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Price Consumption Curves Flashcards

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8313780473Price Consumption Curve DefinitionTraces utility-maximizing combinations of two goods (x1 and x2 ) for every possible price of the first good (x1 )0
8313797242DecreasesAs the price of x1 __________, pivot budget constraint ________ along X-axis1
8313809810(high, low) or (low, high)When price of x1 is __________, consume _________ amount of x12
8313826778ComplementsUpward-sloping price consumption curve. As price of x 1 decreases, buy more of both x 1 and x 2.3
8313829288SubstitutesDownward-sloping price consumption curve. As price of x 1 decreases, buy more of x 1 and less of x 24
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