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Unformatted text preview: Teach a parrot the terms supply and demand and youve got an economist Thomas Carlyle ECON 410 Demand 2 Class 10  Demand 3 Class 10  Demand 4 Class 10  Demand 5 Class 10  Demand Mathematical Analogy a b Of the bundles we can afford, which maximizes our Utility? 1 2 1 1 2 2 ( , ) ( ) U x x I p x p x = + L 2 1 1 2 U U p p = 1 1 2 2 I p x p x = 6 Class 10  Demand 7 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? Group Clicker Question (1 pt): I=$20 and p2=$4. If the price of Good 1 is $5, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4 Group Clicker Question (1 pt): I=$20 and p2=$4. If the price of Good 1 is $4, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4 Group Clicker Question (1 pt): I=$20 and p2=$4. If the price of Good 1 is $2, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4 Group Clicker Question (1 pt): I=$20 and p2=$4. If the price of Good 1 is $2, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4 12 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? When p1=$5 x1=1 13 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? When p1=$5 x1=1 When p1=$4 x1=2 14 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? When p1=$5 x1=1 When p1=$4 x1=2 When p1=$2 x1=4 15 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? When p1=$5 x1=1 When p1=$4 x1=2 When p1=$2 x1=4 Good 1 Price of Good 1, p1 16 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? When p1=$5 x1=1 When p1=$4 x1=2 When p1=$2 x1=4 Good 1 Price of Good 1, p1 17 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? When p1=$5 x1=1 When p1=$4 x1=2 When p1=$2 x1=4 Good 1 Price of Good 1, p1 18 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2? When p1=$5 x1=1 When p1=$4 x1=2 When p1=$2 x1=4 Good 1 Price of Good 1, p1 19 Class 10  Demand Assume I=$20 and p2=$4. How will this individuals consumption of Good 1 change as the price of Good 1 drops from $5 to $4 to $2?...
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This note was uploaded on 01/05/2012 for the course ECON 410 taught by Professor Codrin during the Fall '07 term at UNC.
 Fall '07
 Codrin
 Utility

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