Constraints imposed by rationality on the "excess" of this value do not apply at the aggregate level, unlike at the micro level, according to a theorem named for Sonnenschein, Mantel, and Debreu.
Constraints imposed by rationality on the "excess" of this value do not apply at the aggregate level, unlike at the micro level, according to a theorem named for Sonnenschein, Mantel, and Debreu. If a function for this value is linear, then in a monopolistic market, the marginal revenue function has a slope twice that of the function representing this quantity. Functions for this value can be derived by plotting quantities from bundles along the price-consumption curve against the (*) prices determining the budget constraints on those bundles. Functions for this value have positive slopes in the case of Giffen goods. The Slutsky equation relates changes in uncompensated and compensated varieties of this value, describing the substitution and income effects. For 10 points, identify this economic function paired with supply.
Constraints imposed by rationality on the "excess" of this value do not apply at the aggregate level, unlike at the micro level, according to a theorem named for Sonnenschein, Mantel, and Debreu.
demand (function) [accept Marshallian demand or Hicksian demand]