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Chapter 9

Chapter 9 ECON 2000.docx

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ECON 2000
Irene Henriques

Chapter 9Real incomeincome expressed as a quantity of goods that a household can afford to buy Relative priceprice of one good divided by the price of another Budget line shows limits to consumption given income and prices Budget equation QpyPpPmPpQm Pop on the y axis and movies on the x axis Intercepts measure real income in movies x and pop yA decrease in Pmflatter budget line fixed pop interceptA decrease in Ppsteeper budget lines fixed movie intercept A decrease in yleftward parallel shift of budget line Indifference curves join combinations of goods that give you equal satisfaction assume more of any good is preferred to less generally downward sloping and bowed toward the origin convexfarther from originhigher levels of satisfaction never intersecttrying to get to a
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