ECON 1 Chapter 161-169: Consumer Choice
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ECON 1 Full Course Notes
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Consumerbecisionmakingtheories individuals u can compare opts ons is best. 127 make choices or equally that decide and attractive which are logically tent. Indifference curve a curve representing all of 2 goods equally well off that make combinations the consumer. C a consumer is indifferent between points on the same. Curve they make indifference him her equally of goodx well ett. Nb the curve can 4 curl up i inditerence curves can 4 cross. The maximum willingly is also amount of good y a for one segment trade more consumer unit of good of an indifference would. Mrs y good y for good x represents marginal rate of substitution of e g kevin would give up 7 brownies between points a 115 1 and bc 8 4 the mrs would be. 3 would give up 713 brownies per straight line aks would be 713 also. 7 we say ice cream cream for 3 ice seen equally attractiv.
