Microeconomics I
Fiches de réveisions
Fiches de réveisions
Kartei Details
| Karten | 336 |
|---|---|
| Sprache | English |
| Kategorie | VWL |
| Stufe | Universität |
| Erstellt / Aktualisiert | 28.05.2019 / 02.03.2025 |
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Short-run profit maximization: tangency condition
Comparative statics 1
Suppose the price of factor 1 increases: w augments
Downward sloping factor demand: algebra
Comparative statics 2
Suppose the price of output increases: p rises
Exercise 2: Short-run profit maximization with Cobb-Douglas technology
Long run profit maximization
Long run profit maximization graph
Cost minimization
Output expansion path
Cost minimization with fixed proportions technology
Cost minimization with perfect substitutes technology
Long run profit maximization with Cobb-Douglas technology
Cost minimization with Cobb-Douglas technology part1
Cost minimization with Cobb-Douglas technology part2
Long-run profit maximization problem
Explaining AVC according to MC
Cost minimization problem
Isocost line
Utility maximization VS cost minimization
Income expansion path
Output expansion path
Link between long-run and short-run cost function
Short-run and long-run cost minimization diagram
Fixed costs. quasi fixed costs, sunk costs
Fixed costs are costs associated with the fixed factors, i.e. independent of the level of output, must be paid whether or not the firm produces
Quasi-fixed costs are costs that are also independent of the level of output, but only need to be paid if the firm produces a positive amount of output
Sunk costs are non recoverable costs
Average cost functions
Average fixed cost curve
Average total cost curve
Link between marginal and variable cost functions
Short-run and long-run total cost curves graph1
Short-run and long-run total cost curves graph2
Short-run and long-run average cost curves 2
Short-run and long-run marginal cost curves 1
Short-run and long-run marginal cost curves 3
Returns-to-Scale and Average Total Costs
Returns-to-Scale and Average Total Costs: graph
Decreasing Returns-to-Scale and Total Costs
Increasing Returns-to-Scale and Total Costs
Constant Returns-to-Scale and Total Costs
Two decisions faced by producers
How much to produce
What price to set
