ECON 103 Lecture Notes - Lecture 14: Demand Curve
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In this lecture we started exploring the logic, incentives, and motivation behind the demand curve: there are some sapling assignments due next week, professor ja(cid:374)is(cid:859)s office hours are returning to the original times (wednesdays from 1- If those do(cid:374)(cid:859)t work for you the(cid:374) let professor ja(cid:374)is k(cid:374)ow a(cid:374)d you ca(cid:374) try to (cid:373)ake an appointment for another time: the optimum quantity is reached when the marginal benefits curve intersects the. Decisions based on costs and benefits: continued marginal costs curve. Factors underlying demand: utility: it refers to the satisfying power of a commodity and is a subjective concept. It can also be expressed as the sum of all the marginal utilities: marginal utility: it is the additional utility that a consumer derives from the consumption of an additional unit of a commodity. Budget line: budget line: it is a straight line which shows the various combinations of two goods that the consumer can purchase by spending his entire income.
