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Lec 4 | MIT 14.01SC Principles of Microeconomics

Contributor

Jon Gruber

Subject/Level/Grades: Economics Undergraduate 2:1,First
Summary:

Lecture 4: Preferences and Utility. Behind every supply and demand curve is an army of producers and consumers making their own decisions. For consumers, their decisions are driven, quite simply, by what they want! All consumers make decisions to maximize their utility. In this lecture, we will learn about utility, how to define it and how we represent it mathematically.

Assumed Knowledge:

It would be helpful if you have watched the previous videos of the same series. This course will also include some basic uni-variate calculus material.

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Content Tags:
Core: Consumer theory, preference assumptions, indifference curves, utility functions, marginal utility.
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