2. Preferences and Utility Functions

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MIT 14.01 Principles of Microeconomics, Fall 2018
Instructor: Prof. Jonathan Gruber
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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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