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  • 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