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MICROECONOMICSClassroomLectureNotes(3credits,asof2004)basedonHalR.Varian’sIntermediateMicroeconomics,SixthEdition,referringtoPindyckandRubinfeld’sMicroeconomics,FourthEdition.Chapter0Thesourceofalleconomicproblemsisscarcity.Problemoftrade-off,andchoice.Economics,asawayofthinking,asadismalscience.Problems-solutions-hiddenconsequences.Maindecision-makingagents:1individuals(household),2firms,and3governments.Objectsofeconomicchoicearecommodities,includinggoodsandservices.Maineconomicactivities:Consumption,Production,andExchange.Microeconomicsandmacroeconomics:toshowthemarketmechanism(theinvisiblehand),tosupplementit.Thecircularflowofeconomicactivities.productmarketfactormarketTheproductmarketandthefactormarket.Themarketrelationismutualandvoluntary.Positiveissuesandnormativeissues.MarginalanalysisRelationsbetweenTotalmagnitudes,Averagemagnitudes,andMarginalmagnitudes.1,MMistheslopeoftheTMcurve;2,AMistheslopeoftherayfromtheorigintothepointattheTMcurve;TMMM(x*)AM(x*)x*x3,TMincreasing(decreasing)ifandonlyifMM>0(MM<0);4,IfTMisatmaximumorminimum,thenMM=0;5,AMincreasing(decreasing)ifandonlyifMM>AM(MM<AM);6,IfAMisatmaximumorminimum,thenMM=AM,orMMcutsAMatthelatter’smaximumorminimum.Chapter1EconomicsproceedsbydevelopingModelsofsocialphenomena.Byamodelwemeanasimplifiedrepresentationofreality.Exogenousvariables:takenasdeterminedbyfactorsnotdiscussedinamodel.Endogenousvariables:determinedbyforcesdescribedinthemodel.Theoptimizationprinciple:Peopletrytochoosewhat’sbestforthem.Theequilibriumprinciple:Pricesadjustuntildemandandsupplyareequal.Thedemandcurve:Acurvethatrelatesthequantitydemandedtoprice.Thereservationprice:One’smaximumwillingnesstopayforsomething.Frompeople'sreservationpricestothedemandcurve.Similarly,thesupplycurve.Fig.Paretoefficiency:Aconcepttoevaluatedifferentwaysofallocatingresources.AParetoimprovementisachangetomakesomepeoplebetteroffwithouthurtin
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