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Unformatted text preview: Indifference curves cant be _______________________. Bundles farther from the origin are _______________________ to those closer to the origin. Indifference curves cannot ________________________. Indifference curves are ________________________ & __________________________. A complete set of someones indifference curves is an _______________________________. We can simplify this map into a _____________________________________. Definition: Vocab: ordinal vs. cardinal Utility functions are not unique! a=(5,5) b=(2,8) c=(4,4) d=(1,1) Utility function x 1+ x 2 x 1 x 2 (x 1 x 2 ) 1/2 (x 1 x 2 ) 1/210 10(x 1 x 2 ) 1/2 a b c d Revisiting the properties of preferences as properties of utility functions. Why do we care about these utility functions? What do they tell us as economists? Marginal rate of substitution Definition Mathematical Derivation Example...
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This note was uploaded on 09/11/2011 for the course ECON 100A taught by Professor Woroch during the Spring '08 term at University of California, Berkeley.
 Spring '08
 Woroch
 Microeconomics

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