ECO B9502

Urban Economics

Spring 2006

Due Monday, February 6, 2006

 

Homework #1: Review of Microeconomic Theory

 

Find a textbook on microeconomic theory and provide a summary of the definitions and main concepts related to:

 

Demand

Supply

Indifference Curves

Budget Constraint, Preferences, and Optimal Choice

Quantity Demanded

Quantity Supplied

Perfect Competition

Imperfect Competition (Monopoly, Oligopoly)

Elasticities: Elastic, Inelastic and Unit Demand

Superior and Inferior Goods

Consumer and Producer Surplus

Pricing rules: Profit Maximization, Marginal Cost, Marginal Revenue, Average Cost

 

Some possible textbooks: Pindyck and Rubinfeld; Varian; Parkin; Samuelson and Nordhaus; Case and Fair; Mankiw; or Collander.

 

You will not need the most recent edition of any of these (or any other microeconomics text) and should be able to find something in the library or in your own (or a friend’s) collection.