Rational spending rule - PowerPoint PPT Presentation

From Individual Demand to Consumer Surplus

From Individual Demand to Consumer Surplus. Today: Deriving market demand from individual demand; using reservation prices to derive consumer surplus. Previously…. 7 core principles Thinking like economists Introduction to supply and demand Equilibrium

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490 views • 25 slides

Understanding more about Consumers

Understanding more about Consumers. Recall the law of demand was a statement that the price of a product and the quantity demanded of the product move in opposite directions. Thus, a higher price means a lower quantity demanded and a lower price means a higher quantity demanded.

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302 views • 22 slides

Demand, Utility and Expenditure

Demand, Utility and Expenditure. Chapter 5, Frank and Bernanke. Key Concepts. Law of Demand – other things equal, when price goes up, the quantity demanded goes down.

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289 views • 17 slides

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