Consumer choice - revealed preferences, Microeconomics

Assignment Help:

Consumer Choice 

* Decision making & Public Policy

- Selecting from a non matching and matching grant to fund police expenditures

2412_budget line.png

1408_budget line1.png
187_budget line2.png
1060_budget line3.png

Revealed Preferences

* If we know the choices which the consumer has made, we can determine what her preferences or priorities are if we have information about sufficient number of choices which are made when prices and incomes vary.

Revealed Preferences--Two Budget Lines

821_budget line4.png
1834_budget line5.png

Revealed Preferences--Four Budget Lines

395_budget line6.png

2207_budget line7.png


Related Discussions:- Consumer choice - revealed preferences

Capital formation, Capital formation: Growth Economists believe that ...

Capital formation: Growth Economists believe that accumulation of capital is one main source of growth of an economy. Emphasis is given to the accumulation of more capital pe

Exchange rate policy - imf, Exchange Rate Policy: After the second ame...

Exchange Rate Policy: After the second amendment to the Articles of Agreement of IMF which came into effect on April 1, 1978, every member is free to choose its own exchange r

Neutrality - features of bureaucracy, Neutrality: Bureaucracy is apoli...

Neutrality: Bureaucracy is apolitical and neutral. Prof. Frocderich mentions the following features of bureaucracy: (i) differentiation of functions, (ii) qualifications for o

Given Qd=3-P^2, Yao''s weekly demand for basketballs is given by Qd = 3-P^2...

Yao''s weekly demand for basketballs is given by Qd = 3-P^2 where P is the price of basketballs. At the current price, Yao''s demand for basketballs is unit elastic. What is the cu

Magnitude of total surplus, Answer the following questions based on the gra...

Answer the following questions based on the graph that represents J.R.'s demand for ribs per week at Judy's Rib Shack. a.  How high must the price of ribs be for Judy to supply

Mangerial Economics, A portion of the demand schedule for wax candles (per ...

A portion of the demand schedule for wax candles (per case) is shown below. Px $50 $30 $10 Qx 500 600 700 What is the demand curve (straight line) that corresponds to the schedu

Short run production period and long run production period, Short run produ...

Short run production period and long run production period: The short run is a period of production during which some factors of production are fixed and some too are variable

Examples of oligopolies abound, The U.S. automobile industry, the soft-drin...

The U.S. automobile industry, the soft-drink industry, the brewing industry, segments of the fast-food industry, and airplane manufacturers. Oligopoly will usually produce less tha

How many strategy combinations, Janet decides to play a game with her child...

Janet decides to play a game with her children, Jay and Jill (who are fraternal twins) and Mo. Each child is in their own room and cannot communicate with each other. Suppose Jill

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd