ECO 302 Notes 10-23-13.pdf

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Department
Economics
Course
ECO 302
Professor
Nicole Nelson
Semester
Fall

Description
Utility Mazimization Optimal Bundle D=(C*,B*) Slope are the same MRSb,c = MUb/MUc = Pb/Pc Utility Mazimizing Condition MRSb,c = MUb/MUc = Pb/Pc --> MUb/Pb = MUc/Pc The consumer is gonna make decisions up to the point where the ratio of the marginal utilities to the prices are equal In case the consumer has two goods or more goods,the conditions hold. MUa/Pa = MUb/Pb
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