Value and Capital

Value and Capital

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. It begins with a simplified case and generalises from it. An individual consumer has a given money income for spending on only two goods. What determines quantity demanded of each good by that individual? The basic hypothesis is the set of restrictions on the utility function and demand equilibrium that results as to the consumer's budget constraint. That hypothesis drives the theoretical outcome of a price change in one of the goods on the quantity demanded of each good. The book decomposes the change into the substitution effect and the income effect. The latter is the change in real income in theoretical terms without which the distinction between real and nominal values would be more problematic. The two effects are now standard in consumer theory.show more

Product details

  • Paperback | 68 pages
  • 152 x 229 x 4mm | 113g
  • Vent
  • United States
  • English
  • black & white illustrations
  • 6136257084
  • 9786136257082