Summary: Intermediate Microeconomics With Calculus
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Read the summary and the most important questions on Intermediate microeconomics with calculus
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3 Preferences
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What are consumption bundles?
Best combination of the goods -
What does reflexive axiom mean?
Any bundle is atleast as good as itself:
(x1,x2)⪰(x1,x2) -
What does transitive axiom mean?
If (x1,x2)⪰(y1,y2) and (y1,y2)⪰(z1,z2) then (x1,x2)⪰(z1,z2)
(X⪰Y and Y⪰Z then X⪰Z) -
Describe indifference curves
Curve of set of bundles all indifferent to eachother
Can never intersect with other indifference curves -
What is a perfect substitute?
Consumer is willing to subsitute a good at a constant rate:
x1+x2=20
Indifference curve always has a constant slope. -
What are bads and describe their indifference curves.
A good that is disliked(x1) and needs compensating with another good (x2). Slope is upward -
What are neutrals and describe their indifference curves.
Neutrals are goods which the consumer doesnt care about. The indifference curve is a straight horizontal/vertical line. -
What is a satiation/bliss point? Describe the indifference curves.
Point where x1 and x2 are both optimal. The indifference curves circle around this point. -
What are discrete goods?
Goods only available in integer amounts. -
What are features of well-behaved indifference curves?
Monoticity: bundles with more are preferred over less (negative slope)
Convex set: averages are preferred over extremes
- strict convexity: average of two indifferent bundles is preferred over two extreme bundles
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