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Microeconomics Question from Walter E. Williams:Edit

  • (a) In a situation with two commodities X and Y, starting with an individual's interior (non-corner) endowment derive his demand curve for commodity X. Is this an "excess-demand" curve or a "full-demand" curve?
  • (b) Explain Friedman's concept of the "real-income-constant" demand curve. Is the demand curve just derived one with real-income-constant in his sense?

AnswerEdit

  • (a) Similar to WEW-005 in the derivation. Unclear on the definitions.
  • (b) Friedman was a proponent of the Hicksian type income constant demand curve -- I am unclear on the differences.
This micro-stub needs improving.

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