Principles of Microeconomics
Date Submitted: 09/09/2006 23:17:21
Category: / Social Sciences / Economics
Length: 23 pages (6265 words)
Category: / Social Sciences / Economics
Length: 23 pages (6265 words)
Principles of Microeconomics
Consumer Theory: - It possible to describe the choices of consumers. Consumer can refer to a family or it can refer to the government of a country, too. He can choose form only 2 products: x and y. Products refer to a singe product or service that is consumed, a group products. X could represent consumer goods and y capital goods. Consumers have limited resources. They wish to have more of y and …
Is this Essay helpful? Join now to read this particular paper
and access over 480,000 just like this GET BETTER GRADES
and access over 480,000 just like this GET BETTER GRADES
…good. (Coke & Pepsi).
<Tab/>1 < Cε < ∞ (Cε is positive)  products are substitutes. (different clothes).
<Tab/>Cε < 0 (Cε is negative)  Complements products, have to be consumed together. (CD player & CD).
<Tab/>products perfect complements Cε approaches - ∞. (left & right shoe).
Need a custom written paper? Let our professional writers save your time.