– Some definition – Isoprofit curve – Demand function and it’s properties – supply function and it’s properties – Profit function and it’s properties

《高级微观经济学Advanced Microeconomics》PPT课件：lecture1 production theory I

• Lotteries and expected utility • Risk aversion • Metric • Subjective probability theory

• The “core” • Uniqueness of equilibrium • Stability of equilibrium • Welfare

• WA and demand law • From preferences to utility • Utility maximization • Expenditure minimization

– Integrability – Aggregation across goods

Preference and rationality The rule of choice Budget Demand function WA and demanded law

▪ Content: • Definitions • Properties of cost function • WACM • Some forms of cost functions

《高级微观经济学Advanced Microeconomics》PPT课件：lecture1 production theory I

• Lotteries and expected utility • Risk aversion • Metric • Subjective probability theory