Social and Cultural Dynamics ...: FLuctuation of social relationships, war, and revolution |
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Strana 6
This is reflected in the firstorder equilibrium conditions for optimal consumption
which state that the individual ' s equilibrium consumption is such that the
marginal utility of each good consumed is equal to the product of its marginal cost
and ...
This is reflected in the firstorder equilibrium conditions for optimal consumption
which state that the individual ' s equilibrium consumption is such that the
marginal utility of each good consumed is equal to the product of its marginal cost
and ...
Strana 8
... and future commodities that maximize his utility . . In the remainder of this
chapter a model of static utility maximization under certainty will be developed .
This model will specify all of the important decision variables relevant to an
individual ...
... and future commodities that maximize his utility . . In the remainder of this
chapter a model of static utility maximization under certainty will be developed .
This model will specify all of the important decision variables relevant to an
individual ...
Strana 20
CHAPTER III THE EMPIRICAL APPLICATION In the previous chapter a
theoretical model of static utility maximizing consumer equilibrium under certainty
, including " free " goods ( zero priced market inputs used by individuals in the ...
CHAPTER III THE EMPIRICAL APPLICATION In the previous chapter a
theoretical model of static utility maximizing consumer equilibrium under certainty
, including " free " goods ( zero priced market inputs used by individuals in the ...
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accepted agency allocated alterations amount analysis assumed average basis becomes benefits budget Chapter choice client combining commodities considerations constraint consumption cost defined Department depend determined developed disability type discounted district economic Education effect empirical equilibrium consumptions estimated expanded expected forecasts formulations future periods give given Government Health human implies included income income effect increase individual individual's demand inputs interest investment activities larger less limited magnitude marginal maximize maximum Michigan month monthly multiperiod nature necessary needed negative observations obtained Office opportunity earnings parameter particular payments period physical poor positive present present period production functions production possibilities quantity received recipient recorded regressions relation relationship service demanded significant social statistics substitution effect supply TABLE term tion unit of service utility variables vocational rehabilitation services wage prediction equation wage rate weekly earnings welfare zero