TAILIEUCHUNG - Lecture Microeconomics (5th edition): Chapter 4 - Besanko, Braeutigam

Lecture Microeconomics (5th edition): Chapter 4 - Consumer choice. This chapter presents the following content: The budget constraint, consumer choice, duality, some applications, revealed preference. | 1 Consumer Choice Chapter 4 Copyright (c)2014 John Wiley & Sons, Inc. 1 2 Chapter Four Overview 1. The Budget Constraint 2. Consumer Choice 3. Duality 4. Some Applications 5. Revealed Preference Chapter Four Copyright (c)2014 John Wiley & Sons, Inc. 3 Budget Set: The set of baskets that are affordable Budget Constraint: The set of baskets that the consumer may purchase given the limits of the available income. Budget Line: The set of baskets that one can purchase when spending all available income. Chapter Four Key Definitions Copyright (c)2014 John Wiley & Sons, Inc. 4 Price of x: Px ; Price of y: Py Income: I Total expenditure on basket (X,Y): PxX + PyY Assume only two goods available: X and Y The Basket is Affordable if total expenditure does not exceed total Income: PXX + PYY ≤ I Chapter Four The Budget Constraint Copyright (c)2014 John Wiley & Sons, Inc. 5 Two goods available: X and Y I = $10 Px = $1 Py = $2 All income spent on X → I/Px units of X bought All income spent on Y → .

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• Consumer theory
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