PADP 6950 Economic Foundations of Policy (PADP6950)

Consumer Choice. Optimal Bundle. Utility. Slope. Taxation. Demand. Supply. Equilibrium Price. Equilibrium Quantity. Surplus. Deadweight Loss. Insurance Purchase Decision. Expected Utility. Expected Value. Plotting Markets.

Micro vs. Macro. Demand & Supply Curve. Markets. Pareto Efficiency. Perfect Competition Market. Utility. Monotonic & Convex. Indifference Curves. Marginal Rate of Substitution. Budget Constraint. Consumer Equilibrium. Demand Schedules & Curves. Moves vs. Shifts. Elasticity. Cross-Price Elasticity. Ordinary vs. Griffen Goods. Substitutes vs. Complements. Normal vs. Inferior Goods. Surplus. Taxation. Deadweight Loss. Elasticity. Inter-Temporal Choice. Optimal Consumption Choice. Net Present Value....

Utility Function. Budget Constraint Function. Optimal Consumption Condition. Midpoint Elasticity Formula. Surplus. Taxation. Inter-Temporal Choice. Discounted Utility. Net Present Value. Expected Utility.

Information Failure. Adverse Selection. Mitigating Inefficient Outcomes. Moral Hazard. Signaling.

The Firm. Firm Technology. Production Function. Short Run Production Function. Long Run Production Function. Isoquants. Technical Rate of Substitution. Slope. Firm Profit Maximization Problem. Costs of Production. Cost Minimization.

Cost Curves. Types of Cost. Fixed Costs. Variable Costs. Total Costs. Average Costs. Marginal Costs. Marginal Revenue. Firm Supply Decision. Pure Competition Market. Short Run vs. Long Run Supply. Market Supply.

Inter-Temporal Choice Model. Present Value. Budget Constraint. Discouned Utility. Inter-Temporal Indifference Curve. Net Present Value. Policy Application

Consumer Welfare. Consumer Surplus. Marginal Benefit Curve. Producer's Surplus. Taxes & Surplus. Deadweight Loss. Inelastic vs. Elastic. Pareto Efficiency & Tax.

utility Under Uncertainty. Risk Aversion. Concavity. Certainty Equivalent. Insurance. Insurance Purchase Decision