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Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
Ec4004 Economics For Business, Lecture2, Choice and Utility
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Ec4004 Economics For Business, Lecture2, Choice and Utility

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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

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