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Preferences and Utility Functions

Ford Professor of Economics

41:23·2020·introductory level
Path step 2: Formalizes household preferences, indifference curves, and utility maximization.

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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