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Unformatted text preview: another set of numbers in a way that preserves the order of the numbers • Level set – the set of all (x1,x2) where u(x1,x2) is constant Chapter 2 – Budget Constraint • Composite good – a good that stands for all other goods • Numeraire – when you set the price of one good to 1 (that price) • Ad valorem – value taxes...
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This note was uploaded on 04/18/2011 for the course ECON 1110 taught by Professor Mehta during the Spring '08 term at Brown.
- Spring '08