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Results tagged with Search options user 18

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).

3
votes
Suppose I strictly prefer Apple ($A$) to Banana ($B$) and that these are the only two goods in existence. Consider the following functions:† The function $u$ with $u(A)=1$, $u(B)=0$. The function $ …
answered Sep 19 '18 by Kenny LJ
2
votes
If $MC<P$, then the producer would want to produce one more unit of the good. If $MC>P$, then she would want to produce one less unit of the good. If $MC=P$, then she is maximizing her profits.
answered Apr 24 by Kenny LJ
3
votes
Definition 1. Excess supply is supply minus demand. Definition 2. Excess demand is demand minus supply. Example 1. A baker posts a sale price of \$2 per loaf of bread. At this price, he is willin …
answered Jul 18 '18 by Kenny LJ
5
votes
Perfectly competitive market: Numerous participants, so that no single participant has any influence. A perfectly competitive economic model is meant to describe a situation in which there are man …
answered Jun 19 '17 by Kenny LJ
1
vote
The opportunity cost of any decision is the value of the next-best alternative forgone. So in this case, if you choose \$40, your opportunity cost is \$30, because that's the value of the next-best …
answered Mar 2 '18 by Kenny LJ
1
vote
Steven Landsburg's answer is correct. But one must first understand that the supply curve is the same thing as the cost curve. If the supply curve is perfectly elastic (horizontal), that's because th …
answered Jul 1 '17 by Kenny LJ
0
votes
Here is a somewhat standard presentation that might be taught in intermediate macroeconomics at US universities. Let $p_t$ be the price of a unit of capital at the end of period $t$. Suppose that pro …
answered Feb 16 '15 by Kenny LJ
2
votes
One is Relative Utilitarianism (RU). Under the axioms below, society's preference can be represented by the simple sum of individuals' vNM utilities (each normalized to between $0$ and $1$). That is, …
answered May 1 '18 by Kenny LJ
1
vote
I think your confusion here stems from misinterpreting negative transitivity to mean "not transitive". But that's not what it means. It is perfectly possible for a binary relation to be both transitiv …
answered Feb 9 by Kenny LJ
4
votes
Preferences are primitive. MRS is defined solely in terms of the primitive preferences: If I give up 1 apple (good on the horizontal axis), then MRS is the number of bananas (good on the vertical axi …
answered Apr 10 '15 by Kenny LJ
3
votes
Am I missing something? Is there really a sense in which the price $P_S$ in the above graph is the "correct efficient price" across the board, both for producers and consumers? In Econ 101, …
answered Apr 20 by Kenny LJ
4
votes
2answers
Since 14th Dec 2017, the Federal Reserve Bank has paid 1.50% interest on excess reserves. So why do depositors' interest rates still remain so low? According to BankRate, across the US, the nationa …
asked Feb 9 '18 by Kenny LJ
2
votes
The term strongly increasing function is non-standard in economics (and I believe also in math) and should have been clearly defined in the main text. The following definitions are given only in thei …
answered Nov 12 '18 by Kenny LJ
2
votes
Here are four possible reasons: Reason #1. Fixed costs per employee. Due to taxes, insurance, 401k plans, etc., the cost of an employee (to the employer) is significantly greater than the employee's …
answered Sep 15 '18 by Kenny LJ
22
votes
4answers
Bloomberg shows this chart: I understand the above chart to mean that consumers were actually paid to use electricity. (Please correct me if I'm mistaken.) I was wondering how this is possible? H …
asked Nov 10 '17 by Kenny LJ

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