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1、Chapter Five,Choice 消费者最优选择,Where Are We Doing in This Chapter?,After modeling a consumers choice set and his preference (represented by utility functions), we now put them together and model how he/she makes optimal choice. In mathematical terms, this is a constrained maximization problem; In econo
2、mics, this is a rational choice problem.,Rational Constrained Choice,Affordablebundles,x1,x2,More preferredbundles,Rational Constrained Choice,The most preferred affordable bundle is called the consumers ORDINARY DEMAND at the given prices and budget. Ordinary demands will be denoted byx1*(p1,p2,m)
3、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 thebudget; p1x1* + p2x2* = m.,Rational Constrained Cho
4、ice,x1,x2,x1*,x2*,(x1*,x2*) is interior .(b) The slope of the indiff.curve at (x1*,x2*) equals the slope of the budget constraint.,Rational Constrained Choice,(x1*,x2*) satisfies two conditions: (a) the budget is exhausted; p1x1* + p2x2* = m (b) the slope of the budget constraint, -p1/p2, and the sl
5、ope of the indifference curve containing (x1*,x2*) are equal at (x1*,x2*).,Computing Ordinary Demands - a Cobb-Douglas Example.,Suppose that the consumer has Cobb-Douglas preferences.,Computing Ordinary Demands - a Cobb-Douglas Example.,Suppose that the consumer has Cobb-Douglas preferences. Then,Co
6、mputing Ordinary Demands - a Cobb-Douglas Example.,So the MRS is,Computing Ordinary Demands - a Cobb-Douglas Example.,So the MRS is At (x1*,x2*), MRS = -p1/p2 so,(A),Computing Ordinary Demands - a Cobb-Douglas Example.,(x1*,x2*) also exhausts the budget so,(B),Computing Ordinary Demands - a Cobb-Dou
7、glas Example.,So we have discovered that the mostpreferred affordable bundle for a consumerwith Cobb-Douglas preferences,is,Computing Ordinary Demands - a Cobb-Douglas Example.,x1,x2,Rational Constrained Choice,When x1* 0 and x2* 0 and (x1*,x2*) exhausts the budget,and indifference curves have no ki
8、nks, the ordinary demands are obtained by solving: (a) p1x1* + p2x2* = y (b) the slopes of the budget constraint, -p1/p2, and of the indifference curve containing (x1*,x2*) are equal at (x1*,x2*).,Rational Constrained Choice,But what if x1* = 0? Or if x2* = 0? If either x1* = 0 or x2* = 0 then the o
9、rdinary demand (x1*,x2*) is at a corner solution to the problem of maximizing utility subject to a budget constraint.,Examples of Corner Solutions - the Perfect Substitutes Case,x1,x2,MRS = -1,Slope = -p1/p2 with p1 p2.,Examples of Corner Solutions - the Perfect Substitutes Case,x1,x2,MRS = -1,Slope
10、 = -p1/p2 with p1 p2.,Examples of Corner Solutions - the Perfect Substitutes Case,So when U(x1,x2) = x1 + x2, the mostpreferred affordable bundle is (x1*,x2*)where,and,if p1 p2,if p1 p2.,Examples of Corner Solutions - the Perfect Substitutes Case,x1,x2,MRS = -1,Slope = -p1/p2 with p1 = p2.,Examples
11、of Corner Solutions - the Perfect Substitutes Case,x1,x2,All the bundles in the constraint are equally the most preferred affordable when p1 = p2.,Examples of Corner Solutions - the Non-Convex Preferences Case,x1,x2,Better,Examples of Corner Solutions - the Non-Convex Preferences Case,x1,x2,Examples
12、 of Corner Solutions - the Non-Convex Preferences Case,x1,x2,Which is the most preferredaffordable bundle?,Examples of Corner Solutions - the Non-Convex Preferences Case,x1,x2,The most preferredaffordable bundle,Examples of Corner Solutions - the Non-Convex Preferences Case,x1,x2,The most preferreda
13、ffordable bundle,Notice that the “tangency solution”is not the most preferred affordablebundle.,Examples of Kinky Solutions - the Perfect Complements Case,x1,x2,U(x1,x2) = minax1,x2,x2 = ax1,Examples of Kinky Solutions - the Perfect Complements Case,x1,x2,MRS = 0,U(x1,x2) = minax1,x2,x2 = ax1,Exampl
14、es of Kinky Solutions - the Perfect Complements Case,x1,x2,MRS = -,MRS = 0,U(x1,x2) = minax1,x2,x2 = ax1,Examples of Kinky Solutions - the Perfect Complements Case,x1,x2,MRS = -,MRS = 0,MRS is undefined,U(x1,x2) = minax1,x2,x2 = ax1,Examples of Kinky Solutions - the Perfect Complements Case,x1,x2,U(
15、x1,x2) = minax1,x2,x2 = ax1,Examples of Kinky Solutions - the Perfect Complements Case,x1,x2,U(x1,x2) = minax1,x2,x2 = ax1,The most preferred affordable bundle,Examples of Kinky Solutions - the Perfect Complements Case,x1,x2,U(x1,x2) = minax1,x2,x2 = ax1,x1*,x2*,(a) p1x1* + p2x2* = m(b) x2* = ax1*,S
16、ummary: Three Steps to Find the Optimal Choice of the Consumer,Step 1: Draw the budget set; Step 2: Draw the indifference curves; Step 3: Locate the point of optimal choice and calculate the solution.,1、有时候读书是一种巧妙地避开思考的方法。20.10.1320.10.13Tuesday, October 13, 2020 2、阅读一切好书如同和过去最杰出的人谈话。16:44:2216:44:2216:4410/13/2020 4:44:22 PM 3、越是没有本领的就越加自命不凡。20.10.1316:44:2216:44Oct-2013-Oct-20 4、越是无能的人，越喜欢挑剔别人的错儿。16:
