Re: ECON (MICRO) -- 蕾绑

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Subject: Re: ECON (MICRO)

Author:
HKU B(econ. & fin.) Yr. 2

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Date Posted: 02:15:52 10/05/04 Tue
In reply to: 牧種ECON琂 's message, "ECON (MICRO)" on 19:25:54 10/03/04 Sun

>想問2條好好好簡單既問題:
>
>點解DEMAND CURVE係DOWNWARD-SLOPING既?
>
>同埋
>
>點解條Indifference curve 係convex既?

IC 係 convex preference,係唔一定啱,呢個只係我地既assumption. e.g. $5 @ 橙 & $5 @ 蕉, 如果你有$100係手,而你買左10隻蕉加10個橙,咁你既IC就係convex.相反,你買左20隻蕉或者橙,你既IC就唔係convex. 因為我地假設大部分人既想法都係"average is better than extremes".所以IC既形狀就係convex.

downward sloping demand curve,唔,呢樣野我都唔係好清楚.估計係observe唔到"price不斷上升,quantity demand 都係咁升"呢個現象,所以assume demand curve 係 downward sloping.另外,DMUV(DIMINISHING MARGINAL USED VALUE) 都解釋到點解DEMAND CURVE DOWNWARD SLOPING.

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[> Subject: Re: ECON (MICRO)

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Date Posted: 00:41:25 10/08/04 Fri

The Law of Demand states that the higher the price of a good, the lower its quantity demanded
other things being constant(ceteris paribus)

Giffen good exists when an inferior good which has its income effect overweights its subsitution effect
Substitution effect is always negative, as a lower relative price always leads to an increase in the quantity demanded.
For inferior good, the quantity demanded will decrease when consumer's real income increases.
When this negative income effect is greater than the substituion effect,
the quantity demanded will increase with price, the demand curve for giffen good is upward sloping.
This doesn't follow the Law of Demand.

The existence of a giffen good is a logical possibility, if giffen good is observed in the real world.
The Law of demand will be refuted.
Therefore, the law of demand is asserted rather than derived.