Table of Contents
Choices and Demand
Budget Lines
Slope of a Budget Line
Budget Line Between Tape Rentals and Video Games
Changes in Opportunities
An Increase in Income Shifts a Budget Line
An Increase in Income Shifts a Budget Line
An Increase in Income Shifts a Budget Line
An Increase in Income Shifts a Budget Line
An Increase in Income Shifts a Budget Line
An Increase in Income Shifts a Budget Line
Changes in Opportunities
A Price Change Rotates a Budget Line
A Price Change Rotates a Budget Line
A Price Change Rotates a Budget Line
A Price Change Rotates a Budget Line
A Price Change Rotates a Budget Line
A Price Change Rotates a Budget Line
A Price Change Rotates a Budget Line
A Price Change Rotates a Budget Line
Tastes and Opportunities
Rational Choice
Marginal Benefit
Measuring Benefits: Utility and Revenue
Measuring Benefits: Utility and Revenue
Total and Marginal Benefit
Total and Marginal Benefit
Marginal Cost
Total and Marginal Cost
Total and Marginal Cost
Net Benefit
Maximizing Net Benefit
Maximizing Net Benefit
Maximizing Net Benefit
Maximizing Net Benefit
Maximizing Net Benefit
Maximizing Net Benefit
Application to Demand
Application to Demand
A Demand Curve Is a Marginal Benefit Curve
A Demand Curve Is a Marginal Benefit Curve
A Demand Curve Is a Marginal Benefit Curve
A Demand Curve Is a Marginal Benefit Curve
A Demand Curve Is a Marginal Benefit Curve
Rational and Irrational Choices
Rational and Irrational Choices
Rational and Irrational Choices
Appendix A Indifference Curves
Indifference Curves
Indifference Curves
One of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
One of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
One of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
One of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
Many Indifference Curves
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
More of Lee’s Indifference Curves Between Hamburgers and Hot Dogs
Many Indifference Curves
A Rational Person’s Indifference Curves Cannot Cross
A Rational Person’s Indifference Curves Cannot Cross
A Rational Person’s Indifference Curves Cannot Cross
A Rational Person’s Indifference Curves Cannot Cross
A Rational Person’s Indifference Curves Cannot Cross
A Rational Person’s Indifference Curves Cannot Cross
Slopes of Indifference Curves
Slopes of Indifference Curves
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Marginal Rates of Substitution
Perfect Substitutes and Perfect Complements
Perfect Substitutes and Perfect Complements
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Rational Choice with Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Demand Curves and Indifference Curves
Appendix B Marginal Benefits and the Marginal Rate of Substitution
Maximizing Total Benefit
Maximizing Total Benefit
Maximizing Total Benefit
Maximizing Total Benefit
Maximizing Total Benefit
Maximizing Total Benefit
Maximizing Total Benefit
Maximizing Total Benefit
Appendix C Mathematics of Rational Choice
Mathematics of Rational Choice
Mathematics of Rational Choice
Mathematics of Rational Choice
Mathematics of Rational Choice
Choices and Demand
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