1061:
1926:
1848:
1182:
73:
1859:, the same steps cannot be taken to find the utility maximising bundle as it is a non differentiable function. Therefore, intuition must be used. The consumer will maximise their utility at the kink point in the highest indifference curve that intersects the budget line where x = y. This is intuition, as the consumer is rational there is no point the consumer consuming more of one good and not the other good as their utility is taken at the minimum of the two ( they have no gain in utility from this and would be wasting their income). See figure 3.
135:
32:
1887:
relative prices of listening to the two artists. If attending a Tame Impala concert is cheaper than attending the AC/DC concert, the consumer chooses to attend the Tame Impala concert, and vice versa. If the two concert prices are the same, the consumer is completely indifferent and may flip a coin to decide. To see this mathematically, differentiate the utility function to find that the
1892:
spend entire budget on good y) to see which is the solution. The special case is when the (constant) MRS equals the price ratio (for example, both goods have the same price, and same coefficients in the utility function). In this case, any combination of the two goods is a solution to the consumer problem.
1068:
Negativity must be checked for as the utility maximization problem can give an answer where the optimal demand of a good is negative, which in reality is not possible as this is outside the domain. If the demand for one good is negative, the optimal consumption bundle will be where 0 of this good is
1912:
says that if the demand for both goods is homogeneous, when the price of one good decreases (holding the price of the other good constant) the consumer will consume more of this good and less of the other as it becomes relatively cheeper. The same goes if the price of one good increases, consumers
1916:
The income effect occurs when the change in prices of goods cause a change in income. If the price of one good rises, then income is decreased (more costly than before to consume the same bundle), the same goes if the price of a good falls, income is increased (cheeper to consume the same bundle,
1891:
is constant - this is the technical meaning of perfect substitutes. As a result of this, the solution to the consumer's constrained maximization problem will not (generally) be an interior solution, and as such one must check the utility level in the boundary cases (spend entire budget on good x,
851:
is a concept in utility maximization which refers to the consumer's desire to get the best value for their money. If Walras's law has been satisfied, the optimal solution of the consumer lies at the point where the budget line and optimal indifference curve intersect, this is called the tangency
1886:
perfect substitutes. This means that they are happy to spend all afternoon listening to only AC/DC, or only Tame Impala, or three-quarters AC/DC and one-quarter Tame Impala, or any combination of the two bands in any amount. Therefore, the consumer's optimal choice is determined entirely by the
1997:
heuristic: In this strategy it is seen that people often assign subjective values to their money depending on their preferences for different things. A person will develop mental accounts for different expenses, allocate their budget within these, then try to maximise their utility within each
300:
and other biases, consumers sometimes pick bundles that do not necessarily maximize their utility. The utility maximization bundle of the consumer is also not set and can change over time depending on their individual preferences of goods, price changes and increases or decreases in income.
1757:
exists, but it is not necessarily unique. If the preferences of the consumer are complete, transitive and strictly convex then the demand of the consumer contains a unique maximiser for all values of the price and wealth parameters. If this is satisfied then
1900:
For a given level of real wealth, only relative prices matter to consumers, not absolute prices. If consumers reacted to changes in nominal prices and nominal wealth even if relative prices and real wealth remained unchanged, this would be an effect called
1989:
is defining a level for each aspect of a product they want and eliminating all other options that do not meet this requirement e.g. price under $ 100, colour etc. until there is only one product left which is assumed to be the product the consumer will
1387:
613:
increasing the quantity of both goods should make the consumer strictly better off (increase their utility), and increasing the quantity of one good holding the other quantity constant should not make the consumer worse off (same utility).
1905:. The mathematical first order conditions for a maximum of the consumer problem guarantee that the demand for each good is homogeneous of degree zero jointly in nominal prices and nominal wealth, so there is no money illusion.
1672:
1464:
2027:. In expenditure minimisation the utility level is given and well as the prices of goods, the role of the consumer is to find a minimum level of expenditure required to reach this utility level.
816:
2307:
752:
694:
1232:
1170:
928:
1122:
309:
For utility maximization there are four basic steps process to derive consumer demand and find the utility maximizing bundle of the consumer given prices, income, and preferences.
994:
2317:
1048:
852:
condition. To find this point, differentiate the utility function with respect to x and y to find the marginal utilities, then divide by the respective prices of the goods.
