July21
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July21

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July21 July21 Presentation Transcript

  • Outline for Monday, July 21 Remember Quiz tomorrow Homework due Friday Review Friday – finding the optimum Questions about the hw or quiz? Cobb-Douglas functions ICC and PCC interpretation
  • Finding the optimum (X*,Y*) There are two unknowns, so we need two equations
  • Finding the optimum (X*,Y*) There are two unknowns, so we need two equations You should know how to solve… Typical case Expenditure = Income Slopes match Perfect substitutes Expenditure = Income Buy X OR Y Perfect complements Expenditure = Income Buy X and Y together