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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).

2
votes
1answer
I'm looking into utility functions and their relation to indifference curves. Now, I understand a positive monotonic transformation does not change the order (it's a rank-preserving transformation). I …
asked Apr 29 '21 by j3141592653589793238
4
votes
2answers
I learnt that $\frac{\Delta x}{\Delta m} \gt 0$ for normal goods, $\frac{\Delta x}{\Delta m} \lt 0$ for inferior goods, $\frac{\Delta x}{\Delta m} \gt 1$ for luxury goods and $0 \lt \frac{\Delta x}{\D …
asked May 10 '21 by j3141592653589793238
0
votes
1answer
Given a utility function $u(\cdot)$ and two bundles $x$ and $y$. Assuming $u(x)=u(y)$. I am to prove or disprove that $x \succcurlyeq y$. Now I'm confused by this. We say $x$ is strictly preferred to …
asked Jun 7 '21 by j3141592653589793238
1
vote
1answer
I get that PED varies along linear (strictly speaking, affine) demand curves in a way that for a demand function $Q(P)=\alpha - \beta P$: $$|\epsilon_D|=1 \iff \frac{\alpha}{2\beta}=P \land |\epsilon_ …
asked Jun 22 '21 by j3141592653589793238
1
vote
1answer
I want to show that the marginal revenue is negative for monopolists. We assume $P(Q)$ is homogenous of degree 1, so it is linear (affine, strictly speaking): $P(Q)=a-bQ$. As we know, $\frac{dP(Q)}{dQ …
asked Jun 28 '21 by j3141592653589793238
4
votes
1answer
Why is the partial derivative of $x_1^S(p_1, p_2, \overline{x}_1, \overline{x}_2) \equiv x_1(p_1,p_2,p_1\overline{x}_1+p_2\overline{x}_2)$ for $p_1$ $$ \frac{\partial x_1^S(p_1, p_2, \overline{x}_1, \ …
asked May 17 '21 by j3141592653589793238
1
vote
1answer
Say I've got a function $x_1(p_1,p_2,m)$ where $p_1, p_2$ are the prices for good 1, good 2 respectively and m is the income. Now, I haven't heard of the Slutsky equation yet nor the income/substituti …
asked May 11 '21 by j3141592653589793238
0
votes
1answer
Given a budget for two goods $x_1$ and $x_2$, a fixed price for good 2 and three prices for good 1 with the corresponding optimal amount of good 1 ($x_1$), I like to calculate the PED for good 1. By l …
asked May 11 '21 by j3141592653589793238
1
vote
2answers
As we know that $Q*P=const.$ for Cobb-Douglas preferences, we can thus conclude that $\frac{dQ/Q}{dP/P}$ is always $-1$: $$ QP=const. \implies 0=d(PQ)=Q\ dP+P\ dQ \implies \frac{dQ}{Q}=-\frac{dP}{P} $ …
asked May 12 '21 by j3141592653589793238
4
votes
1answer
I'm studying the optimal choice of consumers with regards to taxation. I read that for consumers, income tax is generally (for Cobb-Douglas preferences) preferred compared to ad valorem tax: If the bu …
asked May 1 '21 by j3141592653589793238
0
votes
1answer
I understand the expected value of a lottery is $\sum_n^N{p_nL_n}$ where there are $N$ possible outcomes, each with a probability $p_n$ with $n=1,...,N$ and $\sum_{n}p_n=1$ (that's rather trivial I be …
asked Jun 8 '21 by j3141592653589793238