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Week   Wednesday 11:00 CLM D1
  Thursday 14:00 OT
1   Firm: Basics Firm: basics Production functions; isoquants; RTS   Firm: optimisation Firm: optimisation Cost minimisation; profit maximisation
2   Firm: comparative statics Firm: demand and supply Demand and supply functions; short run   Firm: market The firm and the market Market supply; equilibrium; monopoly
3   Consumption basics Consumption basics Choice; revealed preference; utility   Consumer Optimisation Consumer optimisation Utility maximisation; expenditure minimisation
4   Consumer demand Household demand and supply Response function; Slutsky equation; factor supply   Consumer welfare Consumer welfare Utility and income; CV and EV; consumer's surplus
5   Simple Economy A Simple Economy Aggregation of production. Robinson Crusoe economy; decentralisation and the role of prices   GE: basics GE: basics Fundamentals of a many-person, many-consumer economy. Prices and individual incomes
6   GE: Price Taking GE: Price Taking Concepts of equilibrium. The core and competitive equilibrium   GE: excess demand GE: excess demand Excess demand functions. Existence, uniqueness and stability of CE. Allocations in CE
7   Uncertainty Uncertainty Modelling uncertainty, preferences, expected utility   Risk Risk Probability, risk comparisons, lotteries
8   Risk Taking Risk Taking Trade and equilibrium, individual optimisation, the portfolio problem   Welfare: basics Welfare: basics Approaches to welfare, the constitution
9   Efficiency Welfare: efficiency Pareto efficiency: CE and PE, extending efficiency   Efficiency and waste Efficiency and waste
Efficiency and waste Welfare: fairness
Quantifying inefficiency; applications

Can CE be "fair"?
10   SWF The Social-Welfare Function SWF basics; national income; income distribution      
             
             
    Background
     
    Convexity Convexity Convex sets; concavity; quasi-concavity; separation   Multi-output firm Multi-output firm Standard concepts reworked for where there are many outputs
    Consumer: aggregation The consumer: aggregation Aggregation of goods; aggregating individual households' demands   Lecture Lecture examples  


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