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Chapter 6

ECO100Y1 Chapter 6 Notes
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Department
Economics
Course
ECO101H1
Professor
Robert Gazzale
Semester
Fall

Description
ECO100Y1 Textbook Notes Chapter 6 61 Marginal Utility and Consumer ChoiceUtility the satisfaction or wellbeing that a consumer receives from consuming some good or serviceTotal utility the total satisfaction resulting from the consumption of a given commodity by a consumerMarginal utility the additional satisfaction obtained from consuming one additional unit of a commodityLaw of diminishing marginal utility the utility that any consumer derives from successive units of a particular product consumed over some period of time diminishes as total consumption of the product increases if the consumption of all other products is unchangedTotal utility rises but marginal utility declines as consumption increasesA utilitymaximizing consumer allocates expenditures so that the utility obtained from the last dollar spent on each product is equal The left side shows the relative a
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