PPT-Indifference curves

Warmup Question What do dating and marriage have to do with economics Scarcity Choice Utility maximization Economics and Marriage A market is any mechanism or institution that brings buyers together with sellers. Chapter 33 Indifference Curves: 10203040 AEHBD Chapter 35 Indifference curves . Chapter 3. Budget line. 2. Points on the budget line indicate all the bundles of goods that the consumer can afford.. Good 2. 150. 50. 100. Good 1. 150. 100. 0. 50. Indifference Curve. Area. Region . R. . is bounded by the curves . y = 2 – x. 2. and . y = -x. .. Sketch region . R. .. R. What is the area of region . R. ?. Process. To find the area between curves:. Sketch the region defined in the problem.. Nick Sinev, Maximilian . Swiatlowski. The most of the code (. fitint.c. ) was written by . M.Swiatlowski. . . I have optimized its speed by minimizing number of multiplications in the innermost loop of the fitter code, using only 32 bits integers there, replacing divisions and multiplications whenever possible by bit shifts.. Utility and Choice. . Objective. Build a model to understand how a consumer makes decisions under scarcity.. To understand his choice we need to know:. Preferences. Constraints. Consumer makes a choice that results in the maximum satisfaction or UTILITY.. 14. February 26. th. , 2014. Lecture . 16. Ch. . 9. . Ordinal Utility:. Indifference Curve Analysis. Indifference . Curves. An . indifference curve. . represents all the combinations of the two goods amongst which. UNIT V. Introduction. Objects in the real world may not always be made up of regular geometric shapes.. Surfaces are made up of curved surfaces & curved edges.. Curves are quite complicated to represent them in exact mathematical equations.. What is “Indifference”? . indifferent: . 1 having or showing no partiality, bias, or preference; neutral 2 having or showing no interest, concern or feeling; uninterested, apathetic, or unmoved. .. x y: x is preferred strictly to y.. x . ~. y: x and y are equally preferred.. x y: x is preferred at least as much as is y.. p. ~. f. Preferences - A Reminder. Completeness. : For any two bundles x and y it is always possible to state either that . Consumer theory. Key concepts. budget constraint: the choices a consumer can afford.. indifference curves: a representation of a consumer’s preferences.. a consumer’s optimal choices.. a consumer’s responses to changes in income and changes in prices.. Anchor rates based on literature review. The “anchor rates” were the rates of percent Total Phosphorus removal based on the runoff treated in inches as was derived from the expert panel literature review. . So what!. Awesome!. This is a picture of my cat. Indifference. Interest. Expressing interest. Expressing indifference. How interesting!. Wow! That sounds exciting!. Awesome!. How great!. That is amazing!. Your vision is blocked. Why are curves high risk?. Speed. Visibility. Road design. (radius/slope). Road conditions. Why are curves high risk?. Tire condition. Vehicle- . (type, weight, height and load). Introduction. Supply and Demand Models (Ch. 2) are useful for analyzing economic questions concerning markets.. How will increasing the real wage affect output?. In these models we summed each individuals demand to obtain the market demand curve..