Marvelous.Nobody explains the maths in such detail. This could have left thousands go nuts, had you skipped a few steps like most people do. Congratulations an keep up the great work (with same mathematical details of course).
Thanks for the support and compliments! I know how hard this stuff is for people to learn, and seeing the mathematical tricks hopefully helps. Spread the word and tell all your friends! ☺
@@BurkeyAcademy please make other vedios on related topics such as profit maximization, cost minimization, elasticity of subsitution, shephard lemma etc
Fantastic work. Much clearer than other explanations online, and clarifies all the different functional forms and notation which most sources don't bother to define. And includes the a/b terms, which are generally missing.
I had the exact same question in one of my books, and I would always get stuck in the mess. Thanks for taking the time to clarify the right process. Also, have you done a video on how to apply Sheppard's lemma to expenditure functions?
Yes, you are right! Thank you and two gold stars for you! I was lazy and didn't check that one as carefully as I should have. I added a note in the video description to help alert people to the mistake.
Yes, in the video description I have a note explaining that. Thanks for mentioning it, any errors need to be mentioned so people don't go crazy trying to do it on their own!
In the demand function for x, can you please tell me how p( I mean Rho) is that related to the elasticity of substitution. I solved it myself and got the same results as you. But my answers doesnt match with the one that has elasticity of substitution in it rather than Rho.
In this video I discuss the relationship between p and the elasticity of substitution. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-sQ7HTmKj0rw.html If you are still stuck after watching that, show me what you are getting, and I can try to help.
Excuse me, Where are you? Are you economics student? 'cause I do and I'd like to know if and another Country Can I Study economics and recognize my courses. Sorry for my English, it isn't good.
Thank you a lot for your great work. Your way of working is very attractive. Please, in order to derive the Marshallian demand for n goods of the CES utility function, can you tell me how to write the general form of the function ? In the document below (page 6), the function is written but i don't understand. In addition, in the page 12 "Demand systems linear in expenditure" is it a general form of all the demand functions with a linear constraint ? Finally, related to the page 12 what is "gorman polar form" ? I am so sorry to ask a lot of questions. Again, thank you very much. www2.econ.iastate.edu/classes/econ501/Hallam/documents/FunctionalForms.pdf
Does anyone know how to derive the following demand function on page 5 for imperfect substitution? How does the utility function look like and would we apply the same steps as here to derive the demand function? www.its.caltech.edu/~mshum/ec105/matt8.pdf I ask this because I see this kind of demand function a lot of imperfect subsitution but I never saw how it is derived/ how the Utility function would look like....
Taking a demand function and then seeing IF there is a utility function that would generate them is called the "Integrability Problem". For a system like yours, here is a page addressing it: everything2.com/title/Integrability+Problem+in+Economics
