Measuring Cost: Which Costs Matter? Cost in the Short Run Cost in the Long Run Long-Run Versus Short-Run Cost Curves

The Technology of Production Isoquants Production with One Variable Input (Labor) Production with Two Variable Inputs Returns to Scale

Describing Risk Preferences Toward Risk Reducing Risk The Demand for Risky Assets

Individual Demand Income and Substitution Effects Market Demand Consumer Surplus

Consumer Preferences Budget Constraints Consumer Choice Revealed Preferences

Supply and Demand The Market Mechanism Changes in Market Equilibrium Elasticities of Supply and Demand Short-Run Versus Long-Run Elasticities

Quality Uncertainty and the Market for Lemons Market Signaling Moral Hazard The Principal-Agent Problem

General Equilibrium Analysis Efficiency in Exchange Equity and Efficiency Efficiency in Production

Stocks Versus Flows Present Discounted Value The vValue of Bond The Net Present Value Criterion for Capital Investment Decisions

Topics to be Discussed Competitive Factor Markets Equilibrium in a Competitive Factor Market Factor Markets with Monopsony Power Factor Markets with Monopoly Power