Planeamento
Aulas
Introduction
Information about the course Consumer theory: the preference relation
Demand theory
Utility Consumer choice: Marshallian demand
Indirect utility and expenditure
The indirect utility function: properties and Roy's identity Expenditure function and Hicksian demand
Selected exercises
Selected exercises (chp. 1 J&R)
The Slutsky equation
Income and substitution effects Hicksian vs. Marshallian demand curves The Slutsky equation Important elasticities (next class)
Decision making with risk
Elasticities in consumer theory Preferences under uncertainty and risk Von Neumann - Morgenstern utility
Risk aversion
Definition and measures of risk aversion
Exercises
Selected exercises on consumer theory (J&R, chp. 1 and 2)
Production function
Properties of the production function Elasticity of substitution Returns to scale
Cost
The cost function Conditional input demands Short vs. long-run costs
The competitive firm
Profit maximization Output supply and input demand
Exercises on the theory of the firm
Selected exercises on the theory of the firm (J&R, chp.3)
Perfect Competition
Short and long-run equilibrium in a competitive market
Monopoly
Market equilibrium under monopoly Monopolistic competition
Welfare analysis
Welfare measures Pareto efficiency and surplus maximization
Partial equilibrium overview
Selected exercises on competitive markets and monopoly (J&R, chp.4)
Introduction to General Equilibrium
Exchange equilibrium Edgeworth box and contract curve
General equilibrium in markets
Excess demands and Walrasian equilibrium The two Fundamental Theorems of Welfare Economics
Equilibrium with production
Supply and profits Link to consumers through profit shares
Welfare analysis
The Fundamental Theorems revisited Selected exercises (J&R chp.5) An introduction to market failures and behavioural economics