| relevant research · login |
|
|
 About UsThis weblog offers a variety of song lyrics that instructors of economics may find useful in teaching economics. Each post includes a selection from the song's lyrics and a brief assignment for students. This site has been accepted for publication in the Journal of Economic Education.Recent EntriesRelevant Research and ResourcesSuggestions?
Credits |
"C" ArchivesI'd Do Anything For Love (But I Won't Do That) - Meat LoafJEL: a b cAnd I would do anything for love But I'll never forget the way you feel right now-- Full Lyrics · Click to ListenAssignment:The principle of substitution says that a consumer is willing to give up some of one good to get more of another good. This principle is implicit in indifference curve analysis since the indifference curve represents this trade-off of one good for another. One violation of this principle is lexicographic preferences. A person having lexicographic preferences will always prefer to have more of good x - so much so that she will be unwilling to trade for a different bundle with slightly less x but a lot more y. Is MeatLoaf saying he has a lexicographic preference against "that"? Suppose that he is unwilling to do "that" - what does that imply for the marginal rate of substitution of love for "that"? |