Reading 14: Consumer Demand Flashcards by Jack D | Brainscape

Q

Utility Function

Consumer Demand

14.1

A

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Example of Utility Function

Consumer Demand

14.2

A

Wine and Bread:

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Budget Constraint

(basic form)

Consumer Demand

14.4

A

Wine and Bread:

If this is a strict equality, all income (I) will be spent.

If it were just an income constraint, less than or equal to I could be spent.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Budget Constraint in Slope Intercept

Consumer Demand

14.4

A

Wine and Bread:

How well did you know this?

1

Not at all

2

3

4

5

Perfectly