figures - 4 LINEAR COMBINATION gain pain W W U U(W Greater...

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Similar Triangles and Elasticity 0 a b c d e
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q p = f -1 (q) = 10 – q (inverse) q = f(p) = 10 – p p = F -1 (q) = 10 -.5q (inverse) q = F(q) = 20 – 2p p 0 10 20 10 Straight lines starting at the same point on the p access have identical elasticities for any given value of p 7 3 6
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Y X 0 1 4 2 8 Y=2x 2 X = λ X1 + (1- λ )X2, λ =2/3, X1=1, X2=4
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Unformatted text preview: 4 LINEAR COMBINATION gain pain W W U U(W) Greater Pain from decrease than Gain from increase U w U = w .5 3600 10,000 60 100 6800 80 82.5 6400 Output labor TP L Infection point Max TP MP=0 MPmax MP= AP(max) L 1 L 2 MP AP labor Output L 2 L 1...
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This note was uploaded on 04/27/2010 for the course 223 581 taught by Professor Crew during the Spring '10 term at Rutgers.

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figures - 4 LINEAR COMBINATION gain pain W W U U(W Greater...

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