commodity bundle การใช้

• That is, the consumer has no representation of potentially observable demand patterns for individual consumers over commodity bundles.
• Here, utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred.
• A representative collection of goods, or "'commodity bundle "', is used for comparison purposes, to measure inflation.
• Although commodity bundles come in discrete packages, economists treat their units as a continuum, because very little is gained from recognizing their discrete nature.
• Starting from a base ( or reference ) year, a price index " P t " represents the price of the commodity bundle over time " t ".
• The real value of individual goods or commodities may rise or fall against each other, in relative terms, but a representative commodity bundle as a whole retains its real value as a constant over time.
• Note the difference between CES utility and isoelastic utility : the CES utility function is an ordinal utility function that represents preferences on sure consumption commodity bundles, while the isoelastic utility function is a cardinal utility function that represents preferences on lotteries.
• It is also possible that the Hicksian and Marshallian demands are not unique ( i . e . there is more than one commodity bundle that satisfies the expenditure minimization problem ); then the demand is a correspondence, and not a function.
• The "'nominal "'( unadjusted ) value of the commodity bundle in a given year depends on prices current at the time, whereas the real value of the commodity bundle, if it is truly representative, remains the same.
• The "'nominal "'( unadjusted ) value of the commodity bundle in a given year depends on prices current at the time, whereas the real value of the commodity bundle, if it is truly representative, remains the same.