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Principles of Microeconomics - Lecture 5

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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.

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

Lecture Material

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Supplementary lecture material is listed below.

1. Problem Set Questions (PDF)
2. Problem Set Solutions (PDF)
3. Solution Video (Problem Set 2)

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