635:
599:
579:
559:
528:
508:
488:
468:
448:
428:
408:
388:
368:
1983:
heuristic is when a consumer defines an aspiration level and looks until they find an option that satisfies this, they will deem this option good enough and stop looking.
1543:
1265:
347:
Completeness of preferences indicates that all bundles in the consumption set can be compared by the consumer. For example, if the consumer has 3 bundles A,B and C then;
838:
1933:
If the consumers income is increased their budget line is shifted outwards and they now have more income to spend on either good x, good y, or both depending on their
1830:
1791:
1755:
1709:
1502:
292:
Utility maximization is an important concept in consumer theory as it shows how consumers decide to allocate their income. Because consumers are modelled as being
1254:
2199:
1550:
152:
45:
1069:
consumed and all income is spent on the other good (a corner solution). See figure 1 for an example when the demand for good x is negative.
1408:
199:
171:
1986:
1972:
178:
2312:
1941:
then consumption of both goods would increase and the optimal bundle would move from A to C (see figure 5). If either x or y were
2239:
1908:
When the prices of goods change, the optimal consumption of these goods will depend on the substitution and income effects. The
2347:
1874:, the utility maximising bundle can be found by differentiation or simply by inspection. Suppose a consumer finds listening to
1959:
In practice, a consumer may not always pick an optimal bundle. For example, it may require too much thought or too much time.
339:
For a utility representation to exist the preferences of the consumer must be complete and transitive (necessary conditions).
185:
2297:
759:
167:
2342:
701:
643:
1833:
327:
states that if a consumers preferences are complete, monotone and transitive then the optimal demand will lie on the
236:
218:
116:
94:
59:
51:
87:
2062:
2024:
1081:, or the enumeration of all possible consumption bundles that could be selected if there were a budget constraint.
2302:
1191:
1129:
2031:
857:
156:
2038:
of utilities. While utility-maximization is done by individuals, utility-sum maximization is done by society.
1888:
1087:
1185:
Figure 2: This shows the optimal amounts of goods x and y that maximise utility given a budget constraint.
192:
1794:
1064:
Figure 1: This represents where the utility maximizing bundle is when the demand for one good is negative
947:
1052:
The tangency condition is then substituted into this to solve for the optimal amount of the other good.
2332:
281:. It consists of choosing how much of each available good or service to consume, taking into account a
1945:, then demand for these would decrease as income rises (the optimal bundle would be at point B or C).
1001:
1382:{\displaystyle B(p,I)=\{x\in \mathbb {R} _{+}^{n}|\mathbb {\Sigma } _{i=1}^{n}p_{i}x_{i}\leq I\}\ ,}
1060:
2167:
620:
584:
564:
544:
513:
493:
473:
453:
433:
413:
393:
373:
353:
81:
1963:
is a theory that explains this behaviour. Examples of alternatives to utility maximisation due to
1929:
Figure 5: This shows how the optimal bundle of a consumer changes when their income is increased.
1507:
1124:(a set of positive real numbers, the consumer cannot preference negative amount of commodities).
282:
145:
1934:
1925:
823:
293:
286:
98:
1847:
1800:
1761:
1725:
1679:
1472:
2047:
2016:
610:
1181:
8:
2072:
2052:
1964:
1960:
1954:
1909:
297:
2265:
2161:
2012:
1856:
1239:
530:
C. Therefore, the consumer has complete preferences as they can compare every bundle.
2292:
1851:
Figure 3: This shows the utility maximisation problem with a minimum utility function.
1402:. It is a real-valued function with domain being the set of all commodity bundles, or
1994:
941:
848:
328:
313:
538:
Transitivity states that individuals preferences are consistent across the bundles.
2337:
2087:
2077:
2067:
2057:
2008:
278:
254:
2034:
is a rule that says that society should choose the alternative that maximizes the
2020:
1871:
1395:
1078:
324:
1902:
258:
250:
16:
Problem of allocation of money by consumers in order to most benefit themselves
2326:
2082:
1942:
1391:
The consumer would like to buy the best affordable package of commodities.
2015:
in the utility maximisation problem mirrors the relationship between the
1980:
1968:
1938:
1883:
1917:
they can therefore consume more of their desired combination of goods).
