Intermediate Microeconomics - Columbia University
Intermediate Microeconomics
An Introduction Mark Dean ? Fall 2009 ? Brown
University
What is Economics?
? "A social science that studies the production, distribution and consumption of goods and services"?
? "The study of the allocation of scarce resources"?
Economics is Defined by its Tools
? People respond to incentives
? Wages ? Punishment ? Taxes and Benefits ? Risk of Infection or injury ? Profits ? Sex ? Effort
? Environments adjust until they are in equilibrium
? Prices ? Strategies
The Importance of Incentives and Equilibrium
? Incentives are important ? Equilibrium is important
Incentives are Important
? Policy
? Reduce rat population by paying people for rat pelts
? Effect
? Industrious locals set up rat farms
A Rat Farm
Incentives are Important
? Policy
? Funding for fire departments based on the number of call outs to fires
? Effect
? Stopped fire departments installing smoke alarms
Incentives are Important
? Policy
? Paying fossil hunters per piece of bone they find while fossil hunting
? Effect
? Fossil hunters smash bones they find into lots of small pieces
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- intermediate microeconomics columbia university
- 1 the quantity of a good demanded rises from 1000 to 1500
- intermediate microeconomics yonsei
- department of economics massachusetts institute of technology
- mit 14 04 fall 2020 exam 1 with solutions mit opencourseware
- 14 03 14 003 fall 2016 lecture 4 notes mit opencourseware
Related searches
- columbia university graduate programs
- columbia university career fairs
- columbia university graduate tuition
- columbia university costs
- columbia university cost per year
- columbia university tuition and fees
- columbia university book cost
- columbia university cost of attendance
- columbia university graduate school tuition
- columbia university tuition 2019
- columbia university tuition 2020 2021
- columbia university neuroscience