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1、ChapterTwoBudgetaryandOtherConstraintsonChoiceConsumptionChoiceSetsAconsumptionchoicesetisthecollectionofallconsumptionchoicesavailabletotheconsumer.Whatconstrainsconsumptionchoice?Budgetary,timeandotherresourcelimitations.BudgetConstraintsAconsumptio
2、nbundlecontainingx1unitsofcommodity1,x2unitsofcommodity2andsoonuptoxnunitsofcommoditynisdenotedbythevector(x1,x2,…,xn).Commoditypricesarep1,p2,…,pn.BudgetConstraintsQ:Whenisaconsumptionbundle (x1,…,xn)affordableatgivenpricesp1,…,pn?BudgetConstraintsQ:
3、Whenisabundle(x1,…,xn)affordableatpricesp1,…,pn?A:When p1x1+…+pnxn£mwheremistheconsumer’s(disposable)income.BudgetConstraintsThebundlesthatareonlyjustaffordableformtheconsumer’sbudgetconstraint.Thisistheset {(x1,…,xn)
4、x1³0,…,xn³0and p1x1+…+pnxn=m}.Bu
5、dgetConstraintsTheconsumer’sbudgetsetisthesetofallaffordablebundles; B(p1,…,pn,m)= {(x1,…,xn)
6、x1³0,…,xn³0and p1x1+…+pnxn£m}Thebudgetconstraintistheupperboundaryofthebudgetset.BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p
7、1m/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p2m/p1BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1Justaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2
8、=m.m/p1JustaffordableNotaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1AffordableJustaffordableNotaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1BudgetSetthecollec
9、tion ofallaffordablebundles.m/p2BudgetSetandConstraintforTwoCommoditiesx2x1p1x1+p2x2=misx2=-(p1/p2)x1+m/p2soslopeis-p1/p2.m/p1BudgetSetm/p2BudgetConstraintsIfn=3whatdothebudgetconstraintandthebudgetsetlooklike?BudgetConstraintforThreeCommoditiesx2x1x3
10、m/p2m/p1m/p3p1x1+p2x2+p3x3=mBudgetSetforThreeCommoditiesx2x1x3m/p2m/p1m/p3{(x1,x2,x3)
11、x1³0,x2³0,x3³0andp1x1+p2x2+p3x3£m}BudgetConstraintsForn=2andx1onthehorizontalaxis,theconstraint’sslopeis-p1/p2.Whatdoesitmean?BudgetConstraintsForn=2andx1ont