296:, they seek to extract the most benefit for themselves. However, due to
1667:{\displaystyle x(p,I)=\{x\in B(p,I)|U(x)\geq U(y)\forall y\in B(p,I)\}}
1257:
1875:
1504:
is the utility maximizing bundle of all bundles in the budget set if
1459:{\displaystyle u:\mathbb {R} _{+}^{n}\rightarrow \mathbb {R} _{+}\ .}
249:
Utility maximization was first developed by utilitarian philosophers
134:
932:
This can be solved to find the optimal amount of good x or good y.
266:
274:
20:
312:
1) Check if Walras's law is satisfied 2) 'Bang for buck' 3) the
2187:. University of Minnesota library. 2011. pp. chapter 7.2.
1862:
1839:
2200:"How changes in income and prices affect consumption choices"
1879:
270:
1722:
is continuous and no commodities are free of charge, then
2266:"Why do we think less about some purchases than others?"
541:
therefore, if the consumer weakly prefers A over B (A
1803:
1764:
1728:
1682:
1553:
1510:
1475:
1411:
1268:
1242:
1194:
1132:
1090:
1004:
950:
860:
826:
762:
704:
646:
623:
587:
567:
547:
516:
496:
476:
456:
436:
416:
396:
376:
356:
2293:
Anatomy of Cobb-Douglas Type
Utility Functions in 3D
811:{\displaystyle (x+\epsilon ,y+\epsilon )\succ (x,y)}
159:. Unsourced material may be challenged and removed.
1913:will buy less of that good and more of the other.
1824:
1785:
1749:
1703:
1666:
1537:
1496:
1458:
1381:
1248:
1226:
1164:
1116:
1042:
988:
922:
832:
810:
746:
688:
629:
593:
573:
553:
522:
502:
482:
462:
442:
422:
402:
382:
362:
2313:Application of a utility function by Investopedia
2308:Utility maximisation definition by Economics help
747:{\displaystyle (x,y+\epsilon )\succcurlyeq (x,y)}
689:{\displaystyle (x+\epsilon ,y)\succcurlyeq (x,y)}
2324:
2142:. Department of economics, UCLA. pp. 10–17.
1920:
1895:
2197:
1545:then the consumers optimal demand function is:
1256:; then the set of all affordable packages, the
2318:Definition of substitute goods by Investopedia
2298:Rules for maximising utility by lumen learning
2156:. Princeton university press. n.d. p. 14.
334:
1072:
1661:
1575:
1370:
1290:
1227:{\displaystyle p\in \mathbb {R} _{+}^{n}\ ,}
1165:{\displaystyle x\in \mathbb {R} _{+}^{n}\ .}
285:(income), the prices of the goods and their
1863:Utility maximisation of perfect substitutes
1855:For a minimum function with goods that are
1840:Utility maximisation of perfect complements
60:Learn how and when to remove these messages
1937:for each good. if both goods x and y were
1055:
1440:
1420:
1323:
1301:
1203:
1141:
1093:
923:{\displaystyle MU_{x}/p_{x}=MU_{y}/p_{y}}
237:Learn how and when to remove this message
219:Learn how and when to remove this message
117:Learn how and when to remove this message
1924:
1846:
1180:
1059:
80:This article includes a list of general
2223:
2119:
1394:It is assumed that the consumer has an
1117:{\displaystyle \mathbb {R} _{+}^{n}\ .}
935:
19:For a less technical introduction, see
2325:
2228:. Stanford Encyclopedia of Philosophy.
1948:
998:Due to Walras's law being satisfied:
2137:
2124:. Cornell university. pp. 18–19.
2104:
1975:and the mental accounting heuristic.
843:
2179:
2177:
2133:
2131:
2109:. Stanford university. pp. 4–6.
1178:) of the n commodities is positive,
1174:Suppose also that the price vector (
157:adding citations to reliable sources
128:
66:
25:
2002:
1832:is set-valued and it is called the
1469:Then the consumer's optimal choice
989:{\displaystyle p_{x}x+p_{y}y\leq I}
13:
2303:An example of utility maximisation
1634:
1236:and that the consumer's income is
319:
86:it lacks sufficient corresponding
14:
2359:
2286:
2174:
2128:
1834:Marshallian demand correspondence
41:This article has multiple issues.
