2 Preferences and Utility Functions

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=tCKk22kaZi4

MIT 14.01 Principles of Microeconomics, Fall 2018 • Instructor: Prof. Jonathan Gruber • View the complete course: https://ocw.mit.edu/14-01F18 • YouTube Playlist: • MIT 14.01 Principles of Microeconomic... • This video focuses on the demand curve, derived from how consumers make choices, and the supply curve, which is how firms make production decisions. • Chapters • 00:00 Title slate • 00:11 Lecture Start • 01:13 Model Assumptions • 05:54 Indifference Curves • 09:23 Four Properties • 13:27 Real Example ( job search ) • 15:28 Utility Functions • 18:31 Margin Utility • 24:49 Marginal Rate of Substitution • 30:13 Why graph's not concave • 32:37 (Q) Addictives MRS • 34:31 Price of Different Sizes of Goods • License: Creative Commons BY-NC-SA • More information at https://ocw.mit.edu/terms • More courses at https://ocw.mit.edu • Support OCW at http://ow.ly/a1If50zVRlQ • We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.

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