Micro at Frankfurt School of Finance & Management

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Study with flashcards and summaries for the course Micro at the Frankfurt School of Finance & Management

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

"providing a public good" =

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

What is the difference between a optimal bundle and the demand function?

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

Necessary conditions for a local maximum/minimum requires

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Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

Only (Deny, Deny) is Kaldor-Hicks

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

What is the supply function of the firm?

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

Empiricism:

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

What is the supply function of the firm?

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Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

Unlike the substitution method, the Lagrange multiplier approach can be used

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

What are the characteristics of the homo economicus?

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

Is the Rational Decision Always the
Right Decision?

Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

What is the Homo Economicus?

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Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

7 steps of problem solving (eg. choice of university)

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Exemplary flashcards for Micro at the Frankfurt School of Finance & Management on StudySmarter:

Micro

"providing a public good" =

"providing a positive externality"

Micro

What is the difference between a optimal bundle and the demand function?

- demand functions  connect the prize of a good to the optimal quantity

- it contains the optimal bundle at any point in time

Micro

Necessary conditions for a local maximum/minimum requires

setting the first order partial derivatives of the Lagrange function to zero

Micro

Only (Deny, Deny) is Kaldor-Hicks

efficient, assumimg that utility can be traded

Micro

What is the supply function of the firm?

marginal cost p=C'

Micro

Empiricism:

using data to figure out answers to interesting
questions

Micro

What is the supply function of the firm?

marginal cost p=C'

Micro

Unlike the substitution method, the Lagrange multiplier approach can be used

to solve problems with inequality constraints and more than two variables.

Micro

What are the characteristics of the homo economicus?

- risk neutral

- maximizes wealth

- unlimited cognitive abilities and unlimited willpower


Micro

Is the Rational Decision Always the
Right Decision?

No sometimes "right" decisions can be irrational

-> eg small army attacked large but due to blizzard won 

-> the “unknown unknowns” (PC Invention, 9/11, Corona)

Micro

What is the Homo Economicus?

fictitious, emotionless individual
who is narrowly self-interested and attempts to maximize utility(preference satisfaction) or expected utility.

Micro

7 steps of problem solving (eg. choice of university)

Identify and define the problem.
2. Determine the set of alternative solutions.
3. Determine the criterion or criteria that will be used to evaluate the alternatives.
4. Evaluate the alternatives.
5. Choose an alternative.


6. Implement the selected alternative.
7. Evaluate the results to determine whether a satisfactory solution has been
obtained.

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