional frameworks (usually the market).
5
votes
How come Intel and AMD do not bankrupt each other?
We have mostly resolved this in the comments:
The question relied on the false premise that Intel and AMD have a nearly identical product and are in price competition.
The real situation is much more …
- 29.7k
1
vote
Accepted
Is It necessary for a monopoly firm to be profitable at the elastic region of the demand curve?
the monopolist only produces at the elastic region ... But ... the monopolist may incur losses even at the elastic region
There is no contradiction here. If I like chocolate cake it does not mean t …
- 29.7k
3
votes
Accepted
Do standard consumer theory axioms rule out corner solutions?
A textbook example of a utility function with frequent corner solutions is perfect substitution, e.g. $U(x,y) = x + 2y$. This, however is not strictly convex. But if you think about it, the corner sol …
- 29.7k
1
vote
What prices do firms impose on perfect substitutes?
TLDR Perfect substitutes is a very theoretical utility function class; consumers with such preferences generally go 'all or nothing'. Because of this, your rationale describes a very rare equilibrium, …
- 29.7k
2
votes
Nicholson & Snyder V.S. Varian for teaching?
Varian's Intermediate Microeconomics [...] seems friendlier but a bit sloppy
This is good insight IMO, and the proper book will depend on your students' goals and abilities. …
- 29.7k
2
votes
Accepted
Present value calculation
Hard to speculate on the inner workings of your programs since you do not share their details; but by thinking about the marginal benefit of each type of asset (painting, money) you can determine that …
- 29.7k
0
votes
Positive monotonic transformation and identical preferences
However, when I set the equations to be equal
These are not equations, they are functions. You can quite quickly validate that the two functions are not the same function, they are not 'equal', by c …
- 29.7k
1
vote
Changes in deadweight loss in a monopoly
Yes, there is an explanation: some books are poorly written.
They probably mean that the subsidy is small, so the monopoly's subsidized production does not overshoot the competitive equilibrium produc …
- 29.7k
1
vote
About Two Methods of Computing Bayesian Equilibria
(I only parsed what you did, perhaps I did not get it.)
You seem to be overcomplicating things a bit. A good starting point seems to be whether player 2 will mix or not.
If not, you can see that play …
- 29.7k
4
votes
Economists Working At the Intersection of Pure Math and Economics
Game theory, as suggested by the name, is not applied. Fixed point theorems, measure theory and other abstract areas abound. A lot of very succesful game theorists have math PhDs.
A lot of people will …
- 29.7k
1
vote
Accepted
Why does the budget line cross the price offer curve instead of just touching it?
price offer curve shows all the utility-maximizing bundles generated by varying the price ratio but with the utility function remaining the same.
This is a little unclear to me, why would the utilit …
- 29.7k
2
votes
Accepted
Lump sum transfers to implement any Pareto efficient equilibrium as the market outcome
Here is the Edgeworth box of your exercise:
The green dot with the curves running through it is your equilibrium allocation. The red and blue lines are indifference curves of $A$ and $B$, while the o …
- 29.7k
2
votes
Finding Utility Function for Optimal Allocation in Consumer Choice Model
I think your formula is still too general, so what you want will not be possible. Given $-1 < \alpha < 0$ and
$$
m^* = A \left(\frac{p}{\omega}\right)^\alpha,
$$
we have
$$
\frac{m^*p}{w} = A \left(\f …
- 29.7k
1
vote
1
answer
74
views
Convex to origin - precise definition
This question asks about what "convex to origin" means. IMO even though there are half a dozen answers, they are all unsatisfactory. So in this question I ask for a precise definition of "convex to or …
- 13.7k
0
votes
Von Neumann-Morgenstern utility and taxes
There are not enough details to provide a general answer. Perhaps they mean that there are cases when, despite the tax, the investment does not decrease.
It is easy to concoct such an example: if the …
- 29.7k