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Production and the Theory of the Firm
The Theory of the Consumer
SupplyDemand Equilibria and Microeconomic
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allocation alternative assume attributes axiom behavior budget constraint capital cash flow Chapter commodity bundle commodity market components conditions for optimality consider consumer demand consumer demand curve consumer surplus consumer utility consumption cost function cost-benefit analysis costs and benefits demand curve determine discount rate economic equilibrium effectiveness efficient elasticity equality constraint example factor inputs firms and consumers household income increase input factor inputs to production interest rate investment IRR criterion labor Lagrange multiplier Lagrangian linear marginal productivity marginal rate marginal utility market clearing equations matrix maximize profit maximum monopolist necessary conditions obtain optimum commodity output production Pareto optimality perfect competition preference present worth problem production cost production function production level production process purchase quantity rate of return ratio relation requirement resource return to scale social welfare function solution substitution supply-demand curves Suppose theory tion unit utility function vector wages welfare economics zero