'Income offer curve' presentation slideshows

Chapter 6 Demand

Chapter 6 Demand The demand function gives the optimal amounts of each of the goods as a function of the prices and income faced by the consumer: x 1 (p 1 , p 2 , m) We now change the arguments in the demand function one by one. ?x 1 /? m > 0: good 1 is a normal good

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L06

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L06

L06. Demand. Review: Cobb-Douglass. Utility (2 forms) Indifference curve map SoH : Magic formulas: Solution always interior. Extreme p: Perfect Complements. Utility Indifference curve map SoH : Magic formulas:

218 views • 21 slides