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14 Pages

### CHAPTER_9

Course: ECON 101, Fall 2011
School: Waterloo
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Word Count: 1751

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ConsumptionPossibilities CHAPTER9:POSSIBILITIES,PREFERENCESANDCHOICES 1. Budgetline Divisible&amp;indivisiblegoods Affordable&amp;unaffordablequantities Budgetequation Realincome Relativeprice 2. Effectsofchangingprice&amp;incomeonthebudgetline 3. PreferencesandIndifferenceCurves Indifferencecurve Indifferencemap Propertiesofindifferencecurve negativeslope(usually) nevercrosseachother...

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ConsumptionPossibilities CHAPTER9:POSSIBILITIES,PREFERENCESANDCHOICES 1. Budgetline Divisible&indivisiblegoods Affordable&unaffordablequantities Budgetequation Realincome Relativeprice 2. Effectsofchangingprice&incomeonthebudgetline 3. PreferencesandIndifferenceCurves Indifferencecurve Indifferencemap Propertiesofindifferencecurve negativeslope(usually) nevercrosseachother convextotheorigin(diminishingMRS) 4. Degreeofsubstitutability Indifference curves for ordinary goods, perfect substitutes & perfectcomplements 5. PredictingConsumerChoices bestaffordablechoice achangeinprice achangeinincome 6. Substitutioneffect&Incomeeffect 7.Workleisurechoices&theLaboursupplycurve I. ConsumptionPossibilities A. Householdconsumptionchoicesareconstrainedbyitsincomeandthe pricesofthegoodsandservicesavailable.Thebudgetlinedescribes thelimitstothehouseholdsconsumptionchoices. Figure1showsaconsumersbudgetline. 1. Divisiblegoodscanbeboughtinanyquantitydesired(gasoline,for example) 2. Indivisible goods must be bought in whole units (movies, for instance). B. TheBudgetEquation 1. Wecandescribethebudgetlinebyusinga budgetequation,which statesthatincomeequalsexpenditure. a) CallingthepriceofpopPP,thequantityofpopQP,thepriceof amoviePM,thequantityofmoviesQM,andincomeY,wecan writeLisasbudgetequationas PPQP+PMQM=Y, whichcanberearrangedas Qp=Y/PPPM/Pp QM. 2. Ahouseholdsrealincomeisthehouseholdsincomeexpressedas aquantityofgoodsthehouseholdcanaffordtobuy.Forexample, the vertical intercept for the above budget line, Y/PP, is the consumersrealincomeintermsofpop. 3. A relativeprice isthepriceofonegooddividedbythepriceof another good. For example, the magnitude of the slope of the budgetline,PM/PP istherelativepriceofamovieintermsofpop. Thisrelativepriceshowshowmuchpopmustbeforgonetoseean additionalmovie. 4. Thebudgetlineslopeisreflectstherateatwhichonegoodcanbe substituted for another good while keeping the level of income unchanged.Thebudgetlinechangesiftherelativepriceofagood changesorshiftsifthehouseholdsincomechanges. a) Afallinthepriceofthegoodonthehorizontal(vertical)axis increases the total affordable quantity of that good and decreases(increases)theslopeofthebudgetline. Figure2(a))showstherotationofabudgetlineafterachangein therelativepriceofmovies. b) An increase (decrease) in the household income causes a parallelshiftofthebudgetlinerightward(leftward).Theslope ofthebudgetlinedoesnotchangewithincome,asisindicated inFigure2(b) II. PreferencesandIndifferenceCurves A. Figure3 illustratesaconsumersindifferencecurveandindifference map, which is based on the idea that people can sort all possible combinationsofgoodsintothreegroups:preferred,notpreferredand indifferent. 1. Anindifferencecurveshowsthosecombinationsofgoodsamong whichaconsumerisindifferent. a) Theconsumerpreferspointsabovethecurvetopointsonthe curve.Andtheconsumerpreferspointsonthecurvetopoints belowthecurve. b) Buttheconsumerisindifferentamong(henceitsname)allthe pointsonanindifferencecurve. 2. Asingleindifferencecurveisoneofafamilyofcurvesthatform anindifferencemap(Figure4),whichresemblethecontourlines onatopographicalmap. Figure4 B. MarginalRateofSubstitution 1. The marginal rate of substitution, (MRS) measures the rate at whichapersonwillgiveupgoody,(thegoodmeasuredonthey axis)togetanadditionalunitofgood x(thegoodmeasuredonthe xaxis)andatthesametimeremainindifferent(remainonthesame indifferencecurve). 2. Themagnitudeoftheslopeoftheindifferencecurvemeasuresthe marginalrateofsubstitution. a) Iftheindifferencecurveisrelativelysteep(flat),the MRS is high(low). 3. Thediminishingmarginalrateofsubstitution isthetendencyfor themarginalrateofsubstitutionofgoodxforgoodytofallasmore of good x is consumed. Figure) shows the diminishing MRS of moviesforpop. C. DegreeofSubstitutability 1. Figure 6(a) shows the indifference curves for ordinary goods, whichdisplaydiminishingMRS. 2. Figure6(b)showstheindifferencecurvesforperfectsubstitutes, whicharestraightlineswithaconstantMRS. 3. Figure6(c)showstheindifferencecurvesforperfectcomplements, whichareLshaped. III. PredictingConsumerBehaviour A. Theconsumersbestaffordablepoint,illustratedinFigure7is: 1. Onthebudgetline. 2. Onthehighestattainableindifferencecurve. 3. Hasamarginalrateofsubstitutionbetweenthetwogoodsequalto therelativepriceofthetwogoods. B. AChangeinPrice 1. Thepriceeffectshowshowachangeinthepriceofagoodaffects thequantityofthatgooddemanded. 