ECON 11 Lecture 6: Econ 11- Week 3 Notes
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Department
Economics
Course
ECON 11
Professor
B E N Z A R T I, Y O U S S E F
Semester
Spring

Description
Econ Week 3 Notes Elasticity of substitution paraneter io feet substitutes S. I Cobb-Douglas Terfect Complements S -oo -linear Conson slope Cobb-Douglas MRS Nonhomathetic Fre ference MRS The Many GGod case mizatio Consumption Les Budget Constraint Preference t pharpference corves First Order tadmo MRS Curve slope of the Ference Corner Sdutions Utility Maximmed by choosing...only one go direct Uhlty FuAction Expenditure Minimizatro y ADmogoneity (Expenditute wii multiply e same as utility) Co A cave in trices NON i A Prices Properties of Ex Homogeneity of Degree One All prices 2x incease in prices As Pt nditue wil expe Concave Prres for Expenditure Marshallian Demand an ACBudget Consmazn Marim indirect Utility hunthion (Measures hishesriedeli Dtility gaven en Marchallion is subcituted into eUniity LANA Expenditure Function Indicevt Function AA MA
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