Consumer Demand

Initializing live version
Download to Desktop

Requires a Wolfram Notebook System

Interact on desktop, mobile and cloud with the free Wolfram Player or other Wolfram Language products.

The upper plot represents, in black, the combination of goods that a consumer can purchase with the budget constraint and, in grey, the consumer's indifference map. You can choose three possible utility functions: Cobb–Douglas, perfect complements, and perfect substitutes. The consumption choice is highlighted in red; it represents the combination of goods that the consumer decides to buy.

[more]

The graph below shows, for each price, the amount purchased of good one, while holding the consumer's preferences, budget, and the other good price constant.

[less]

Contributed by: Loreto Llorente (March 2011)
Open content licensed under CC BY-NC-SA


Snapshots


Details

detailSectionParagraph


Feedback (field required)
Email (field required) Name
Occupation Organization
Note: Your message & contact information may be shared with the author of any specific Demonstration for which you give feedback.
Send