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Cobb Douglas Function – Demand Theory
In the past installments from DiscussEconomics on demand theory, now we’re venturing into the graphical and mathematical expressions of the...
Demand Theory – Consumer Choice Problem
Normal, Inferior, Neutral, Luxury, Necessary Goods There are three fundamental questions about a consumer’s consumption response: 1. How will demand...
Corner Solution – Perfect Substitutes: Demand Theory
Continuing on with demand theory. Previously we discussed the Cobb Douglas function, now we move into perfect substitutes and the...