2063:Expenditure minimisation problem
2025:expenditure minimisation problem
609:For a preference relation to be
133:
71:
30:
2185:Utility Maximization and Demand
1043:{\displaystyle p_{x}x+p_{y}y=I}
601:C (A is weakly preferred to C)
144:needs additional citations for
49:or discuss these issues on the
2258:
2240:"Elimination-By-Aspects Model"
2232:
2217:
2191:
2154:Choice, preference and Utility
2146:
2113:
2098:
2032:utilitarian social choice rule
1819:
1807:
1780:
1768:
1744:
1732:
1698:
1686:
1658:
1646:
1631:
1625:
1616:
1610:
1603:
1599:
1587:
1569:
1557:
1532:
1520:
1491:
1479:
1435:
1317:
1284:
1272:
805:
793:
787:
763:
741:
729:
723:
705:
683:
671:
665:
647:
304:
168:"Utility maximization problem"
1:
2348:Business and economics portal
2093:
2007:The relationship between the
1953:for further information see:
1921:Reaction to changes in income
1896:Reaction to changes in prices
630:{\displaystyle \succcurlyeq }
594:{\displaystyle \succcurlyeq }
574:{\displaystyle \succcurlyeq }
554:{\displaystyle \succcurlyeq }
533:
523:{\displaystyle \succcurlyeq }
503:{\displaystyle \succcurlyeq }
483:{\displaystyle \succcurlyeq }
463:{\displaystyle \succcurlyeq }
443:{\displaystyle \succcurlyeq }
423:{\displaystyle \succcurlyeq }
403:{\displaystyle \succcurlyeq }
383:{\displaystyle \succcurlyeq }
363:{\displaystyle \succcurlyeq }
269:face: "How should I spend my
2140:Utility maximization problem
1870:For a utility function with
1713:utility maximization problem
637:is monotone if and only if;
283:constraint on total spending
263:utility maximization problem
7:
2041:
1795:Marshallian demand function
1538:{\displaystyle x\in B(p,I)}
604:
342:
335:Preferences of the consumer
10:
2366:
1073:A technical representation
18:
2343:Mathematical optimization
2224:Wheeler, Gregory (2018).
833:{\displaystyle \epsilon }
2198:Rice University (n.d.).
2105:Levin, Jonothan (2004).
940:The basic set up of the
316:4) Check for negativity
279:optimal decision problem
273:in order to maximize my
2122:Utility representations
2120:Salcedo, Bruno (2017).
1077:Suppose the consumer's
1056:4) Check for negativity
101:more precise citations.
1987:Elimination by aspects
1973:elimination by aspects
1930:
1852:
1826:
1825:{\displaystyle x(p,I)}
1787:
1786:{\displaystyle x(p,I)}
1751:
1750:{\displaystyle x(p,I)}
1705:
1704:{\displaystyle x(p,I)}
1668:
1539:
1498:
1497:{\displaystyle x(p,I)}
1460:
1383:
1250:
1228:
1186:
1166:
1118:
1084:The consumption set =
1065:
1044:
990:
924:
834:
812:
748:
690:
631:
595:
575:
555:
524:
504:
484:
464:
444:
424:
404:
384:
364:
2138:Board, Simon (2009).
