Econ 2201 exam 1 - Custom Scholars
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Econ 2201 exam 1

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