Food Economics an der TU München | Karteikarten & Zusammenfassungen

Lernmaterialien für Food Economics an der TU München

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TESTE DEIN WISSEN
Shifters of demand other than price (6)
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TESTE DEIN WISSEN
- 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)
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TESTE DEIN WISSEN
Engel`s Law
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TESTE DEIN WISSEN
The share of food expenditures in the total budget decreases with rising income.
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TESTE DEIN WISSEN
Demand function
Lösung anzeigen
TESTE DEIN WISSEN
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
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TESTE DEIN WISSEN
Where does consumer demand come from?
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TESTE DEIN WISSEN
Utility maximization Optimal consumption decision : MUx/MUY = Px/Py
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TESTE DEIN WISSEN
Explain concept of elasticity
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TESTE DEIN WISSEN
Elasticity = %-change dependent var / %-change independent var - Measures responsiveness of any variable - Nondimensional number - Relationship between dependent variable & an independent variable - Definite interdependency assumed
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TESTE DEIN WISSEN
Price elasticity of demand
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TESTE DEIN WISSEN
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
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TESTE DEIN WISSEN
Variety of demand curves? (5)
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TESTE DEIN WISSEN
- Inelastic Demand - Elastic Demand - Perfectly Inelastic - Perfectly Elastic - Unit Elastic
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TESTE DEIN WISSEN
Cross price elasticity of deman_d
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TESTE DEIN WISSEN
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
Lösung ausblenden
TESTE DEIN WISSEN
Cross price elasticity of demand
Lösung anzeigen
TESTE DEIN WISSEN
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
Lösung ausblenden
TESTE DEIN WISSEN
Cross price elasticity of deman
Lösung anzeigen
TESTE DEIN WISSEN
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
Lösung ausblenden
TESTE DEIN WISSEN
Cross price elasticity of demand
Lösung anzeigen
TESTE DEIN WISSEN
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
Lösung ausblenden
TESTE DEIN WISSEN
What states the demand curve?
Lösung anzeigen
TESTE DEIN WISSEN
The quantity demanded of a good falls when the price of the good rises (other things equal)
Lösung ausblenden
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Q:
Shifters of demand other than price (6)
A:
- 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)
Q:
Engel`s Law
A:
The share of food expenditures in the total budget decreases with rising income.
Q:
Demand function
A:
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
Q:
Where does consumer demand come from?
A:
Utility maximization Optimal consumption decision : MUx/MUY = Px/Py
Q:
Explain concept of elasticity
A:
Elasticity = %-change dependent var / %-change independent var - Measures responsiveness of any variable - Nondimensional number - Relationship between dependent variable & an independent variable - Definite interdependency assumed
Q:
Price elasticity of demand
A:
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
Q:
Variety of demand curves? (5)
A:
- Inelastic Demand - Elastic Demand - Perfectly Inelastic - Perfectly Elastic - Unit Elastic
Q:
Cross price elasticity of deman_d
A:
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
Q:
Cross price elasticity of demand
A:
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
Q:
Cross price elasticity of deman
A:
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
Q:
Cross price elasticity of demand
A:
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
Q:
What states the demand curve?
A:
The quantity demanded of a good falls when the price of the good rises (other things equal)

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