Microeconomics I partie 7/9
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| Cartes-fiches | 45 |
|---|---|
| Langue | English |
| Catégorie | Economie politique |
| Niveau | Université |
| Crée / Actualisé | 06.06.2019 / 02.10.2023 |
| Lien de web |
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MRS for perfect substitute: calculation
+ MRS for Cobb-Douglas
Definition of the MRS
Definition of MU
Sketch of the Cobb-Douglas function
Formula for the quasi-linear preferences
ũ = v (x1) + x2
x2 = k - v(x1)
Quasi-linear preferences
MRS independant from q of x2
Perfect complements: determine how much x2 per x1
u (x1,x2) = min {ax1. bx2} x2=(a/b)x1
2 teaspoon per cup of coffe
x1 = (1/2)x2 min {x1, (1/2)x2}
Perfect complements: utility function
u (x1,x2) = min {x1, x2} x2 = x1
perfect substitutes: when b<0
b is a bad
Perfect substitutes: when a = 0
Perfect substitutes: when a>0 and b>0
both goods
Perfect substitutes: utility function in general
mu(x1, x2) = ax1 + bx2
Perfect substitutes: price offer curve and demand curve
Price offer curve and demand curve with change of price
Ordinary goods VS Giffen goods
Change in prices
Quasi-linear preferences: income demand curve and Engel curve
Cobb-Douglas utility function: income offer curve and Engel curve
Perfect complements: Engel curve
Perfect complements: income offer curve
x1= m/ (p1+p2)
Perfect substitutes: One-to-one: with p < p : x1 = m/p1: Engel curve
Perfect substitutes: One-to-one: with p < p : x1 = m/p1: income offer curve
Engel curve
Income offer curve
Income expansion path
Inferior goods
(delta x1 / delta m) < 0, use of public transports, low quality food
Normal goods
(delta X, / delta m) > 0
Change in m: m'' < m <m'
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