1928:
1850:
1827:
1788:
1752:
1706:
1669:
1540:
1499:
1461:
1384:
1251:
1229:
1184:
1167:
1119:
1063:
1045:
991:
925:
835:
813:
749:
691:
632:
596:
576:
556:
525:
505:
485:
465:
445:
425:
405:
385:
365:
2166:: CS1 maint: year (
2048:Welfare maximization
2017:expenditure function
1801:
1762:
1726:
1680:
1551:
1508:
1473:
1409:
1266:
1240:
1192:
1130:
1088:
1002:
948:
944:of the consumer is:
936:3) Budget constraint
858:
824:
760:
702:
644:
621:
585:
581:C this means that A
565:
545:
514:
494:
474:
454:
434:
414:
394:
374:
354:
153:improve this article
2226:bounded rationality
2073:Substitution effect
2053:Profit maximization
1965:bounded rationality
1961:Bounded rationality
1955:Bounded rationality
1949:Bounded rationality
1910:substitution effect
1872:perfect substitutes
1857:perfect complements
1434:
1343:
1315:
1217:
1155:
1107:
298:bounded rationality
277:?" It is a type of
2013:Marshallian demand
1931:
1853:
1822:
1783:
1747:
1701:
1664:
1535:
1494:
1456:
1418:
1379:
1321:
1299:
1246:
1224:
1201:
1187:
1162:
1139:
1114:
1091:
1066:
1040:
986:
920:
844:2) 'Bang for buck'
830:
808:
744:
686:
627:
591:
571:
551:
520:
500:
480:
460:
440:
420:
400:
380:
360:
2333:Optimal decisions
2244:Monash University
1995:mental accounting
1452:
1398:function, called
1375:
1249:{\displaystyle I}
1220:
1158:
1110:
942:budget constraint
314:budget constraint
247:
246:
239:
229:
228:
221:
203:
127:
126:
119:
64:
2355:
2282:
2281:
2279:
2277:
2270:The decision lab
2262:
2256:
2255:
2253:
2251:
2236:
2230:
2229:
2221:
2215:
2214:
2212:
2210:
2195:
2189:
2188:
2181:
2172:
2171:
2165:
2157:
2150:
2144:
2143:
2135:
2126:
2125:
2117:
2111:
2110:
2102:
2088:Marginal utility
2078:Utility function
2068:Optimal decision
2058:Choice modelling
2009:utility function
2003:Related concepts
1844:U = min {x, y}
1831:
1829:
1828:
1823:
1792:
1790:
1789:
1784:
1756:
1754:
1753:
1748:
1710:
1708:
1707:
1702:
1673:
1671:
1670:
1665:
1606:
1544:
1542:
1541:
1536:
1503:
1501:
1500:
1495:
1465:
1463:
1462:
1457:
1450:
1449:
1448:
1443:
1433:
1428:
1423:
1388:
1386:
1385:
1380:
1373:
1363:
1362:
1353:
1352:
1342:
1337:
1326:
1320:
1314:
1309:
1304:
1255:
1253:
1252:
1247:
1233:
1231:
1230:
1225:
1218:
1216:
1211:
1206:
1171:
1169:
1168:
1163:
1156:
1154:
1149:
1144:
1123:
1121:
1120:
1115:
1108:
1106:
1101:
1096:
1049:
1047:
1046:
1041:
1030:
1029:
1014:
1013:
995:
993:
992:
987:
976:
975:
960:
959:
929:
927:
926:
921:
919:
918:
909:
904:
903:
888:
887:
878:
873:
872:
839:
837:
836:
831:
817:
815:
814:
809:
753:
751:
750:
745:
695:
693:
692:
687:
636:
634:
633:
628:
600:
598:
597:
592:
580:
578:
577:
572:
560:
558:
557:
552:
529:
527:
526:
521:
509:
507:
506:
501:
489:
487:
486:
481:
469:
467:
466:
461:
449:
447:
446:
441:
429:
427:
426:
421:
409:
407:
406:
401:
389:
387:
386:
381:
369:
367:
366:
361:
255:John Stuart Mill
242:
235:
224:
217:
213:
210:
204:
202:
161:
137:
129:
122:
115:
111:
108:
102:
97:this article by
88:inline citations
75:
74:
67:
56:
34:
33:
26:
2365:
2364:
2358:
2357:
2356:
2354:
2353:
2352:
2323:
2322:
2289:
2275:
2273:
2264:
2263:
2259:
2249:
2247:
2238:
2237:
2233:
2222:
2218:
2208:
2206:
2196:
2192:
2183:
2182:
2175:
2159:
2158:
2152:
2151:
2147:
2136:
2129:
2118:
2114:
2107:Consumer theory
2103:
2099:
2096:
2044:
