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The Visual Decoding of the ¡°Wheel of Duality¡± in Consumer Theory in Modern Microeconomics: An Instructional Tool Usable in Advanced Microeconomics to Turn ¡°Pain¡± into ¡°Joy¡±

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  • Seyyed Ali Zeytoon Nejad Moosavian

Abstract

Duality is the heart of advanced microeconomics. It exists everywhere throughout advanced microeconomics, from the beginning of consumer theory to the end of production theory. The complex, circular relationships among various theoretical microeconomic concepts involved in the setting of duality theory have led it to be called the ¡°wheel of pain¡± by many graduate economics students. Put simply, the main aim of this paper is to turn this ¡°wheel of pain¡± into a ¡°wheel of joy¡±. To be more specific, the primary purpose of this paper is to graphically decode the logical, complex relationships among a quartet of dual functions which present preferences as well as a quartet of demand-related functions in a visual manner.

Suggested Citation

  • Seyyed Ali Zeytoon Nejad Moosavian, 2016. "The Visual Decoding of the ¡°Wheel of Duality¡± in Consumer Theory in Modern Microeconomics: An Instructional Tool Usable in Advanced Microeconomics to Turn ¡°Pain¡± into ¡°Joy¡±," Applied Economics and Finance, Redfame publishing, vol. 3(3), pages 288-304, August.
    • Handle: RePEc:rfa:aefjnl:v:3:y:2016:i:3:p:288-304
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    References listed on IDEAS

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    1. Ahlheim, Michael, 1988. "On the economics of the Antonelli equation," European Journal of Political Economy, Elsevier, vol. 4(4), pages 539-552.
    2. Seyyed Ali Zeytoon Nejad Moosavian, 2016. "A Comprehensive Visual “Wheel of Duality” in Consumer Theory," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(3), pages 357-358, August.
    3. Alexandra Naumenko & Seyyed Ali Zeytoon Nejad Moosavian, 2016. "Clarifying Theoretical Intricacies through the Use of Conceptual Visualization: Case of Production Theory in Advanced Microeconomics," Applied Economics and Finance, Redfame publishing, vol. 3(4), pages 103-122, November.
    4. Seyyed Ali Zeytoon Nejad MOOSAVIAN, 2016. "Teaching Economics and Providing Visual “Big Pictures”," Journal of Economics and Political Economy, KSP Journals, vol. 3(1), pages 119-133, March.
    5. Leemis, Lawrence M. & McQueston, Jacquelyn T., 2008. "Univariate Distribution Relationships," The American Statistician, American Statistical Association, vol. 62, pages 45-53, February.
    6. Angus Deaton, 1979. "The Distance Function in Consumer Behaviour with Applications to Index Numbers and Optimal Taxation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 46(3), pages 391-405.
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    Cited by:

    1. Alexandra Naumenko & Seyyed Ali Zeytoon Nejad Moosavian, 2016. "Clarifying Theoretical Intricacies through the Use of Conceptual Visualization: Case of Production Theory in Advanced Microeconomics," Applied Economics and Finance, Redfame publishing, vol. 3(4), pages 103-122, November.

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    More about this item

    Keywords

    Theory of Duality; Consumer Theory; Teaching of Economics; Pedagogy; Graduate Teaching; Advanced Microeconomics; Wheel of Duality;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • D10 - Microeconomics - - Household Behavior - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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