Microeconomics at Universität Osnabrück | Flashcards & Summaries

# Lernmaterialien für Microeconomics an der Universität Osnabrück

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Microeconomics Kurs an der Universität Osnabrück zu.

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Marginal Rate of Substitution

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rate at which consumer is willing to substitute one good for the other and have same amount of utility

- slope of indifference curve

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Marginal Utility

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change of utility if we change the amount of one good

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Income and Substitution Effect

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SE: how budget constraint changes if utility s constant and there is just a change in relative price

IE: change in demand due to having less purchasing power

- price change wird in first SE und second IE ausgeführt

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Taxes (zwei Stück)

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Qualitative tax budget constraint = tax on one good

Lump Sum Tax Budget Constraint = Tax on income -> Better

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Berechnung Risk aversion / Risk seeking

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Risk aversion: u''(wealth) < 0

Risk seeking: u''(wealth) > 0

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Isoquants

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Set of all possible combinatons of input 1 +2 that are just sufficient to produce a given amount of output

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Properties of Technology

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Monotonicity: if we increase at least one input, output will increase (or stable)

Convexity: if we have to ways to produce y units of outputs, some mix or average of production techniques will produce at least as much output

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Marginal Product

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How much output will incease by if we increase the amount of an input used

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Technical rate of substitution

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- slope of isquant

- How much extra of factor 2 do we need if we are going to give up a little bit of factor 1?

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Short run vs. long run

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In the short run there is at least one factor of production that is fied. In the long run all factors of production may be varied.

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Returns to scale (meaning and 3 types)

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What happens to output if all inputs are increased

1. Constant return to scale : f(tK, tL) = tf(K,L) (doubling amount of K and L will double output)

2. Increasing Returns to Scale: f(tK, tL) > tf(K,L)

3. Decreasing Returns to Scale: f(tK,tL) < tf(K,L)

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Isocost Line

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combinations of K and L which have the same total cost for firm

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• 55722 Karteikarten
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• 144 Lernmaterialien

## Beispielhafte Karteikarten für deinen Microeconomics Kurs an der Universität Osnabrück - von Kommilitonen auf StudySmarter erstellt!

Q:

Marginal Rate of Substitution

A:

rate at which consumer is willing to substitute one good for the other and have same amount of utility

- slope of indifference curve

Q:

Marginal Utility

A:

change of utility if we change the amount of one good

Q:

Income and Substitution Effect

A:

SE: how budget constraint changes if utility s constant and there is just a change in relative price

IE: change in demand due to having less purchasing power

- price change wird in first SE und second IE ausgeführt

Q:

Taxes (zwei Stück)

A:

Qualitative tax budget constraint = tax on one good

Lump Sum Tax Budget Constraint = Tax on income -> Better

Q:

Berechnung Risk aversion / Risk seeking

A:

Risk aversion: u''(wealth) < 0

Risk seeking: u''(wealth) > 0

Q:

Isoquants

A:

Set of all possible combinatons of input 1 +2 that are just sufficient to produce a given amount of output

Q:

Properties of Technology

A:

Monotonicity: if we increase at least one input, output will increase (or stable)

Convexity: if we have to ways to produce y units of outputs, some mix or average of production techniques will produce at least as much output

Q:

Marginal Product

A:

How much output will incease by if we increase the amount of an input used

Q:

Technical rate of substitution

A:

- slope of isquant

- How much extra of factor 2 do we need if we are going to give up a little bit of factor 1?

Q:

Short run vs. long run

A:

In the short run there is at least one factor of production that is fied. In the long run all factors of production may be varied.

Q:

Returns to scale (meaning and 3 types)

A:

What happens to output if all inputs are increased

1. Constant return to scale : f(tK, tL) = tf(K,L) (doubling amount of K and L will double output)

2. Increasing Returns to Scale: f(tK, tL) > tf(K,L)

3. Decreasing Returns to Scale: f(tK,tL) < tf(K,L)

Q:

Isocost Line

A:

combinations of K and L which have the same total cost for firm

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## Das sind die beliebtesten StudySmarter Kurse für deinen Studiengang Microeconomics an der Universität Osnabrück

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