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Demand for Individual Goods
Three Types of Price Indexes
3 other sections not shown
According allows a representation aQ aQ assume Axiom black market prices black price butter and margarine competition price competitors computed consumer unit consumer’s choice consumption of butter continuous function corresponding cost index cost of living defined definition deflated price Denote Figure follows foodstuffs formula free price function of degree h e o r e m homogeneous function homogeneous polynomial income effect income Q indifference map indifference surface linear approximation living index log ql marginal price index notation obtained optimal budget partial derivatives point pl preference function price elasticity price of butter price of Gk price-income space prices pl Proof proved quantity index quantity q real income reference prices rolled oats separable group single-valued functions strong groups strongly separable substitution effect surveys tangent plane Theorem Theorem 2.1 theory of consumer’s variables pl WOLD 39 written X(pl