Introduction to microecenomics
Familiarity with the peculiarities of consumer theory. Markets as collection of buyers and sellers whose interaction determines the prices of goods. Analysis of ways to use the Consumer Price Index. Overall characteristic basics of microeconomics.
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The frequency of price changes for 350 categories of goods and services covering about 70 percent of consumer spending, on the basis of unpublished data from the Bureau of Labor Statistics for 1995–1997. The importance of price stickiness in economics.
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