## Decision making and the theory of the firm |

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### Contents

THE NATURE AND PURPOSES OF MICROECONOMIC MODELS | 1 |

THE INDIVIDUAL CONSUMER | 14 |

The Industry | 41 |

Copyright | |

13 other sections not shown

### Common terms and phrases

alternative American Economic Review analysis assumed assumption average cost behavior competitor concave concave function consider constant constraint consumer convex set cost curve decision maker decreasing demand curve determine discussion duopolist effects entrepreneur equal equation equilibrium estimates expected factors of production Figure firm firm's demand curve first-order conditions fixed given greater Hence income increase indifference curve industry demand curve integer isoquants latter least-squares linear in risk linear programming long-run LP problem marginal cost marginal cost curve marginal revenue Markov matrix maximize maximum monopolist MRPi necessarily Note objective function obtain Oligopoly optimal solution optimum output levels parameters particular payoff positive probability production function profit profit-maximizing programming problem purchase purely competitive quantity random variable regression require respect risk preferences risk-evader risk-preference function risk-taker second-order conditions short-run slope solve supply curve Suppose uncertainty unit utility variance vector zero