demand.6b

# demand.6b - Econ 100A Demand Part 2(Chapter 6 Thomas G Koch...

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Unformatted text preview: Econ 100A: Demand, Part 2 (Chapter 6) Thomas G. Koch Fall 2008 Thomas G. Koch Demand (6b) 1(37) Clickers • Turn on your clicker • Hit a button Thomas G. Koch Demand (6b) 2(37) A reminder Next time is first exam! Two parts • Multiple Choice (15 points) • Bring a Scantron!!!!! • Short-answer (10 points) Thomas G. Koch Demand (6b) 3(37) Review Session • Monday, April 21 • Where: BRDA 1610 • When: 5 PM Thomas G. Koch Demand (6b) 4(37) How we got here • Developed an algorithm • Given preferences (utility function) • and a budget constraint • Find the demand function for some good. We found x * 1 = x 1 ( p 1 , p 2 , m ) x * 2 = x 2 ( p 1 , p 2 , m ) Thomas G. Koch Demand (6b) 5(37) Last time • We focused on demand response to income • ∂ x * 1 ∂ m • Normal vs. Inferior Today We focus on prices. Thomas G. Koch Demand (6b) 6(37) Own price ∂ x 1 ( p 1 , p 2 , m ) ∂ p 1 ∂ x 2 ( p 1 , p 2 , m ) ∂ p 2 Thomas G. Koch Demand (6b) 7(37) Ordinary Good Thomas G. Koch Demand (6b) 8(37) So always positive, right?...
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demand.6b - Econ 100A Demand Part 2(Chapter 6 Thomas G Koch...

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