Chapter 21: Theory of Consumer Choice - Utility Maximization

In this video I discuss the theory of consumer choice. It covers the budget constraint, indifference curves, utility maximization, the derivation of the demand curve, and the income and substitution effect.

Budget constraint 1:50
Consumer utility 27:17
Jeremy Bentham and the Auto-icon 27:52
Indifference curves 30:50
The consumer's utility maximization problem 47:10
The marginal rate of substitution 51:00
How does the consumer respond to a change in income? 52:24
Normal goods 53:45
Inferior goods 55:48
How does the consumer respond to a change in price? 58:10
Derivation of the demand curve 1:01:20
The income and substitution effects 1:08:05
Giffen goods 1:15:45
Backwards bending labor supply curve 1:23:00

Dr. Azevedo
Department of Economics
University of Central Missouri

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