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Consumer Behavior (+ Appendix)


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IN THIS CHAPTER YOU WILL LEARN:
  1. About total utility, marginal utility, and the law of diminishing marginal utility.


  2. How rational consumers compare marginal utility-to-price ratios for products in purchasing combinations of products that maximize their utility.


  3. How a demand curve can be derived by observing the outcomes of price changes in the utility-maximization model.


  4. How the utility-maximization model helps highlight the income and substitution effects of a price change.


  5. (Appendix) About budget lines, indifference curves, utility maximization, and demand derivation in the indifference curve model of consumer behavior.










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