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ECON10A_6

# ECON10A_6 - NoClicker(asofYesterday 3076650 3156478 3157930...

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1/4/2008 1 No Clicker (as of Yesterday) 3076650 4181806 5162631 3156478 4204855 8297632 3157930 4256970 8401820 3276482 4289161 8668113 3354446 4292603 8735508 3360088 4374757 8791055 3411808 4505087 8800187 3465812 4514253 8862179 3525235 4524096 8875932 3541307 4612958 3655669 4765715 3659786 4855102 3664992 4859724 3688652 4900403 3699808 4972949 3710092 4980009 3944329 5061072 4083317 5089214 4087995 5130810 4146569 5159447

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1/4/2008 2 Announcements for Exam Week Extra O.H. posted on webpage. These are in addition to normal O.H. on syllabus Practice Midterm Posted Review Session Chem 1179 Sat 12-1:30 Bring ID to exam 100A students sit in front
1/4/2008 3 Review For Midterm 1

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1/4/2008 4 Preferences Defined over bundles: (x 1 , x 2 ) (x 1 , x 2 ) Plot in coordinate system Monotonicity Indifference curves Marginal rate of substitution Slope of indif curve at a given bundle X 1 X 2
1/4/2008 5 Utility U(x 1 ,x 2 ) “Represents” preferences Attaches a number to a bundle Indif curves are level curves of U(x 1 ,x 2 ) U(x 1 ,x 2 ) not a unique representation. Increasing transformations of U(x 1 ,x 2 ) represent same preferences It’s like renumbering indif curves X 1 X 2 U(x 1 ,x 2 )=1 U(x 1 ,x 2 )=52 U((x 1 ,x 2 ))=7

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1/4/2008 6 Marginal Utility MU 1 (x 1 ,x 2 )= : How much utility you get form one more unit of good 1. MU 2 (x 1 ,x 2 )= : How much utility you get form one more unit of good 2. Depends on how much you already have of both goods Also depends on form of utility function 1 2 1 x ) x , u(x 2 2 1 x ) x , u(x
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