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1、ChapterTwoBudgetaryandOtherConstraintsonChoiceConsumptionChoiceSetsAconsumptionchoicesetisthecollectionofallconsumptionchoicesavailabletotheconsumer.Whatconstrainsconsumptionchoice?Budgetary,timeandotherresourcelimitations.BudgetConstraintsAconsumptionbundlecontainingx1unitsofcommodit
2、y1,x2unitsofcommodity2andsoonuptoxnunitsofcommoditynisdenotedbythevector(x1,x2,…,xn).Commoditypricesarep1,p2,…,pn.BudgetConstraintsQ:Whenisaconsumptionbundle (x1,…,xn)affordableatgivenpricesp1,…,pn?BudgetConstraintsQ:Whenisabundle(x1,…,xn)affordableatpricesp1,…,pn?A:When p1x1+…+pnxn£m
3、wheremistheconsumer’s(disposable)income.BudgetConstraintsThebundlesthatareonlyjustaffordableformtheconsumer’sbudgetconstraint.Thisistheset {(x1,…,xn)
4、x1³0,…,xn³0and p1x1+…+pnxn=m}.BudgetConstraintsTheconsumer’sbudgetsetisthesetofallaffordablebundles; B(p1,…,pn,m)= {(x1,…,xn)
5、x1³0,…,x
6、n³0and p1x1+…+pnxn£m}Thebudgetconstraintistheupperboundaryofthebudgetset.BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1m/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p2m/p1BudgetSetandConstraintforTwoCommoditiesx2x1Budgetc
7、onstraintisp1x1+p2x2=m.m/p1Justaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1JustaffordableNotaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1AffordableJustaffordableNotaffordablem/p2BudgetSetandCo
8、nstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1BudgetSetthecollection ofallaffordablebundles.m/p2BudgetSetandConstraintforTwoCommoditiesx2x1p1x1+p2x2=misx2=-(p1/p2)x1+m/p2soslopeis-p1/p2.m/p1BudgetSetm/p2BudgetConstraintsIfn=3whatdothebudgetconstraintandthebudgetsetloo
9、klike?BudgetConstraintforThreeCommoditiesx2x1x3m/p2m/p1m/p3p1x1+p2x2+p3x3=mBudgetSetforThreeCommoditiesx2x1x3m/p2m/p1m/p3{(x1,x2,x3)
10、x1³0,x2³0,x3³0andp1x1+p2x2+p3x3£m}BudgetConstraintsForn=2andx1onthehorizontalaxis,theconstraint’sslopeis-p1/p2.Whatdoesitmean?BudgetConstraintsForn=2and
11、x1ont
