EC201 MT Notes cover content found in first term of the course. This student achieved a 1st with 80/100. There are 61 pages and over 14,000 words in this document.
I. Consumer Theory. Utility functions and indifference curves. Income and substitution effects. The Slutsky equation. The expenditure function, compensating and equivalent variation, and consumer surplus. Selected applications to savings and labour supply, including the effects of taxes and benefits. II. Producer Theory. Production and cost functions. Firm and industry supply. Perfect Competition and Monopoly. III. Strategic Choice. Basic ideas in game theory. Applications to oligopoly and auctions. IV. General equilibrium and welfare. Competitive equilibrium. Efficiency of equilibrium. Welfare criteria. V. Topics in welfare economics. Public goods and externalities. VI. Uncertainty and information. Choice under uncertainty. Insurance markets. Asymmetric information. Loss Aversion. Moral Hazard.