Intermediate Microeconomic Theory. Buying and Selling. An Endowment Economy. We have now developed a theory of choice. Given this theory, we can already consider the role of prices and markets in an economy.
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Intermediate Microeconomic Theory
Buying and Selling
slope = -1
endowment be given by wc = 8 and wm = 4.
Al’s Gross Demands when 1 gal coconut milk costs ½ lb mango (pc = 0.50)
Al’s Gross Demands when 1 gal. coconut milk costs 2 mangos (pc = 2)
qcA 5 8 12 qc