范里安中级微观经济学第六版中文课件（上）.ppt

* F + G = 100: before stamps. Budget constraint after 40 food stamps issued. What if food stamps can be traded on a black market for $0.50 each? Black market trading makes the budget set larger again. * Can be equivalently expressed as * But what if prices are not constants? E.g. bulk buying discounts, or price penalties for buying “too much”. Then constraints will be curved. Suppose p2 is constant at $1 but that p1=$2 for 0 - 20 and p1=$1 for x120. * Commodity 1 is stinky garbage. You are paid $2 per unit to accept it; i.e. p1 = - $2. p2 = $1. Income, other than from accepting commod