'Indifference curves' diaporamas de présentation

Chapter Four

Chapter Four. Utility. f. ~. Preferences - A Reminder. p. x y: x is preferred strictly to y. x ~ y: x and y are equally preferred. x y: x is preferred at least as much as is y. f. f. ~. ~. Preferences - A Reminder.

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CONSUMER BEHAVIOR

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Ch 3: The Behavior of Consumers

Ch 3: The Behavior of Consumers . Consumption Choices. The consumption choices people make depend on two things, preferences and opportunities (discussion of opportunities starts on slide 25). Indifference Curve + Budget Constraint =Optimal Choice. Preferences. Some Definitions

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General Equilibrium & Welfare

General Equilibrium & Welfare. How should society organize the production and distribution of goods if the objective is to maximize social welfare?. The Pedagogy. The questions are answered by taking a hypothetical economy in which there are only two consumers, two goods, and two inputs.

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Chapter 14

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Chapter Three

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Consumer Theory

Consumer Theory. What is Consumer Theory?. Study of how people use their limited means to make purposeful choices. Assumes that consumers understand their choices (possibilities) and the prices (opportunity costs) associated with each choice.

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Consumer Behavior

Consumer Behavior. There are 3 steps involved in studying consumer behavior. Consumer preferences : describe how and why people prefer one good to another. Budget constraints : people have limited incomes.

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Theory of Consumer Behavior

Theory of Consumer Behavior. Chapter 3. Discussion Topics. Utility theory Indifference curves The budget constraint. 2. The Utility Function. Utility : Level of satisfaction obtained from consuming a particular bundle of goods and services

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General Equilibrium (Welfare Economics)

General Equilibrium (Welfare Economics). General Equilibrium . Partial Equilibrium: Neglects the way in which changes in one market affect other (product/factor) markets.

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AAEC 3315 Agricultural price Theory

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The Technology of Production

The Technology of Production. Production Function: Indicates the highest output that a firm can produce for every specified combination of inputs given the state of technology. Shows what is technically feasible when the firm operates efficiently .

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BA203 Present Value Fundamentals

BA203 Present Value Fundamentals. Richard Stanton Class 2, September 1, 2000. Topics Covered Last Class. Introduction to the language of the class Cash Flows Projects Firms Corporate Securities Common Stock (Equity) Preferred Shares Corporate Debt (Bonds). Overview of this class.

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Lecture 5 Consumer Choice under uncertainty

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The Theory of Trade Unions: A Brief Introduction

The Theory of Trade Unions: A Brief Introduction. Background. suppose labour markets are competitive i.e. each employer thinks they can hire as many workers as they want at the going market wage, B

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Preferences

Preferences. Preference Relation . The consumer strictly prefers bundle X to bundle Y: The consumer is indifferent between X and Y:. Weak Preference. If or Then:. How are the relations related?. Q: What do these two relations imply?. How are the relations related?.

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Indifference curves

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Production Possibilities Frontier

Production Possibilities Frontier. Consumer Goods. Production Possibilities Frontier (PPF) shows all possible combinations of two products (Consumer Goods and Capital Goods) that a country can produce with available technology and full employment of all resources. PPF. 0. Capital Goods.

1.65k views • 7 slides

Production Possibilities Frontier

Production Possibilities Frontier. Consumer Goods. Production Possibilities Frontier (PPF) shows all possible combinations of two products (Consumer Goods and Capital Goods) that a country can produce with available technology and full employment of all resources. PPF. 0. Capital Goods.

355 views • 7 slides