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Reverting edit(s) by Mjaðveig (talk) to rev. 1172864556 by Danpfeff: Reverting good faith edits. Please always provide an edit summary (RW 16.1) |
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:<math>x^i(p,m^i)</math>
The aggregate demand of society is, in general, a function of the price system and the entire distribution of incomes:
:<math>X(p,m^1,\dots,m^n) = \sum_{i=1}^n
To represent the entire society as a single consumer, the aggregate demand must be a function of only the prices and the ''total'' income, regardless of its distribution:
:<math>X(p,m^1,\dots,m^n) = X\left(p, \sum_{i=1}^n
Under what conditions is it possible to represent the aggregate demand in this way?
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