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Textbook Notes for Proulx

U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 10: Indifference Curve, Slutsky Equation, Opportunity Cost

OC25271835 Page
18 Sep 2018
0
Intertemporal choice: choices of consumption over time. There are two possible choices for the consumer to make. , which means that he just consumers h
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 8: Giffen Good, Substitute Good, Slutsky Equation

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18 Sep 2018
0
Giffen good: when a good"s price decreases and the demand decreases along with it. Apple farmer example: if the price of apples goes up, the demand mig
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 7: Indifference Curve, Weighted Arithmetic Mean, Revealed Preference

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18 Sep 2018
0
In chapter 6 we saw how we can use information about the consumer"s preferences and budget constraints to determine his or her demand. In this chapter
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 5: Substitute Good, Utility, Indifference Curve

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18 Sep 2018
0
Discussion workbook: 5: 1, 3-5, 7, 8, 10, 11, 14. When you graph budget lines on top of indifference curves, as you move along the budget line to the l
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 9: Ordinary Income, Revealed Preference, Normal Good

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18 Sep 2018
0
Endowment: how much of the two goods the consumer has before entering the market. Gross demands: the amount of the good that the consumer actually ends
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 1-2: Rent Regulation, Comparative Statics, Indifference Curve

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18 Sep 2018
0
Exogenous variable: the price of this good is taken as determined by factors not discussed in this particular model. Endogenous variable: the price of
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 4: Utility, Ordinal Utility, Level Set

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18 Sep 2018
0
Utility: an indicator of a person"s overall well-being. Consumer preferences: utility is seen only as a way to describe preferences. Utility function:
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 6: Comparative Statics, Normal Good, Indifference Curve

OC25271834 Page
18 Sep 2018
0
Demand function: give the optimal amounts of each of the goods as a function of the price and income faced by the consumer x1 = x1 x2 = x2 (p , (p , Co
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U OF MECON 401ProulxWinter

ECON 401 Chapter Notes - Chapter 14: List Of Numeral Systems, Utility, Price Ceiling

OC25271837 Page
18 Sep 2018
0
Suppose that we have a quasilinear utility function that takes the form and that the x-good in only available in integer amounts where p is the price o
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