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Lecture

ECON 101 Lecture on Utility and Demand Chapter 8.docx

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Department
Economics
Course
ECON 101
Professor
Corey Van De Waal
Semester
Fall

Description
Chapter 8 Utility and Demand How do we choose among goods P x aP x bm abThis equation is the equation of a budget line Mincome Suppose you have 100 and the price of good a is 5 and price of good b is10 how many units of good a and b can you buy subject to these constrants How do we deal with tastes Total utility TUTotal satisfaction derived from consumption of goods and services Key points about total utility Total utility rises initially as consumption risesTotal utility numbers are arbitraryZero consumption means zero total utilityNUMBER OF TOTAL UTILITY VIDEOS WATCHED PER WEEK
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