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6. Fundamental Concepts of Microeconomics

6. Fundamental Concepts of Microeconomics. Objectives and Methods of Microeconomics The Consumer The Firm The Market Basic Issues in Welfare Economics. 6.1 Objectives and Methods of Microeconomics. Art Work 1: David Dalla Venezia, No . 269, Oil on Canvas , 2000.

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6. Fundamental Concepts of Microeconomics

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  1. 6. Fundamental ConceptsofMicroeconomics • ObjectivesandMethodsofMicroeconomics • The Consumer • The Firm • The Market • Basic Issues in Welfare Economics

  2. 6.1 ObjectivesandMethodsofMicroeconomics Art Work 1: David Dalla Venezia, No. 269, Oil on Canvas, 2000

  3. Conflict resolution and Coordination Art Work 2: Theater Bonn, Germany, FRIDA KAHLO, 2003. Photo: ThiloBeu.

  4. 6.2 The Consumer Fig. 6.1 The Individual Demand Curve

  5. Increasing Income Fig. 6.2 Comparative Static Analysis of Demand as Income Increases

  6. 6.3 The Firm Fig. 6.3 Equilibrium Output Decision of a Perfectly Competitive Firm

  7. Equilibrium Supply Fig. 6.4 Equilibrium Supply for Alternative Prices

  8. SupplyCurve Fig. 6.5 The Supply Curve of the Firm

  9. ComparativeStaticsofSupply Fig. 6.6 Comparative Static Analysis of the Individual Supply Curve

  10. 6.4 The Market Fig. 6.7 Deriving the Market Demand Curveby Horizontal Aggregation of the Individual Demand Curves

  11. Market Supply Fig. 6.8 Deriving the Market Supply Curveby Horizontal Aggregation of Individual Supply Curves

  12. Market Equilibrium Fig. 6.9 Market Equilibrium

  13. ComparativeStaticsof Equilibrium Fig. 6.10 Comparative Static Analysis of the Market Equilibrium

  14. 6.5 Basic Issues in Welfare Economics Fig. 6.11 Socially Optimal and Perfectly Competitive Level of Production

  15. Inter-firm Allocation Fig. 6.12 Cost-effective inter-firm Allocation

  16. Inter-consumerAllocation Fig. 6.13 “Benefit-effective” Inter-consumer Allocation

  17. Market Failure Fig. 6.14 Market Failure due to Negative Externalities

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