sp25-econ101 econ101
Lecture 13: Utility maximization and budget constraints Lecture 13: Utility maximization and budget constraints
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Utility and marginal utility
Budget set
Spending the marginal dollar
Figures from the lecture
Diminishing MU: Twinkie consumption
Diminishing MU: Income
Graphically:
If the price of donuts increases?
If income is reduced?