微观经济学 英文课件Week 1.pptVIP

Week 1: Microeconomics II Course Code: SJ 20303 Topic: Microeconomics and Application Instructor: YONG ENN LUN School of Science and Technology Edited by Yong, E.L. Outline Essential Microeconomics Principles Uses of Microeconomics Application 1 Edited by Yong, E.L. Subtopic 1: Economic Principles Economic is an academic discipline of social science that provides discourse about the allocation of limited resources in economy to produce goods and services to satisfy unlimited wants Economics, indeed, is a broad discipline itself. Microeconomics and macroeconomics are two separated but interrelated branches of economics. There are many more fields that each served to focus on a particular area of study. Edited by Yong, E.L. Continuously, Social Science Economics Microeconomics Macroeconomics Industrial financial Human Capital Environmental Others Mathematical Economics Econometrics Applied Statistics Edited by Yong, E.L. Continuously, Microeconomics Focuses on the study of choice and decision making for an individual household and firm, while macroeconomics studies the behaviour of the economic as a whole. There is a few principles about microeconomics in some books, while more in others Edited by Yong, E.L. Continuously, Basically, the general principles are: Scarcity of resources Opportunity costs Increasing opportunity cost Real Opportunity Cost Real Opportunity cost and inefficiency Edited by Yong, E.L. Continuously, 0 Quantity of Apple Quantity of Apple Pie a b c d 6 7 12 13 10 9 6 2 Edited by Yong, E.L. Continuously, Assumptions inside the Production possibility Frontier (PPF) Factors of production is fixed; labour and capital and no technology development Agent involved is firm/producer who face economic problems and questions The concept of increasing opportunity applied. Producers are rational. Normal good: Apple and Apple pie At a particular price, place and time (PPPT) Edited by Yong, E.L. Continuously, If the firm produces 10 units of apple and