Microeconomics with Calculus

allocation assumptions average total cost axioms budget line capital chapter choice competitive equilibrium constraint consumer consumer's surplus consumption bundles cost function demand curve economic economists Edgeworth box elasticity Engel curve equal equation equilibrium price example firm firm's short-run first-order conditions illustrated in Figure implies income effect increasing returns independent variables indifference curve individual initial endowment input prices isoquant linear long-run average cost long-run total cost M₁ M₂ marginal cost marginal product marginal revenue mathematical maximization maximum minimization minimum monopolist monopoly objective function output level parameters Pareto optimal partial derivatives per-unit tax price ratio product of labor production function production possibilities frontier profit-maximizing profits quantity demanded rate of substitution returns to scale revealed preferred revenue product short-run average total short-run marginal cost slope SRATC SRMC substitution effect tangent technological change tion total cost function utility function utility-maximizing variable input wage