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中级微观经济学Consumers’ Choice 第二部分PPT
Ordinary Goods Fixed p2 and y. x1 x2 Ordinary Goods Fixed p2 and y. x1 x2 p1 price offer curve Ordinary Goods Fixed p2 and y. x1 x2 p1 price offer curve x1* Demand curve has a positively sloped part Good 1 is Giffen ? p1 Effects of a Price Change What happens when a commodity’s price decreases? Substitution effect: the commodity is relatively cheaper, so consumers substitute it for now relatively more expensive other commodities. x1*(p1’’’) x1*(p1’) x1*(p1’’) p1 x1* Own-Price Changes Ordinary demand curve for commodity 1 is Fixed p2 and y. Own-Price Changes What does a p1 price-offer curve look like for a perfect-complements utility function? Own-Price Changes What does a p1 price-offer curve look like for a perfect-complements utility function? Then the ordinary demand functions for commodities 1 and 2 are Own-Price Changes Own-Price Changes With p2 and y fixed, higher p1 causes smaller x1* and x2*. Own-Price Changes With p2 and y fixed, higher p1 causes smaller x1* and x2*. As Own-Price Changes With p2 and y fixed, higher p1 causes smaller x1* and x2*. As As Fixed p2 and y. Own-Price Changes x1 x2 p1 x1* Fixed p2 and y. Own-Price Changes x1 x2 p1’ ’ p1 = p1’ ’ ’ y/p2 p1 x1* Fixed p2 and y. Own-Price Changes x1 x2 p1’ p1’’ p1 = p1’’ ’’ ’’ ’’ y/p2 p1 x1* Fixed p2 and y. Own-Price Changes x1 x2 p1’ p1’’ p1’’’ p1 = p1’’’ ’’’ ’’’ ’’’ y/p2 p1 x1* Ordinary demand curve for commodity 1 is Fixed p2 and y. Own-Price Changes x1 x2 p1’ p1’’ p1’’’ y/p2 Own-Price Changes What does a p1 price-offer curve look like for a perfect-substitutes utility function? Then the ordinary demand functions for commodities 1 and 2 are Own-Price Changes and Fixed p2 and y. Own-Price Changes x2 x1 Fixed p2 and y. p1 = p1’ p2 ’ Fixed p2 and y. Own-Price Changes x2 x1 p1 x1* Fixed p2 and y. p1’ p1 = p1’ p2 ’ ’ Fixed p2 and y. Own-Price Changes x2 x1 p1 x1* Fixed p2 and y. p1’ p1 = p1’’ = p2 Fixed p2 and y. Own-Price Changes x2 x1 p1 x1* Fixed p2 and y. p1’ p1 = p1’
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