Koofers

Lecture Notes for ECON 302 - Inter Microeconomic Theory at Illinois (UIUC)

Notes Information

Material Type:Note 17
Professor:Staff
Class:ECON 302 - Inter Microeconomic Theory
Subject:Economics
University:University of Illinois - Urbana-Champaign
Term: 2007
Keywords:
  • Indifference Curves
  • Preferences
  • Observation
  • Indifference Curve
  • Combination
  • Indifferent
  • Consequence
  • Marginal Rate
  • Consumption
  • (to/for) Him/it
Login / Sign Up to View Document
Preview Page 1Preview Page 2Preview Page 3Preview Page 4Preview Page 5Preview Page 6

Sample Document Text

LECTURE 17 CONSUMER PREFERENCES 2 QUESTIONS, ISSUES AND TOPICS TO BE COVERED: - For a quantitative analysis of consumer behavior, one needs to convert consumer preferences into a mathematical form. How can this be accomplished? Is this always possible? - Can consumer preferences be also represented in a graphical manner? If so, then how can this be conceptually accomplished? 3 - What information does the shape of the indifference curves convey about the nature of preferences? 4 SKILLS TO BE MASTERED: - Understanding the implications of indifference curve shapes for consumer preferences. - Computing the Marginal Rate of Substitution between two goods. 5 INTRODUCTION Observation: Any economic model has at its heart one or more individuals. Therefore: It is important to study models that describe an individual and his behavior. 6 EXAMPLES OF INDIVIDUAL CHOICE i. How much of a given product to consume. ii. How much of a given product to produce. (managers/firms) iii. How many ...

Related Documents

Economic Good Notes
Indifference Curves Exam
Consumer Equilibrium Exam
Profit Maximization Notes
Indifference Curves Exam
Marginal Product Notes
Price Stability Notes
Rational People Exam
Allocative Efficiency Notes
Determinants of Supply Notes
Marginal Rate Exam
Rational Person Exam
Creative Concept Exam
American Imperialism Exam
Branching Questions Notes
Coparenting Notes
155, "/var/app/current/tmp/"