1.
Outline for Thurs, July 17
Remember
Homework due Monday
Quiz on Tuesday – NEW SCHEDULE
Review from Thursday
2.
Mapping utility
We can change the utility function by
Raising it to any power
Multiplying it by a positive number
3.
Mapping utility
We can change the utility function by
Raising it to any power
Multiplying it by a positive number
This will change the MU, but not the MRS or
indifference map
4.
Mapping utility
We can change the utility function by
Raising it to any power
Multiplying it by a positive number
This will change the MU, but not the MRS or
indifference map
U = 3X+Y
V = (3X+Y)4
Ü = 100(3X+Y)4
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