Contents Describe budget constraint –Algebra –Graph Describe changes in budget constraint Government programs and budget constraints Non-linear budget lines

Effects of a Price Change What happens when a commodity’s price decreases? –Substitution effect (替代效应）: the commodity is relatively cheaper, so consumers substitute it for now relatively more expensive other commodities

Structure When to sell an asset? –Rate-of-return Arbitrage Taxation of asset returns Applications Financial intermediaries

Structure State contingent consumption (依情 形而定的消费） State-contingent budget constraint Preferences under uncertainty Choice under uncertainty Risk aversion Diversification and risk spreading

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 Money equivalent of utility gains totrade Consumer’s surplus Changes in consumer’s surplus Compensating and equivalentvariations Producer’s surplus

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

北京首饰进出口公司不能清偿债务被宣告破产已经有４１年历史的北京市首饰进出口 公司因严重亏损，明显不能清偿到期债务， 日前被北京市第一中级人民法院依法宣告 破产

第一题、文件操作。（5 分） 1、在“我的电脑”中 E 盘根目下新建立一个文件夹，文件夹的名称为考生准考证号的后七位数。例如考生的准考证 0341078610024085535，则考生文件夹名为 4085535

1、在“我的电脑”中 E 盘根目下新建立一个文件夹，文件夹的名称为考生准考证号的后七位数。例如考生的准考证 0341078610024085535，则考生文件夹名为 4085535。 2、运行 AutoCAD 软件。 3、建立新模板文件，模板的图形范围是 420×291