Structure Market supply Short-run- supply and equilibrium Long -run- supply and equilibrium Long -run- implications for taxation Fixed inputs and economic rent(经济租金)

Structure Present and future values Intertemporal budget constraint Preferences for intertemporal consumption Intertemporal choice Comparative statics Valuing securities

Structure Endowments(禀赋) Budget constraints with endowments Net demands -Price offer curve Example: Labor supply Comparative statics Slutsky equation revisited

Exchange Economies (revisited) No production, only endowments,so no description of how resources are converted to consumables. General equilibrium: all markets clear simultaneously. 1st and 2nd Fundamental Theorems of Welfare Economics

Structure Money equivalent of utility gains to trade Consumer's' surplus Changes in consumer's' surplus Compensating and equivalent variations Producer's' surplus

一、1(5分)当边际产量递减时,规模报酬也一定递减

Revealed Preference Analysis Suppose we observe the demands (consumption choices) that a consumer makes for different budgets. This reveals information about the consumer's preferences. We can use this information to

Structure Utility function(效用函数) Definition Monotonic transformation(单调转换) Examples of utility functions and their indifference curves Marginal utility(边际效用) Marginal rate of substitution边际替代率 MRS after monotonic transformation

Structure Describing technologies Production set or technology set Production function Isoquant Marginal product Returns to scale Technical rate of substitution well- behaved technologies Long run and short run

Structure The cost minimization problem Average costs Returns to scale and total and average costs Short run and long run costs