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1. How would you go about deriving a demand curve for this commodity using neo-classical economics? Make sure you outline all the steps in the process - all the way from preferences to the actual demand curve. Also, do derive an individual demand curve and then a market demand curve.
2. Would your approach change if you were using institutional economics? If so how? If not, why not?
3. What shape does the demand curve for your commodity have? (Is it upward sloping? downward sloping? Or... what ?) Explain why you think a market demand curve for this commodity would have this shape.
1. NB: You don't need to use real data on prices and quantities or to engage in calculations such as utility maximization, but you should try to be a little realistic (to the extent this theory allows it) when you discuss the shape of the demand curve.
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3. Suppose an individual's utility function over income (M) and leisure (L) is U(M,L)·L, and the individual has non-labor income Y and earns wage w. The total amount of time available is 16 hours.a. What is the equation for the budget constraint? G..
Using the first table and the second table (the "Avg. columns) calculate the income elasticity for Coke assuming income doubles and the price is $1.00 per can (again, use the mid-point formula).
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