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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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Price and Quantity Levels

Price and Quantity Levels

(p.185) III.1 Price and Quantity Levels
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

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

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