2021:Hicksian demand
2005:
1951:
1923:
1898:
1865:
1842:
1802:
1799:
1798:
1763:
1760:
1759:
1727:
1724:
1723:
1681:
1678:
1677:
1602:
1552:
1549:
1548:
1509:
1506:
1505:
1474:
1471:
1470:
1444:
1439:
1438:
1429:
1424:
1419:
1410:
1407:
1406:
1396:ordinal utility
1358:
1354:
1348:
1344:
1338:
1327:
1322:
1316:
1310:
1305:
1300:
1267:
1264:
1263:
1241:
1238:
1237:
1212:
1207:
1202:
1193:
1190:
1189:
1150:
1145:
1140:
1131:
1128:
1127:
1102:
1097:
1092:
1089:
1086:
1085:
1079:consumption set
1075:
1058:
1025:
1021:
1009:
1005:
1003:
1000:
999:
971:
967:
955:
951:
949:
946:
945:
938:
914:
910:
905:
899:
895:
883:
879:
874:
868:
864:
859:
856:
855:
846:
825:
822:
821:
761:
758:
757:
703:
700:
699:
645:
642:
641:
622:
619:
618:
617:The preference
607:
586:
583:
582:
566:
563:
562:
546:
543:
542:
536:
515:
512:
511:
495:
492:
491:
475:
472:
471:
455:
452:
451:
435:
432:
431:
415:
412:
411:
395:
392:
391:
375:
372:
371:
355:
352:
351:
345:
337:
322:
320:1) Walras's Law
307:
265:is the problem
243:
232:
231:
230:
225:
214:
208:
205:
162:
160:
150:
138:
123:
112:
106:
103:
93:Please help to
92:
76:
72:
35:
31:
24:
17:
12:
11:
5:
2363:
2362:
2351:
2350:
2345:
2340:
2335:
2321:
2320:
2315:
2310:
2305:
2300:
2295:
2288:
2287:External links
2285:
2284:
2283:
2257:
2231:
2216:
2190:
2173:
2145:
2127:
2112:
2095:
2092:
2091:
2090:
2085:
2080:
2075:
2070:
2065:
2060:
2055:
2050:
2043:
2040:
2004:
2001:
2000:
1999:
1991:
1984:
1950:
1947:
1943:inferior goods
1922:
1919:
1903:money illusion
1897:
1894:
1864:
1861:
1841:
1838:
1821:
1818:
1815:
1812:
1809:
1806:
1793:is called the
1782:
1779:
1776:
1773:
1770:
1767:
1746:
1743:
1740:
1737:
1734:
1731:
1700:
1697:
1694:
1691:
1688:
1685:
1663:
1660:
1657:
1654:
1651:
1648:
1645:
1642:
1639:
1636:
1633:
1630:
1627:
1624:
1621:
1618:
1615:
1612:
1609:
1605:
1601:
1598:
1595:
1592:
1589:
1586:
1583:
1580:
1577:
1574:
1571:
1568:
1565:
1562:
1559:
1556:
1534:
1531:
1528:
1525:
1522:
1519:
1516:
1513:
1493:
1490:
1487:
1484:
1481:
1478:
1467:
1466:
1455:
1447:
1442:
1437:
1432:
1427:
1422:
1417:
1414:
1378:
1372:
1369:
1366:
1361:
1357:
1351:
1347:
1341:
1336:
1333:
1330:
1325:
1319:
1313:
1308:
1303:
1298:
1295:
1292:
1289:
1286:
1283:
1280:
1277:
1274:
1271:
1245:
1223:
1215:
1210:
1205:
1200:
1197:
1161:
1153:
1148:
1143:
1138:
1135:
1113:
1105:
1100:
1095:
1074:
1071:
1057:
1054:
1039:
1036:
1033:
1028:
1024:
1020:
1017:
1012:
1008:
985:
982:
979:
974:
970:
966:
963:
958:
954:
937:
934:
917:
913:
908:
902:
898:
894:
891:
886:
882:
877:
871:
867:
863:
845:
842:
829:
807:
804:
801:
798:
795:
792:
789:
786:
783:
780:
777:
774:
771:
768:
765:
743:
740:
737:
734:
731:
728:
725:
722:
719:
716:
713:
710:
707:
685:
682:
679:
676:
673:
670:
667:
664:
661:
658:
655:
652:
649:
626:
606:
603:
590:
570:
550:
535:
532:
519:
499:
479:
459:
439:
419:
399:
379:
359:
344:
341:
336:
333:
321:
318:
306:
303:
259:microeconomics
251:Jeremy Bentham
245:
244:
227:
226:
141:
139:
132:
125:
124:
79:
77:
70:
65:
39:
38:
36:
29:
15:
9:
6:
4:
3:
2:
2361:
2360:
2349:
2346:
2344:
2341:
2339:
2336:
2334:
2331:
2330:
2328:
2319:
2316:
2314:
2311:
2309:
2306:
2304:
2301:
2299:
2296:
2294:
2291:
2290:
2271:
2267:
2261:
2245:
2241:
2235:
2227:
2220:
2205:
2201:
2194:
2186:
2180:
2178:
2169:
2163:
2155:
2149:
2141:
2134:
