Consumer Demand

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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.


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.


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




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