TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12th edition): Chapter 4 - Browning, Zupan

Chapter 4 - Individual and market demand. In this chapter students will be able to: Understand how price changes affect consumption choices, differentiate between the income and substitution effects associated with a price change on the consumption of a particular good, explain the relation between income and substitution effects in the case of inferior goods. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 4: Individual and Market Demand Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Understand how price changes affect consumption choices. Differentiate between the income and substitution effects associated with a price change on the consumption of a particular good. Explain the relation between income and substitution effects in the case of inferior goods. Explain how individual demand curves are aggregated to obtain the market demand curve. (continued) Learning Objectives (continued) Demonstrate how consumer surplus represents the net benefit, or gain, to an individual from consuming one market basket instead of another. Investigate the relationship between own-price elasticity of demand and the price–consumption curve. Examine network effects: the extent to which an individual consumer’s demand for a good is influenced by other

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Consumption choices
• Substitution effects
• Scope of microeconomic theory
• Normative analyses
• Consumer choice
• Theory of consumer choice
• Consumer choice theory
• Excise subsidies
• Game theory
• Economics of information
• Demand curves
• Supply curves
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power