5 Answered Questions for the topic consumer theory
The relationship between the expenditure function and many others!?
I dont understand the relationships between Hicksian demand, walrasian demand (marshallian), the expenditure function and the indirect utility function (including the value function V(b)). I have... more
Consumer Theory Microeconomics
Differences between Hicksian and Slutskian approaches?
When deriving the substitution effect for both Slutskian and Hicksian definitions, a 'phantom' budget line is drawn.However, for a Slutskian definition, the 'phantom' budget line is drawn parallel... more
Is it possible to derive indifference curves given marshallian demand function?
In a two good world, will a marshallian demand function the likes of `D(p,m)` where p is the price of one good and m the income yield a utility function or indifference curve function? If so, how... more
What are Giffen Goods?
What exactly are Giffen goods and are they of purely theoretical interest or has there been empirical evidence of their existence?
Which utility function yields a constant price elasticity of demand function?
How do I know which utility function I can use to find an isoelastic demand function. And similarly, which cost function can I use to find an isoelastic supply function?Does it work through trial... more