1. Chapter Two Budgetary and Other Constraints on Choice 2. Consumption Choice Sets A consumption choice set is the collection of all consumption choices available to the…

Slide 1Chapter Two Budgetary and Other Constraints on Choice Slide 2 Consumption Choice Sets u A consumption choice set is the collection of all consumption choices available…

Slide 1 Taste for Leisure and Market Goods Leisure (L) Market Goods (Y) HEAVEN U0U0 U1U1 U2U2 Slide 2 Budget Constraint for Leisure and Market Goods Leisure (L) Market Goods…

Slide 1 Budget Constraints  The bundles that are only just affordable form the consumer’s budget constraint. This is the set { (x 1,…,x n ) | x 1  0, …, x n …

Slide 1 Health and Health Care Demand Slide 2 The Determinants of Health Medical Care and Health Education and Health Income and Health Inequality and Health Lifestyle and…

Slide 1 Chapter 2 Budget Constraint uRequired reading: whole chapter uExercises: 1.Review Questions #1, 2, 3, 4, 5, 6, 7 on p.32. Slide 2 Consumption Choice Sets u A consumption…

SF Intermediate Economics 2005/06 Francis O’Toole CONSUMER THEORY We will look at Scarcity: income and prices Tastes Combine scarcity and tastes (i) Individual demand (ii)…

Prof. Dr. Y.Kuştepeli ECO 2006 PUBLIC ECONOMICS * EXPENDITURE PROGRAMS AND SOCIAL INSURANCE ECO 2006 PUBLIC ECONOMICS Prof. Dr. Y.Kuştepeli ECO 2006 PUBLIC ECONOMICS *…

SF Intermediate Economics 2005/06 Francis O’Toole CONSUMER THEORY We will look at Scarcity: income and prices Tastes Combine scarcity and tastes (i) Individual demand (ii)…

Chapter Two Budgetary and Other Constraints on Choice Consumption Choice Sets A consumption choice set is the collection of all consumption choices available to the consumer.…