Chapter 8 A Two-Period Model: The Consumption-Savings Decision and Credit Markets Teaching Goals This chapter introduces the concept of intertemporal choice. Intertemporal…
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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 1Chapter 5 Appendix Indifference Curves Slide 2 Problem 1 Suppose a consumers income is M=$1,200 per month, all of which he spends on some combination of rent and restaurant…
Slide 11 The Market Molly W. Dahl Georgetown University Econ 101 – Spring 2009 Slide 2 2 Economic Modeling Construct a model Choose simplifications Solve the model Come…
1. Notes on Macroeconomic Theory Steve Williamson Dept. of Economics University of Iowa Iowa City, IA 52242 August 1999 2. Chapter 1 Simple Representative Agent Models This…
1. Utility Concept • Utility is not the same thing as satisfaction. Utility is the satisfaction one expects from having a commodity. It is expectation that guides the consumer…
1. CONSUMER THEORY SUMMARY BY IBRAHIM TIRIMBA 2015 1 2. 2 Consumer Choice • You are constantly making economic decisions • At the highest level of generality, we are…