'Perfect complements' diaporamas de présentation

Chapter 6 Demand

1.84k views • 80 slides

AAEC 2305 Fundamentals of Ag Economics

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Microeconomics 2

Microeconomics 2. John Hey. Part 1 and Part 2. Part 1: an economy without production... ... just exchange Part 2: an economy with production... ... production and exchange. Part 1. Reservation prices. Indifference curves. Demand and supply curves. Surplus. Exchange. The Edgeworth Box.

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L03

L03. Utility. Class Quiz. Q: How much do you like economics I love it I cannot live without it I would die for it All of the above. REEF Polling: iclicker Laptop/smartphone/ iclicker. Big picture.

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L03

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L06

L06. Demand. Review. Model of choice parameters Example 1: Cobb Douglass. Perfect Complements. Perfect complements. We know Focus on one good (x1) How the demand is affected by a change a) in “own” price b) in income c) in price of other commodity

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L06

245 views • 24 slides

L05

L05. Choice. Problem:. We know preferences (utility function) and We want to know optimal choice. Choice. $. $. $. $. $. $. $. $. $. $. Choice: geometric solution. x 2. x 1. Abstract approach. In the example we were given we found demands - two numbers

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Microeconomics Corso E

Microeconomics Corso E. John Hey. Chapter 5. We know that the indifference curves of an individual are given by the preferences of that individual. We know that the demand and supply curves depend upon the preferences.

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Microeconomia Corso E

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Perfect Complements and Substitutes

Perfect Complements and Substitutes. Perfect Substitutes. P. The demand for colas; people drink Coke or Pepsi, depending on which is cheaper. D. Q. Perfect Substitutes. P. If P Coke > P Pepsi Coke gets none of the demand. If If P coke < P Pepsi , Coke gets it all. P Pepsi. D. Q.

934 views • 15 slides

Special Indifference curves

Special Indifference curves. Perfect substitutes. Y. u3. u2. u1. X. Perfect substitutes. Perfect substitutes for a person means the indifference curves will lose their convexity. In other words they will become straight lines.

531 views • 9 slides