2132:
2123:
2116:
2108:
2101:
2097:
2089:
2086:
2084:
2083:Law of demand
2081:
2079:
2076:
2074:
2071:
2069:
2066:
2064:
2061:
2059:
2056:
2054:
2051:
2049:
2046:
2045:
2039:
2037:
2033:
2028:
2026:
2022:
2018:
2014:
2010:
1996:
1992:
1988:
1985:
1982:
1978:
1977:
1976:
1974:
1970:
1966:
1962:
1957:
1956:
1946:
1944:
1940:
1936:
1927:
1918:
1914:
1911:
1906:
1904:
1893:
1890:
1885:
1881:
1877:
1873:
1868:
1860:
1858:
1849:
1845:
1837:
1835:
1816:
1813:
1810:
1804:
1797:. Otherwise,
1796:
1777:
1774:
1771:
1765:
1741:
1738:
1735:
1729:
1721:
1716:
1714:
1695:
1692:
1689:
1683:
1674:
1655:
1652:
1649:
1643:
1640:
1637:
1628:
1622:
1619:
1613:
1607:
1596:
1593:
1590:
1584:
1581:
1578:
1572:
1566:
1563:
1560:
1554:
1546:
1529:
1526:
1523:
1517:
1514:
1511:
1488:
1485:
1482:
1476:
1453:
1445:
1430:
1425:
1415:
1412:
1405:
1404:
1403:
1401:
1397:
1392:
1389:
1376:
1367:
1364:
1359:
1355:
1349:
1345:
1339:
1334:
1331:
1328:
1311:
1306:
1296:
1293:
1287:
1281:
1278:
1275:
1269:
1261:
1259:
1243:
1234:
1221:
1213:
1208:
1198:
1195:
1183:
1179:
1177:
1172:
1159:
1151:
1146:
1136:
1133:
1125:
1111:
1103:
1098:
1082:
1080:
1070:
1062:
1053:
1050:
1037:
1034:
1031:
1026:
1022:
1018:
1015:
1010:
1006:
996:
983:
980:
977:
972:
968:
964:
961:
956:
952:
943:
933:
930:
915:
911:
906:
900:
896:
892:
889:
884:
880:
875:
869:
865:
861:
853:
850:
849:Bang for buck
841:
827:
818:
802:
799:
796:
790:
784:
781:
778:
775:
772:
769:
766:
754:
738:
735:
732:
726:
720:
717:
714:
711:
708:
696:
680:
677:
674:
668:
662:
659:
656:
653:
650:
638:
624:
615:
612:
602:
588:
568:
548:
539:
531:
517:
497:
477:
457:
437:
417:
397:
377:
357:
348:
340:
332:
330:
326:
317:
315:
310:
302:
299:
295:
290:
288:
284:
280:
276:
272:
268:
264:
260:
256:
252:
241:
238:
223:
220:
212:
201:
198:
194:
191:
187:
184:
180:
177:
173:
170: –
169:
165:
164:Find sources:
158:
154:
148:
147:
142:This article
140:
136:
131:
130:
121:
118:
110:
100:
96:
90:
89:
83:
78:
69:
68:
63:
61:
54:
53:
48:
47:
42:
37:
28:
27:
22:
2274:. Retrieved
2269:
2260:
2248:. Retrieved
2243:
2234:
2225:
2219:
2207:. Retrieved
2203:
2193:
2184:
2153:
2148:
2139:
2121:
2115:
2106:
2100:
2035:
2029:
2006:
1958:
1952:
1939:normal goods
1932:
1915:
1907:
1899:
1869:
1866:
1854:
1843:
1719:
1717:
1712:
1675:
1547:
1468:
1399:
1393:
1390:
1262:
1235:
1188:
1175:
1173:
1126:
1083:
1076:
1067:
1051:
997:
939:
931:
854:
847:
819:
755:
697:
639:
616:
608:
540:
537:
349:
346:
338:
325:Walras's law
323:
311:
308:
291:
262:
248:
233:
215:
206:
196:
189:
182:
175:
163:
151:Please help
146:verification
143:
113:
104:
85:
57:
50:
44:
43:Please help
40:
2204:Press books
1981:satisficing
1969:satisficing
1935:preferences
1884:Tame Impala
1878:rock bands
329:budget line
305:Basic setup
287:preferences
107:August 2010
99:introducing
2327:Categories
2094:References
1876:Australian
1867:U = x + y
1258:budget set
534:Transitive
209:March 2011
179:newspapers
82:references
46:improve it
2162:cite book
1641:∈
1635:∀
1620:≥
1582:∈
1515:∈
1436:→
1365:≤
1324:Σ
1297:∈
1199:∈
1137:∈
981:≤
828:ϵ
791:≻
785:ϵ
773:ϵ
727:≽
721:ϵ
669:≽
657:ϵ
625:≽
589:≽
569:≽
561:B) and B
549:≽
518:≽
498:≽
478:≽
458:≽
438:≽
418:≽
398:≽
378:≽
358:≽
267:consumers
52:talk page
2276:20 April
2250:20 April
2209:22 April
2042:See also
1998:account.
