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1、北大ceer笔记1ContentsDescribebudgetconstraintAlgebraGraphDescribechangesinbudgetconstraintGovernmentprogramsandbudgetconstraintsNon-linearbudgetlinesConsumptionChoiceSetsAconsumptionchoicesetisthecollectionofallconsumptionchoicesavailabletotheconsumer.Whatco
2、nstrainsconsumptionchoice?Budgetary,timeandotherresourcelimitations.BudgetConstraintsThebundlesthatareonlyjustaffordableformtheconsumer’sbudgetconstraint.Thisistheset {(x1,…,xn)
3、x1³0,…,xn³0and p1x1+…+pnxn=m}.BudgetConstraintsTheconsumer’sbudgetsetisthes
4、etofallaffordablebundles; B(p1,…,pn,m)= {(x1,…,xn)
5、x1³0,…,xn³0and p1x1+…+pnxn£m}Thebudgetconstraintistheupperboundaryofthebudgetset.BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1m/p2BudgetSetandConstraintforTwoCommoditiesx2
6、x1Budgetconstraintisp1x1+p2x2=m.m/p2m/p1BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1Justaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1JustaffordableNotaffordablem/p2BudgetSetan
7、dConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1AffordableJustaffordableNotaffordablem/p2BudgetSetandConstraintforTwoCommoditiesx2x1Budgetconstraintisp1x1+p2x2=m.m/p1BudgetSetthecollection ofallaffordablebundles.m/p2BudgetSetandConstrai
8、ntforTwoCommoditiesx2x1p1x1+p2x2=misx2=-(p1/p2)x1+m/p2soslopeis-p1/p2.m/p1BudgetSetm/p2BudgetConstraintsIfn=3whatdothebudgetconstraintandthebudgetsetlooklike?BudgetConstraintforThreeCommoditiesx2x1x3m/p2m/p1m/p3p1x1+p2x2+p3x3=mBudgetSetforThreeCommoditie
9、sx2x1x3m/p2m/p1m/p3{(x1,x2,x3)
10、x1³0,x2³0,x3³0andp1x1+p2x2+p3x3£m}BudgetConstraintsForn=2andx1onthehorizontalaxis,theconstraint’sslopeis-p1/p2.Whatdoesitmean?BudgetConstraintsForn=2andx1onthehorizontalaxis,theconstraint’sslopeis-p1/p2.Whatdoesitmean?Incre
11、asingx1by1mustreducex2byp1/p2.BudgetConstraintsx2x1Slopeis-p1/p2+1-p1/p2BudgetConstraintsx2x1+1-p1/p2Opp.costofanextraunitof commodity1isp1/p2units foregoneofcommodity2.BudgetConstraintsx2x1Opp.costofanextraunitof commodit
