Lecture 2
Copyright © 2012 Pearson Addison-Wesley. All rights reserved. Chapter 20 Consumer Choice.
Cardinal utility
Chapter 21 - Consumer Choice1 Learning Objectives Distinguish between total utility and marginal utility Discuss why marginal utility at first rises.
The Rational Consumer. The income and substitution effects have been sacrificed… Their definitions are straight forward and in your book.
The Rational Consumer
U NIT 2: B ACKGROUND TO D EMAND : T HE T HEORY OF C ONSUMER C HOICE Objectives: Upon completion of this unit students should be able to; Define the concept.
20-1 Chapter 20 – Consumer Choice There have been shifts in air travel away from facilities located in larger metro areas. San Francisco International.
