Chapter

Price and Quantity Levels

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print November 1987 | ISBN: 9780198284611
Published online November 2003 | e-ISBN: 9780191595844 | DOI: http://dx.doi.org/10.1093/0198284616.003.0013
 Price and Quantity Levels

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This is the first of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. It discusses price and quantity levels. The four sections of the chapter are: price–quantity duality; dual function examples (Cobb–Douglas and Cobb–Douglas, polyhedral and polytope); price and quantity levels; and limits of indeterminacy.

Keywords: choice; choice theory; Cobb–Douglas function; cost of living; dual functions; indeterminacy; polyhedral function; polytope function; price; price indices; price–quantity duality; quantity

Chapter.  4535 words. 

Subjects: Microeconomics

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