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Ec4004 Economics For Business, Lecture2, Choice and Utility

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    Ec4004 Economics For Business, Lecture2, Choice and Utility - Presentation Transcript

    1. EC4004 Lecture 2 Utility & Choice
    2. Yesterday Introduction to the Course
    3. Today Utility & Choice
    4. We can represent individual choices amongst competing alternatives using indifference curves & budget constraints
    5. Volunteers Frank Mackey Emmett McDonagh
    6. Utility Utility is the satisfaction a person receives from their economic activities.
    7. Assumptions • Ceteris Paribus (holding things constant) • Utility Function
    8. Function Set B Set A
    9. Assumptions about Preferences Transitivity Completeness More Preferred to Less
    10. Diminishing Marginal Utility: Demo

    + Stephen KinsellaStephen Kinsella, 2 years ago

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