Econ 2201 exam 1 - Custom Scholars
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# Econ 2201 exam 1

question
what factors change quantity demanded
price of the good
question
what factors change demand
1. income
2. prices of related goods
3. taste/preferences
4.population/demographics
5.expected future prices
question
demand function
mathematical equation with variables that show how much of good a consumer will consume under various conditions
question
2 types of demand function
hicksion and marshallion
question
marshallion
uncompensated demand, normal demand function, demand that depends on prices/income
question
hicksion
compensated demand, specialized demand function, demand that depends on prices/utility
question
indirect utility function
an equation that measures consumer satisfaction thru income and prices rather than quantities of goods
question
expenditure function
an equation that measures spending of the consumer while they are maximizing the utility
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question
what factors change quantity demanded
price of the good
question
what factors change demand
1. income
2. prices of related goods
3. taste/preferences
4.population/demographics
5.expected future prices
question
demand function
mathematical equation with variables that show how much of good a consumer will consume under various conditions
question
2 types of demand function
hicksion and marshallion
question
marshallion
uncompensated demand, normal demand function, demand that depends on prices/income
question
hicksion
compensated demand, specialized demand function, demand that depends on prices/utility
question
indirect utility function
an equation that measures consumer satisfaction thru income and prices rather than quantities of goods
question
expenditure function
an equation that measures spending of the consumer while they are maximizing the utility

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