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【正文】 lled the consumer?s ORDINARY DEMAND at the given prices and budget. ?Ordinary demands will be denoted by x1*(p1,p2,m) and x2*(p1,p2,m). Rational Constrained Choice ?When x1* 0 and x2* 0 the demanded bundle is INTERIOR. ?If buying (x1*,x2*) costs $m then the budget is exhausted. Rational Constrained Choice x1 x2 x1* x2* (x1*,x2*) is interior. (a) (x1*,x2*) exhausts the budget。 p1x1* + p2x2* = m ? (b) the slope of the budget constraint, p1/p2, and the slope of the indifference curve containing (x1*,x2*) are equal at (x1*,x2*). Computing Ordinary Demands a CobbDouglas Example. ?Suppose that the consumer has CobbDouglas preferences. U x x x xa b( , )1 2 1 2?Computing Ordinary Demands a CobbDouglas Example. ?Suppose that the consumer has CobbDouglas preferences. ?Then U x x x xa b( , )1 2 1 2?MUUx ax xa b111 1 2? ? ???Ux bx xa b221 2 1? ? ???Computing Ordinary Demands a CobbDouglas Example. ?So the MRS is M R S dxdxU xU xax xbx xaxbxa ba b? ? ? ? ? ? ???21121121 2121? ?? ?//.Computing Ordinary Demands a CobbDouglas Example. ?So the MRS is ?At (x1*,x2*), MRS = p1/p2 so M R S dxdxU xU xax xbx xaxbxa ba b? ? ? ? ? ? ???21121121 2121? ?? ?//.*22*11xpxpba ?(A) Computing Ordinary Demands a CobbDouglas Example. ?(x1*,x2*) also exhausts the budget so p x p x m1 1 2 2* * .? ?
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