2. Preferences and Utility Functions

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

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