demand.6b - Econ 100A: Demand, Part 2 (Chapter 6) Thomas G....

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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....

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