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EC4004 Lecture 3
        Individual Demand
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            Utility Functions
            Indifference Curves
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Demand Functions
Income  Substitution Effects
Consumer Surplus
1.
Demand Functions
Demand Functions
3
    elements determine
    quantity demanded
1
    Prices of X and Y
2
    Income (I)
3
    Person’s preferences
             for X and Y
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand
Ec4004 Lecture 2 Individual Demand

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Ec4004 Lecture 2 Individual Demand