2. Preferences and Utility Functions
This lecture introduces the foundational concepts of consumer preferences and utility functions within microeconomic theory. It develops indifference curves, their properties, and the crucial relationship between marginal utility and the marginal rate of substitution.
MIT 14.01 Principles of Microeconomics, Fall 2018
Instructor: Prof. Jonathan Gruber
* View newer version of the course: https://ocw.mit.edu/14-01F23 *
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G-
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1. Introduction and Supply & Demand
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