Weber-Fechner's Law, Demand Function and Related Topics
AbstractIn our previous paper, we derive the demand function in the form p=du(x)/dx and we apply the Weber-Fechner's law to the utility function and we obtain the demand function in the familiar form p=A/x. We compare our derivation of the demand function with the standard one. The differences are i) different functional form of the utility function, ii) different objective function to aximize, iii) different treatment of the budget condition. We also study how much quantity of goods we should distribute to N persons in n kinds of goods. By adding each person's demand function, we obtain the total demand function. By the market equilibrium, we obtain the only unique solution of how much quantity of goods we should distribute to each person. The quantity of goods is distributed according to each person's preference.
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Bibliographic InfoPaper provided by EconWPA in its series Microeconomics with number 0503004.
Length: 8 pages
Date of creation: 07 Mar 2005
Date of revision:
Note: Type of Document - pdf; pages: 8. Type of Document - PDF
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Weber-Fechner's law; utility function; demand function; Pareto optimum;
Find related papers by JEL classification:
- D1 - Microeconomics - - Household Behavior
- D2 - Microeconomics - - Production and Organizations
- D3 - Microeconomics - - Distribution
- D4 - Microeconomics - - Market Structure and Pricing
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-04-16 (All new papers)
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- Kazuyasu Shigemoto, 2004. "Weber-Fechner's Law and Demand Function," Microeconomics 0412001, EconWPA.
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