Usually it is easier to obtain estimates for budget proportions and Engel elasticities than for elasticities with respect to price. By making certain want independence assumptions, the elasticities with respect to price can be deduced from the knowledge of budget proportions and Engel elasticities. In this connection the concept of the flexibility of the marginal utility of money is essential. A system of formulae decribing these relations is given.
Ragnar FrischRelated topics
budget certain concept connection easy essential flexibility formula given independence knowledge making marginal money price respect system utility relations proportionsRelated quotes
Harry Dresden: But there were some things I believed in. Some things I had faith in. And faith isn't about perfect attendance to services, or how much money you put on the little plate. It isn't about going skyclad to the Holy Rites, or meditating each day upon the divine. Faith is about what you do. It's about aspiring to be better and nobler and kinder than you are. It's about making sacrifices for the good of others-even when there's not going to be anyone telling you what a hero you are.
Jim Butcher
We are confident that the normalization of Armenia-Turkey relations can become the greatest input of the recent decades in achieving peace and stability in the South Caucasus. With this vision, we have agreed to move forward without any preconditions, not making our relations contingent upon Turkey's recognition of the Armenian Genocide. However, if, as many suspect, it is proven that Turkey's goal is to protract, rather than to normalize relations, we will have to discontinue the process.
Serzh Sargsyan
I'm a - I'm a, um, a godmother which is just, that's fun to be a godmother, she is so precious, she's the light of my life, she's two... or five or something, and she's, uh... I don't know, I've never seen her - the pictures are precious, she just seems so, y'know... She lives clear across town, I don't have that kind of time, but, um... Well, I send money and stuff, it's not like I don't have a connection....
Ellen DeGeneres
I've been making a list of the things they don't teach you at school. They don't teach you how to love somebody. They don't teach you how to be famous. They don't teach you how to be rich or how to be poor. They don't teach you how to walk away from someone you don't love any longer. They don't teach you how to know what's going on in someone else's mind. They don't teach you what to say to someone who's dying. They don't teach you anything worth knowing.
Neil Gaiman
Were I to deduce any system from my feelings on leaving Eton, it might be called The Theory of Permanent Adolescence. It is the theory that the experiences undergone by boys at the great public schools, their glories and disappointments, are so intense as to dominate their lives and to arrest their development. From these it results that the greater part of the ruling class remains adolescent, school-minded, self-conscious, cowardly, sentimental, and in the last analysis homosexual.
Cyril Connolly
