14.01 Principles of Microeconomics, Fall 2007
Author(s)Chen, Chia-Hui; Zhang, Hongliang; Migueis, Marco; Martinez-Bravo, Monica; Schnabl, Peter; Ke, Rongzhu; Wheaton, William; ... Show more Show less
Principles of Microeconomics
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This introductory course teaches the fundamentals of microeconomics. Topics include consumer theory, producer theory, the behavior of firms, market equilibrium, monopoly, and the role of the government in the economy. 14.01 is a Humanities, Arts, and Social Sciences (HASS) elective and is offered both terms. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges.
market, optimization, allocation, economic measurement, analysis, microeconomics, demand, supply, equilibrium, general equilibrium, government interventions, price elasticity of demand, income elasticity of demand, cross price elasticity of demand, price elasticity of supply, consumer behavior, consumer preference, utility functions, marginal rate of substitution, budget constraints, interior solutions, corner solutions, Engle curves, individual demand, market demand, revealed preferences, substitution effect, income effect, Giffen goods, consumer surplus, Irish potato famine, network externalities, uncertainty, preference toward risk, risk premium, indifference curves, diversification, insurance, producer theory, production functions, short run, long run, returns to scale, cost functions, economies of scale, economies of scope, learning, profit maximization, producer surplus, agricultural price support, tax, subsidy, exchange economy, contract curves, utility possibilities frontier, Edgeworth Box, production possibilities frontier, efficiency, monopoly, multiplant firm, social cost, price regulation, monopsony, price discrimination, peak-load pricing, two-part tariffs, bundling, monopolistic competition, game theory, oligopoly, Cournot, Stackelberg, Bertrand, Prisoner's Dilemma
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