1676:Finding
611:monotone
605:Monotone
343:Complete
294:rational
2338:Utility
2023:in the
1990:choose.
1711:is the
840:> 0
820:where
275:utility
193:scholar
95:improve
21:Utility
2272:. 2021
2246:. 2018
1451:
1374:
1219:
1157:
1109:
261:, the
195:
188:
181:
174:
166:
84:, but
1967:are;
1880:AC/DC
510:B, C
490:A, B
470:A, A
450:B, C
430:C, C
410:A, B
390:C, B
370:B, A
271:money
257:. In
200:JSTOR
186:books
2278:2021
2252:2021
2211:2021
2168:link
2030:The
2019:and
2011:and
1993:The
1979:The
1882:and
1260:is,
253:and
172:news
2036:sum
1889:MRS
1718:If
756:3)
698:2)
155:by
2329::
2268:.
2242:.
2202:.
2176:^
2164:}}
2160:{{
2130:^
1971:,
1836:.
1715:.
640:1)
350:A
331:.
289:.
55:.
2280:.
2254:.
2213:.
2170:)
1820:)
1817:I
1814:,
1811:p
1808:(
1805:x
1781:)
1778:I
1775:,
1772:p
1769:(
1766:x
1745:)
1742:I
1739:,
1736:p
1733:(
1730:x
1720:u
1699:)
1696:I
1693:,
1690:p
1687:(
1684:x
1662:}
1659:)
1656:I
1653:,
1650:p
1647:(
1644:B
1638:y
1632:)
1629:y
1626:(
1623:U
1617:)
1614:x
1611:(
1608:U
1604:|
1600:)
1597:I
1594:,
1591:p
1588:(
1585:B
1579:x
1576:{
1573:=
1570:)
1567:I
1564:,
1561:p
1558:(
1555:x
1533:)
1530:I
1527:,
1524:p
1521:(
1518:B
1512:x
1492:)
1489:I
1486:,
1483:p
1480:(
1477:x
1454:.
1446:+
1441:R
1431:n
1426:+
1421:R
1416::
1413:u
1400:u
1377:,
1371:}
1368:I
1360:i
1356:x
1350:i
1346:p
1340:n
1335:1
1332:=
1329:i
1318:|
1312:n
1307:+
1302:R
1294:x
1291:{
1288:=
1285:)
1282:I
1279:,
1276:p
1273:(
1270:B
1244:I
1222:,
1214:n
1209:+
1204:R
1196:p
1176:p
1160:.
1152:n
1147:+
1142:R
1134:x
1112:.
1104:n
1099:+
1094:R
1038:I
1035:=
1032:y
1027:y
1023:p
1019:+
1016:x
1011:x
1007:p
984:I
978:y
973:y
969:p
965:+
962:x
957:x
953:p
916:y
912:p
907:/
901:y
897:U
893:M
890:=
885:x
881:p
876:/
870:x
866:U
862:M
806:)
803:y
800:,
797:x
794:(
788:)
782:+
779:y
776:,
770:+
767:x
764:(
742:)
739:y
736:,
733:x
730:(
724:)
718:+
715:y
712:,
709:x
706:(
684:)
681:y
678:,
675:x
672:(
666:)
663:y
660:,
654:+
651:x
648:(
240:)
234:(
222:)
216:(
211:)
207:(
197:·
190:·
183:·
176:·
149:.
120:)
114:(
109:)
105:(
91:.
62:)
58:(
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
