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Unformatted text preview: Notes File Edit t Format View Window Help 97% Wed 1:28 AM 88 Aa Lo Qv Search iCloud November 5, 2017 at 1:13 AM All iCloud You say i got homework 11/22/17 How i got home... Econ Notes Ch. 7 MT2 Notes sdfvbnm sdfvbnm Total Utility- The total satisfaction a consumer derives from consumption: it could refer to either the total utility of consuming a particular good or the total utility from all Econ Notes 10 MT2 consumption. Recently Deleted 11/5/17 10/25/2017 On My Mac Notes . Marginal Utility- The change in total derived from a one-unit change in consumption of a good. Notes Econ Notes 9 MT2 . Law of Diminishing Marginal Utility- The more of a good a person consumes per period, the smaller the increase in total utility from consuming one more unit. (o.t.c) 11/5/17 A monopolist is a.... Google Notes Consumer Equilibrium- The condition in which an individual consumer's budget is spent and the last dollar spent on each good yields the same marginal utility; therefore, utility is maximized. Notes Econ Notes Ch. 7 MT2 Marginal Valuation- The dollar value of the marginal utility derived from consuming each additional unit of a good. 11/5/17 Total Utility- The... Notes Consumer Surplus- The difference between the maximum amount that a consumer is willing to pay for a given quantity of a good and what the consumer actually pays. Econ Notes 8 MT2 Consumer Surplus- The difference between the maximum amount that a consumer is willing to pay for a given quantity of a good and what he consumer actually pays. 11/5/17 Sunk Cost Fallacy Notes [Marginal Value of Free Medical Care] Brain Storming Intervi... Indifference Curves and Utility Maximization 10/25/17 Due 2 weeks fro... Notes Indifference Curve- shows all combinations go goods that provide the consumer with the same satisfaction, or the same utility (the consumer finds all combinations on a curve equally preferred) . Audio Notes 10/17/17 Midterm Review .Marginal Rate of Substitution- the number of "A" you are willing to give up to get more of "B", neither gaining nor losing utility in the process. Notes The Law of Diminishing Rate of Substitution- States that as your consumption of "A" increases, the amount of "B" you are willing to give up to get another "A" declines. Writing For Media Indifference Map- A graphical representation of a consumer's tastes. Each curve reflects a different level of utility. 10/17/17 Writing Assignm... Notes Summary of the Properties of Indifference Curves- Audio Notes 1. A particular indifference curve reflects a constant level of utility, so the consumer is indifferent about all consumption combinations along a given curve. Combinations are equally 10/5/17 Sample Rate: 44.... attractive. Notes 2. If total utility is to remain constant, an increase in the consumption of one good must be offset by a decrease in the consumption of the other good, so each indifference curve slopes downward. Bath Bomb Ingredients 3. Because of the law of diminishing marginal rate of substitution, indifference curves bow toward the origin. 9/28/17 1/2 Cup - Baking... 4. Higher indifference curves represents higher levels of utility. Notes 5. Indifference curves do not intersect. Econ Notes 6 . Budget Line- Depicts all possible combinations of videos and pizzas, given their prices and your budget. 9/25/17 Elastic Demand... Notes - New Folder Economic Notes 5 9/25/17 Price Elasticity O... 4 7 4 2 50 1 1 8 0 QW P X 5 PS S Pr Au...
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  • Fall '12
  • vredeveld
  • Utility, Marginal rate of substitution, Marginalism

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