Intro Micro Lecture Notes: Rutgers 1979-1980

Introduction to Microeconomics

Fred Lee

Livingston College, Rutgers University

1979-80 Academic Year

Outline

I. Introduction to Microeconomics: A Brief Preview of the Industrial Structure of an Economy 

A. Problems to Be Considered
B. Economy as a Whole
C. Industry
D. Firm

II. How Prices are Set by the Individual Manufacturing Firm: The Post-Keynesian Approach to Pricing

A. Nature and Form of the Manufacturing Firm
B. The Base of Pricing: How Firms Reckon their Income
C. Technical Costs of Production
D. Managerial Costs of Production
E. Gross Profit Margin
F. Costs Relevant for Pricing and Price Setting
G. Alternative Approach to Pricing: The Supply and Demand Approach
H. Problems and Readings

III. Industry, Market Structure and Pricing: Post-Keynesian Approach to Market Pricing

A. Introduction
B. Industry — Defined and Discussed
C. Market — Defined and Discussed
D. Pricing Within a Market and Industry
E. General Input-Output Framework
F. Alternative to Market Pricing: The Supply and Demand Approach
G. Problems and Readings

IV. Prices, Distribution and the General Input-Output Framework: The Post-Keynesian Approach

A. Introduction to a Simplified Form of the General Input-Output Framework
B. From Market Prices to Cost of Production Prices
C. Cost of Production Prices and Changes in the Components of the Pricing Equation
D. Cost of Production Prices and Distribution
E. Problems