2. Asthepriceofthegoodonthe xaxisdecreases(increases),the budgetlinerotatesonthe yaxisinterceptquantityandbecomes flatter(steeper). a) Figure8(a)showshowafallinthepriceofmoviesleadsthe consumer to substitute away from pop and into movies. The changeintherelativepricechangesthebestaffordablepoint. The can consumer reach a higher indifference curve by substitutingawayfromtherelativelymoreexpensivegoodand towardtherelativelyinexpensivegood. b) Thenewconsumptionbundlesatisfiesthethreeproperties:Itis on the new budget line, it is on the highest attainable indifference curve, and the MRS has changed, matching the slopeofnewbudgetline. 3. Trackingthechangeinthequantityofthegoodforwhichtheprice fallsrevealsthedemandcurveforthatgood,liketheoneshownin Figure8(b). C. AChangeinIncome 1. The income effect is the effect of a change in income on the quantityofagoodconsumed. 2. Astheconsumersincomeincreases,thebudgetlineshiftsoutward from the origin. The set of affordable combinations of goods increases, which enables the consumer to reach a higher indifference curves. Figure 9(a) shows how a decrease in a consumersincomeforceshertoalowerindifferencecurveand decreasesthedemandformovies. 3. Therelativepriceofthegoodshasnotchanged,sotheslopeofthe budget line remains constant. The new consumption bundle satisfiesthethreeproperties:itisonthenewbudgetline,itison the highest attainable indifference curve, and the MRS has changed,matchingtheslopeofnewbudgetline. 4. Whenagoodisanormalgood,thequantityofthegoodconsumed willincrease(decrease)asincomeincreases(decreases).Sincethe quantityofthegoodconsumedhasincreased(decreased)withouta changeintherelativepriceforthegoods,thisindicatesthatthe demand curve for that good has shifted rightward (leftward) as incomeincreased(decreased).Figure9(b)showshowadecreasein a consumers income forces her toconsume fewermovies even though the price hasnt changed. This reveals that the demand curveformovieshasshiftedleftward. 5. When a good is an inferior good, the quantity of the good consumedwilldecrease(increase)asincomeincreases(decreases). Sincethequantityofthegoodconsumedhasdecreased(increased) withoutachangeintherelativepriceforthegoods,thisindicates that the demand curve for that good has shifted leftward (rightward)asincomeincreased(decreased). D. SubstitutionEffectandIncomeEffect 1. Fora normalgood, afallinpricealwaysincreasesthequantity consumed. Wecan prove this proposition bybreaking the price effectintwodifferentparts: a) Thesubstitutioneffectistheeffectofachangeinpriceonthe quantityboughtwhentheconsumerremainsindifferentbetween the original situation and the new situation. To analyze this effect,lettheconsumermovealongthesameindifferencecurve untiltheMRSequalstheslopeofthenewbudgetlinereflecting thechangeinprice.Thisincreasesthequantityoflowerpriced good. b) Theincomeeffectistheeffectofachangeinincomesufficient togettheconsumertothehighestaffordableindifferencecurve attainableonthenewbudgetlinereflectingthepricechange.To analyzethiseffect,shiftthebudgetlineawayfromtheorigin untilthehighestaffordableindifferencecurveisreached.Witha normalgood,thequantityofthegoodconsumedincreaseswith income. 2. Inthecaseofnormalgoods,thesubstituteeffectandtheincome effectreinforceeachother,andadecrease(increase)inthepriceof agoodwillalwayscauseanincrease(decrease)inthequantityof thegooddemanded.Thisisadownwardslopingdemandcurvefor thatgood. 3. Figure10(a)showsthepriceeffectfromarelativepricechangefor movies.Figure10(b)showshowthispriceeffectcanbebroken downintothesubstitutioneffectandtheincomeeffect. 4. Foraninferiorgood,afall(rise)inpricewillnotalwaysincrease (decrease)thequantityconsumed. a) Inthiscasetheincomeeffectis negative andcounteractsthe substitutioneffect. b) Ifthenegativeincomeeffectisstrongerthanthesubstitution effect,thenalower(higher)priceforinferiorgoodsdoesnot lead to an increase (decrease) in the quantity of that good demanded. c) Thedemandcurveinthiscasewillhaveapositiveslope,but suchacasehasnotbeenfoundinanymarketforrealworld goodsorservices. IV. WorkLeisureChoices A. LabourSupply 1. Indifference curves can be used to study the allocation of time betweenworkandleisure. 2. Thetwogoodsareleisureandincome,whichrepresentsallother goods. B. TheLabourSupplyCurve 1. Bychangingthewagerate,wecanfindapersonslaboursupply curve. 2. Ahigherwageratemakesleisurerelativelymoreexpensive(higher opportunity cost to not working) and has a substitution effect towardlessleisure(towardmorework). 3. Ahigherwagealsohasapositiveincomeeffect,whichencourages increasedconsumptionofleisure(lesswork). a) Iftheincomeeffectisweakerthanthesubstitutioneffect,the quantityofworkhoursincreaseswiththewagerate. b) Iftheincomeeffectisstrongerthanthesubstitutioneffect,then thequantityofworkhourscoulddecreasewiththewagerate. 4. Historicalevidenceshowsthattheaverageworkweekhasdeclinedover thecenturies,implyingthatpeoplehavepreferredtoseekgreaterleisuredespite itshigheropportunitycost
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