Dominick Salvatore Schaums Outline of Microeconomics, 4th edition Schaums Outline Series 2006

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112 ADVANCED TOPICS IN CONSUMER DEMAND THEORY [CHAP. 55.5 Derive graphically the Slutsky and the usual demand curves, using the theory of revealed preference.Fig. 5-8Fig. 5-9
CHAP. 5] ADVANCED TOPICS IN CONSUMER DEMAND THEORY 113Panel A of Fig. 5-10 is identical to Fig. 5-1, except for the omission of all indifference curves and the Hicksianbudget line K 0 J 0 . The consumer is originally observed to be in equilibrium at point E on KL. When the price of Xfalls from P x ¼ $1.00 to P x ¼ $0.50, the budget line becomes KJ and the consumer’s real income rises. To keep realincome constant as at point E, KL is rotated through point E in a counterclockwise direction until it is parallel to KJ.The consumer will not consume along K 00 E because it is below KE, and KE is inferior to E. The consumer willinstead consume along EJ 00 , say, at point H. The movement from E to H (3X) is the substitution effect shown inthe bottom panel by the Slutsky demand curve. If the consumer’s real income is now allowed to rise withbudget line KJ, the consumer will purchase more of commodity X if X is a normal good. If the consumer movesto point T, the movement from H to T (1X) is the income effect. The usual demand curve shown in panel B illustratesthe total of the substitution and income effects resulting from the fall in P x . Thus, the theory of revealed preferencecan be used to separate the (Slutsky) substitution from the income effect and derive the Slutsky and the usualdemand curves without any need for indifference curves.Fig. 5-10PRICE INDEX NUMBERS AND CHANGES IN THE STANDARD OF LIVING5.6 Given the hypothetical price and consumption data of Table 5.2 and using 1984 as the base year, find E,L, and P and indicate the change in the standard of living for (a) 1989, (b) 1990, and (c) 1991.Table 5.2Year P x X P y Y1984 (base) $4 5 $3 31989 5 6 4 61990 6 4 5 41991 6 4 7 4
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ProfessionalWant to learn more?We h
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PREFACEvimicroeconomic theory and r
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viiiCONTENTS4.5 Characteristics of
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xCONTENTS10.8 The Kinked Demand Cur
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2 INTRODUCTION [CHAP. 1owners to bu
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4 INTRODUCTION [CHAP. 13. The meani
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6 INTRODUCTION [CHAP. 11.3 Distingu
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8 INTRODUCTION [CHAP. 1(c)In the mo
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10 INTRODUCTION [CHAP. 1Table 1.2Pr
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12 INTRODUCTION [CHAP. 1PARTIAL EQU
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CHAPTER 2Demand, Supply,and Equilib
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16 DEMAND, SUPPLY, AND EQUILIBRIUM:
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40 THE MEASUREMENT OF ELASTICITIES
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162 COSTS OF PRODUCTION [CHAP. 7(b)
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164 COSTS OF PRODUCTION [CHAP. 7(a)
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166 COSTS OF PRODUCTION [CHAP. 7LMC
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170 COSTS OF PRODUCTION [CHAP. 77.2
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172 COSTS OF PRODUCTION [CHAP. 7amo
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176 COSTS OF PRODUCTION [CHAP. 7(a)
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178 COSTS OF PRODUCTION [CHAP. 7Sub
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180 MIDTERM EXAMINATIONAnswers1. (a
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182 MIDTERM EXAMINATION(b)AC ¼ AVC
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CHAPTER 8Price and Output UnderPerf
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186 PRICE AND OUTPUT UNDER PERFECT
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CHAPTER 9Price and OutputUnder Pure
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214 PRICE AND OUTPUT UNDER PURE MON
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CHAPTER 10Price and OutputUnder Mon
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240 PRICE AND OUTPUT UNDER MONOPOLI
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CHAPTER 11Recent and AdvancedTopics
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264 RECENT AND ADVANCED TOPICS IN M
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CHAPTER 12Game Theory andOligopolis
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274 GAME THEORY AND OLIGOPOLISTIC B
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284 INPUT PRICING AND EMPLOYMENT [C
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CHAPTER 14General Equilibriumand We
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314 GENERAL EQUILIBRIUM AND WELFARE
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CHAPTER 15The Economics ofInformati
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338 THE ECONOMICS OF INFORMATION [C
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348 FINAL EXAMINATIONsimultaneously
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350 FINAL EXAMINATION 6. (a) The co
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352 INDEXDecreasing cost industry 1
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354 INDEXMonopolistic competition:
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356 INDEXTime preference 106Total c
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Dominick Salvatore Schaums Outline of Microeconomics, 4th edition Schaums Outline Series 2006

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