Chapter nine Buying and Selling
Chapter Nine Buying and Selling
Structure Endowments Budget constraints with endowments Net demands Labor supply
Structure Endowments Budget constraints with endowments Net demands Labor supply
Buying and selling Trade involves exchange when something is bought something else must be sold What will be bought? What will be sold? Who will be a buyer? who will be a seller?
Buying and Selling Trade involves exchange -- when something is bought something else must be sold. What will be bought? What will be sold? Who will be a buyer? Who will be a seller?
Buying and Selling And how are incomes generated How does the value of income depend upon commodity prices? How can we put all this together to explain better how price changes affect demands?
Buying and Selling And how are incomes generated? How does the value of income depend upon commodity prices? How can we put all this together to explain better how price changes affect demands?
Endowments The list of resource units with which a consumer starts is his endowment (禀赋) A consumer's endowment will be denoted by the vector a omega)
Endowments The list of resource units with which a consumer starts is his endowment （禀赋）. A consumer’s endowment will be denoted by the vector (omega).