Fractional demand systems are utility derived demands having quantities or budget shares proportional to ag + bf, where g and f are functions of income and a and b vary across goods and are functions ...

The authors use Microsoft Excel to derive compensated and uncompensated demand curves. They use a constant elasticity of substitution (CES) utility function to show how changes in a good's price or ...

1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...