Shephard's lemma
id:
shephard-s-lemma-249-17110904
title:
Shephard's lemma
text:
Shephard's lemma is a major result in microeconomics having applications in the theory of the firm and in consumer choice. The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good with price p i is unique. The idea is that a consumer will buy a unique ideal amount of each item to minimize the price for obtaining a certain level of utility given the price of goods in the market. The lemma is named after Ronald Shep
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wiki
category slug:
encyclopedia
description:
original url:
https://en.wikipedia.org/wiki/Shephard%27s_lemma
date created:
date modified:
2023-10-14T13:17:10Z
main entity:
{"identifier":"Q1536466","url":"https://www.wikidata.org/entity/Q1536466"}
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13
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