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Weber-Fechner's Law, Demand Function and Related Topics

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  • Kazuyasu Shigemoto

    (Tezukayama University)

Abstract

In 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.

Suggested Citation

  • Kazuyasu Shigemoto, 2005. "Weber-Fechner's Law, Demand Function and Related Topics," Microeconomics 0503004, EconWPA.
  • Handle: RePEc:wpa:wuwpmi:0503004
    Note: Type of Document - pdf; pages: 8. Type of Document - PDF
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mic/papers/0503/0503004.pdf
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    1. Kazuyasu Shigemoto, 2004. "Weber-Fechner's Law and Demand Function," Microeconomics 0412001, EconWPA.
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    Keywords

    Weber-Fechner's law; utility function; demand function; Pareto optimum;

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D2 - Microeconomics - - Production and Organizations
    • D3 - Microeconomics - - Distribution
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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