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Unformatted text preview: i. Budget constraints ii. Indifference Curves a. 4 properties b. Perfect substitutes and perfect compliments iii. Consumer Optimization a. budget constraint is tangent to indifference curve b. Changes in income i. Normal and inferior goods c. Changes in price i. Income and substitution effects ii. How to find these on a graph for both normal and inferior goods iv. Deriving Demand v. Labor Supply Chapter 4: Supply, demand, and government policy i. Price floors ii. Price ceilings Chapter 5: Elasticity and its applications a. Price elasticity of demand, b. Income elasticity of demand c. Cross price elasticity of demand d. Price elasticity of supply e. Midpoint method...
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This note was uploaded on 03/18/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.
- Spring '08