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1、中级微观经济学2ChapterTwoBudgetConstraint预算约束StructureDescribebudgetconstraintAlgebraGraphDescribechangesinbudgetconstraintGovernmentprogramsandbudgetconstraintsNon-linearbudgetlinesConsumptionSetsAconsumptionset（消费集）isthecollectionofallphysicallypossibleconsumptionbundles（消费束）totheconsumer.Consumpti
2、onBundleAconsumptionbundlecontainingx1unitsofcommodity1,x2unitsofcommodity2andsoonuptoxnunitsofcommoditynisdenotedbythevector(x1,x2,…,xn).PhysicalConstraintsNon-negative:Consumptionset:X={(x1,…,xn)
3、x1³0,…,xn³0}Youonlyhave24hoursadaySubsistenceneedEtc.BudgetConstraintWhatconstrainsconsumptionch
4、oice?Budgetarytimeotherresourcelimitations.BudgetConstraintsCommoditypricesarep1,p2,…,pn.Q:Whenisabundle(x1,…,xn)affordableatpricesp1,…,pn?A:When p1x1+…+pnxn£mwheremistheconsumer’s(disposable)income.BudgetConstraintsThebundlesthatareonlyjustaffordableformtheconsumer’sbudgetconstraint.Thisisthe
5、set {(x1,…,xn)
6、x1³0,…,xn³0and p1x1+…+pnxn=m}.BudgetConstraintsTheconsumer’sbudgetset（预算集）isthesetofallaffordablebundles; B(p1,…,pn,m)= {(x1,…,xn)
7、x1³0,…,xn³0and p1x1+…+pnxn£m}Thebudgetconstraintistheupperboundaryofthebudgetset.BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+
8、p2x2=m.m/p1m/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p2m/p1BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1Justaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1JustaffordableNotaffordabl
9、em/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1AffordableJustaffordableNotaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1BudgetSetthecollection ofallaffordablebundles.m/p2BudgetSetandConstraintforTwoCommoditiesx2x1p
10、1x1+p2x2=misx2=-(p1/p2)x1+m/p2soslopeis-p1/p2.m/p1BudgetSetm/p2MeaningoftheSlopeIncreasingx1by1mustreducex2byp1/p2.Opportunitycostofconsumingx1Or,therateofexchangethatmarketallows.BudgetConstraintsx2x1Slopeis-p1/p2+1-p1/p2BudgetConstrai
