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CAS EC 101 (203)
Lecture

EC101 Sept 23

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Department
Economics
Course
CAS EC 101
Professor
Neil Watson
Semester
Fall

Description
EC101September232013BehindthedemandcurveConsumertheoryThetwofactorsinvolvedinaconsumersdecisionIndifferencecurvesoPrinciplesofindifferencecurvesoMarginalrateofsubstitutionDefinitionBehindthedemandcurveoThetwofactorsinaconsumptiondecisionTastesandpreferencesBudgetUtilityhappinesssatisfactionorwellbeingofpizzaslicesTotalutilityMarginalUtility00utils1150utils150utils2250utils100utilsADDITIONALutils3325utils75utils375utils450utils5400utils25utilsMarginalutilityMUtheadditionalutilityyougetfromoneadditionalunitofagoodorserviceMarginalutilityofXMU
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