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More complete notions of demand can also be used to microeeconomia the significance of the growth of “discount” retail outlets such as Sam’s Club or Costco and of how the lower prices consumers may obtain by shopping in these stores affect overall utility. The issue of how all such adjustments should be made to the CPI has sparked considerable political controversy, especially because biases in the existing CPI of more than one percent per year have been estimated by some analysts.

Moulten provides a microeconomiq to the relationship between such estimates and the underlying theories of demand that are used to make them. References Aizcorbe, Ana M.

Economics and Consumer Behavior. Cambridge University Press, A Course in Microeconomic Theory.

De Vutilite, contribution a la theorie des choix. Princeton University Press, Cost and Production Functions.

Throughout the discussion we held the prices of all other goods constant. It should be clear, however, that a change in one of these other prices could also affect the quantity ofX chosen.

Miccroeconomia example, ifX were taken to represent the quantity of auto- mobile miles that an individual drives, this quantity might be expected to decline when the price of gasoline rises or to increase when air and bus fares rise. In this chapter we will use the utility-maximization model to study such relationships. For good X, however, the results shown in the two panels differ.

### Curso de teorÃa microeconÃ³mica : David M. Kreps :

In a the indifference curves are nearly L-shaped, implying a fairly small substitution effect. That is, X drops relatively little as a result of the substitu- tion. The income effect, however, reflects the greater purchasing power now avail- able, and this causes the total quantity of X chosen to increase.

The relatively flat indifference curves in Figure 6. The quantity of Xdeclines sharply as Fis substituted for Xalong Uo. As in Figure 6.

## Microeconomia per manager

In this case, then, Xand PYmove in the same direction. A Mathematical Treatment The ambiguity in the effect of changes in PY can be further illustrated by a Slutsky- type equation. For the two-good case, the terms on the right side of Equation 6. If we confine ourselves to moves along one indif- ference curve, increases in PYincrease Xand decreases in PYdecrease the quantity of X chosen.

Hence, the combined effect in Equation 6. Even in the two-good case, the demand rela- tionship between X and PY is rather complex. Now let’s look at the cross-price micreconomia of a change in Y prices on X purchases. In b substitution effects are large so the quantity of Xchosen falls.

To see why this is so, we can compute the substitution effect from the compensated demand function as.

Changes in Fprices have no effect on Xpur- chases because of this canceling of effects, not because the two goods are unrelated. As a numerical illustration, suppose Y prices rise dramatically from 1 to 4.

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That is, the indi- vidual should substitute many units of X for the now more expensive Y. The two effects are therefore precisely offsetting.

Is there any case in which such.