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Все вопросы
- The basic procedure will be the same for each example: plot the indifference curves and inverse the budget line and find the point where the lowest indifference curve touches the budget line. #341
- The consumer’s … function for a good will in general depend on the prices of all goods and income. #342
- A … good is one for which the demand increases when income increases. An inferior good is one for which the demand decreases when income increases. #343
- An ordinary good is one for which the demand … when its price increases. A Giffen good is one for which the demand increases when its price increases. #344
- If the demand for good 1 … when the price of good 2 increases, then good 1 is a substitute for good 2. If the demand for good 1 decreases in this situation, then it is a complement for good 2. #345
- The inverse demand function measures the price at which a given quantity will be demanded. The … of the demand curve at a given level of consumption measures the marginal willingness to pay for an additional unit of the good at that consumption level. #346
- The consumer’s demand functions give the optimal amounts of each of the goods as a function of the prices and income faced by the consumer. #347
- Studying how a choice responds to changes in the economic environment is known as comparative statics. #348
- We would normally think that the demand for each good would increase when income increases. Economists, with a singular lack of imagination, call such goods normal goods. #349
- The income offer curve is also known as the income expansion path. #350