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Price offer curve - PowerPoint PPT Presentation

Chapter 6 Demand Key Concept: the demand function x 1 (p 1 , p 2 , m)

Chapter 6 Demand Key Concept: the demand function x 1 (p 1 , p 2 , m) Income m: normal good, inferior good Own price p 1 : Giffen good, ordinary good Other price p 2 : substitute, complement. Chapter 6 Demand The demand function x 1 (p 1 , p 2 , m)

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Price offer curve - PowerPoint PPT Presentation

Chapter 6 Demand Key Concept: the demand function x 1 (p 1 , p 2 , m)