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Lec 5 | MIT 14.01SC Principles of Microeconomics

Contributor

Jon Gruber

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

Lecture 5: Budget Constraints. Life would be easy if it was just a question of deciding what we would like most. The answer would probably be more of everything! Of course, economic decisions are not that simple, and the reason is that we are constrained in what we can choose: constrained by the amount of income, the amount of time, or any one of a number of factors. In this lecture we will analyze how consumers make choices when they face a budget constraint.

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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Core: Budget constraints, marginal rate of transformation, opportunity cost, constrained utility maximization, corner solutions
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