Food Economics at TU München

Flashcards and summaries for Food Economics at the TU München

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Shifters of demand other than price (6)

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Engel`s Law

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Demand function
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Where does consumer demand come from?

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Explain concept of elasticity

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Price elasticity of demand

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Variety of demand curves? (5)
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Cross price elasticity of deman_d

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Cross price elasticity of demand

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Cross price elasticity of deman

Exemplary flashcards for Food Economics at the TU München on StudySmarter:

Cross price elasticity of demand
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What states the demand curve?

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Exemplary flashcards for Food Economics at the TU München on StudySmarter:

Food Economics

Shifters of demand other than price (6)
- No. of buyers - Income (Normal goods / Inferior goods) - Consumer tastes and preferences - Prices of related goods (Complements = Coffee & Milk, Substitutes = butter or margarine) - Preferences (Seasonal effects, Advertisements, New health benefits, Food scares) - Expectations (Future prices/availability)

Food Economics

Engel`s Law
The share of food expenditures in the total budget decreases with rising income.

Food Economics

Demand function
Qd = f(Px, Py, M, Z) Qd: Quantity demanded of good Px: Price of good Py: Price of a related good M : Income level Z : Group of all other demand shifter

Food Economics

Where does consumer demand come from?
Utility maximization Optimal consumption decision : MUx/MUY = Px/Py

Food Economics

Explain concept of elasticity
Elasticity = %-change dependent var / %-change independent var - Measures responsiveness of any variable - Nondimensional number - Relationship between dependent variable & an independent variable - Definite interdependency assumed

Food Economics

Price elasticity of demand
Measure of how much the quantity demanded of a good responds to a change in the price of that good. Is the percentage change in quantity demanded given a percent change in the price . Eij= %-change demand good i / %-change price good i

Food Economics

Variety of demand curves? (5)
- Inelastic Demand - Elastic Demand - Perfectly Inelastic - Perfectly Elastic - Unit Elastic

Food Economics

Cross price elasticity of deman_d
Sensitivity of the quantity demanded of a good i to a marginal change in the price of another good j, ceteris paribus. Eij= %-change demand good i / %-change price j Eij > 1 substitute Eij < 1 complementary goods

Food Economics

Cross price elasticity of demand
Sensitivity of the quantity demanded of a good i to a marginal change in the price of another good j, ceteris paribus. Eij= %-change demand good i / %-change price j Eij > 1 substitute Eij < 1 complementary goods

Food Economics

Cross price elasticity of deman
Sensitivity of the quantity demanded of a good i to a marginal change in the price of another good j, ceteris paribus. Eij= %-change demand good i / %-change price j Eij > 1 substitute Eij < 1 complementary goods

Food Economics

Cross price elasticity of demand
Sensitivity of the quantity demanded of a good i to a marginal change in the price of another good j, ceteris paribus. Eij= %-change demand good i / %-change price j Eij > 1 substitute Eij < 1 complementary goods

Food Economics

What states the demand curve?
The quantity demanded of a good falls when the price of the good rises (other things equal)

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Economics II at

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