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Table of Contents

    • About the Authors
    • 1What Is Economics?
      • 1.1Normative and Positive Theories
      • 1.2Opportunity Cost
      • 1.3Economic Reasoning and Analysis
    • 2Consumer Theory

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      • 2.1Utility Maximization

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      • 2.2Budget or Feasible Set

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      • 2.3Isoquants

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      • 2.4Examples

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      • 2.5Substitution Effects

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      • 2.6Income Effects

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      • 2.7Mathematical Cleanup

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    • 3Applied Consumer Theory

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      • 3.1Labor Supply

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      • 3.2Urban Real Estate Prices

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      • 3.3Dynamic Choice

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      • 3.4Risk Aversion

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      • 3.5Search

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    • 4Supply and Demand

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      • 4.1Demand and Consumer Surplus

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      • 4.2Supply and Profit

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      • 4.3Market Demand and Supply

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      • 4.4Equilibrium

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      • 4.5Changes in Demand and Supply

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    • 5Quantification

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      • 5.1Elasticity

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      • 5.2Supply and Demand Changes

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    • 6Government Interventions

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      • 6.1Effects of Taxes

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      • 6.2Incidence of Taxes

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      • 6.3Excess Burden of Taxation

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      • 6.4Price Floors and Ceilings

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      • 6.5The Politics of Price Controls

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      • 6.6Price Supports

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      • 6.7Quantity Restrictions and Quotas

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    • 7Externalities

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      • 7.1External Effects

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      • 7.2Pigouvian Taxes

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      • 7.3Quotas

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      • 7.4Tradable Permits and Auctions

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      • 7.5Coasian Bargaining

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      • 7.6Fishing and Extinction

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    • 8General Equilibrium

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      • 8.1Edgeworth Box

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      • 8.2Equilibrium With Price System

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      • 8.3General Equilibrium

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    • 9Trade

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      • 9.1Production Possibilities Frontier

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      • 9.2Comparative and Absolute Advantage

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      • 9.3Factors of Production

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      • 9.4International Trade

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    • 10Games and Strategic Behavior

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      • 10.1Matrix Games

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      • 10.2Nash Equilibrium

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      • 10.3Mixed Strategies

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      • 10.4Examples

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      • 10.5Subgame Perfection

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      • 10.6Supergames

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    • 11Information

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      • 11.1Market for Lemons

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      • 11.2Myerson-Satterthwaite Theorem

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      • 11.3Signaling

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      • 11.4Search and Price Dispersion

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    • 12Agency Theory

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      • 12.1Principals and Agents

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      • 12.2Cost of Providing Incentives

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      • 12.3Multi-tasking

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      • 12.4Multi-tasking without Homogeneity

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    • 13Public Goods

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      • 13.1Free Riders

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      • 13.2Provision With Taxation

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      • 13.3Local Public Goods

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    • 14Producer Theory: Costs

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      • 14.1Types of Firms

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      • 14.2Production Functions

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      • 14.3Profit Maximization

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      • 14.4The Shadow Value

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      • 14.5Input Demand

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      • 14.6Myriad Costs

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    • 15Producer Theory: Dynamics

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      • 15.1Reactions of Competitive Firms

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      • 15.2Economies of Scale and Scope

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      • 15.3Dynamics With Constant Costs

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      • 15.4General Long-run Dynamics

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    • 16Monopoly

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      • 16.1Sources of Monopoly

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      • 16.2Basic Analysis

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      • 16.3Effect of Taxes

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      • 16.4Price Discrimination

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      • 16.5Welfare Effects

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      • 16.6Natural Monopoly

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      • 16.7Peak-load Pricing

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    • 17Imperfect Competition

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      • 17.1Cournot Oligopoly

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      • 17.2Cournot Industry Performance

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      • 17.3Hotelling Differentiation

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      • 17.4The Circle Model

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    • 18Antitrust

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      • 18.1Sherman Act

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      • 18.2Clayton Act

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      • 18.3Price Fixing

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      • 18.4Mergers

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    • 19Investment

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      • 19.1Present Value

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      • 19.2Investment

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      • 19.3Investment Under Uncertainty

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      • 19.4Resource Extraction

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      • 19.5A Time to Harvest

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      • 19.6Collectibles

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      • 19.7Summer Wheat

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    • 20Auctions

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      • 20.1English Auction

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      • 20.2Sealed-bid Auction

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      • 20.3Dutch Auction

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      • 20.4Vickrey Auction

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      • 20.5The Winner’s Curse and Linkage

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      • 20.6Auction Design

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    • 21The U.S. Economy

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      • 21.1Basic Demographics

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      • 21.2Education

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      • 21.3Households and Consumption

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      • 21.4Production

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      • 21.5Government

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      • 21.6Trade

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      • 21.7Fluctuations

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