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Y1 - Microeconomics

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Summary

Week 2

Erasmus Universiteit · Int. Economics and Business Economics

Y1 - Microeconomics

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Week 2
Chapter 5 - Individual and market demand
The effects of changes in price
The effects of changes in income
The income and substitution effects of a price range
Consumer responsiveness to changes in price
Market demand: aggregating individual demand curves
Price elasticity of demand
Income elasticity of demand
Cross-price elasticities of demand
Chapter 6 - Applications of rational choice and demand theories
Using price elasticity of demand
Tax incidence
Welfare comparisons
The income-compensated demand curve
Consumer surplus
Tax burden and equivalent variation

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