Consumer behavior and rational choice

Consumer behavior and rational choice - = MRS Utility...

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Chapter 4 Consumer Behavior and Rational Choice Norton Media Library W. Bruce Allen Neil A. Doherty Keith Weigelt Edwin Mansfield
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Maximum amount of a good that a consumer is willing to give up in order to obtain one additional unit of another good. Diminishing MRS Slope of Indifference curve x -1
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Unformatted text preview: = MRS Utility Utility is a measure of the relative satisfaction from consumption of goods. Maximize the total utility of individuals, aiming for "the greatest happiness for the greatest number Theory of Utilitarianism...
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This note was uploaded on 04/07/2008 for the course ECON 2010 taught by Professor Devkota during the Spring '08 term at Rensselaer Polytechnic Institute.

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Consumer behavior and rational choice - = MRS Utility...

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