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F[1].A.Cowell - Microeconomics. Principles and analysis

F[1].A.Cowell - Microeconomics. Principles and analysis

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05/09/2014

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MICROECONOMICS
Principles and Analysis
Frank A. Cowell
STICERD and Department of Economics
London School of Economics
December 2004
ii
Contents
Contents
iii
List of Tables
xiii
List of Figures
xv
Preface
xxiii
1 Introduction
1
1.1 The r\u00f4le of microeconomic principles. . . . . . . . . . . . . . . .
1
1.2 Microeconomicmodels. . . . . . . . . . . . . . . . . . . . . . . .
2
1.2.1 Purpose. . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
1.2.2 The economic actors. . . . . . . . . . . . . . . . . . . . .
2
1.2.3 Motivation. . . . . . . . . . . . . . . . . . . . . . . . . .
2
1.2.4 The economic environment. . . . . . . . . . . . . . . . .
3
1.2.5 Assumptions and axioms. . . . . . . . . . . . . . . . . .
4
1.2.6 \u201cTesting\u201d a model. . . . . . . . . . . . . . . . . . . . . .
4
1.3 Equilibriumanalysis. . . . . . . . . . . . . . . . . . . . . . . . .
5
1.3.1 Equilibrium and economic context. . . . . . . . . . . . .
5
1.3.2 The comparative statics method. . . . . . . . . . . . . .
5
1.3.3 Dynamics and stability. . . . . . . . . . . . . . . . . . .
6
1.4 Background to this book. . . . . . . . . . . . . . . . . . . . . . .
6
1.4.1 Economics. . . . . . . . . . . . . . . . . . . . . . . . . . .
6
1.4.2 Mathematics. . . . . . . . . . . . . . . . . . . . . . . . .
6
1.5 Using the book. . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
1.5.1 A route map. . . . . . . . . . . . . . . . . . . . . . . . .
7
1.5.2 Sometips. . . . . . . . . . . . . . . . . . . . . . . . . . .
7
2 The Firm
9
2.1 Basicsetting. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9

2.1.1 The \u2026rm: basic ingredients. . . . . . . . . . . . . . . . . 10
2.1.2 Properties of the production function. . . . . . . . . . . 12
2.2 The optimisation problem. . . . . . . . . . . . . . . . . . . . . . 19
2.2.1 Optimisation stage 1: cost minimisation. . . . . . . . . . 20
2.2.2 The cost function. . . . . . . . . . . . . . . . . . . . . . . 23

iii

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