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Principles of Microeconomics - Lecture 4

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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.

Prof. Jonathan Gruber
14.01 Principles of Microeconomics
(Massachusetts Institute of Technology: MIT OpenCourseWare)
http://ocw.mit.edu
Date accessed: 2012-03-01
License: Creative Commons BY-NC-SA

Lecture Material

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Supplementary lecture material is listed below.

1. Recitation: Calculating Elasticities (PDF)



 

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