Intermediate Microeconomics: Consumer Behavior, Part 2

This video represents part 2 of the discussion of the consumer model of utility maximization. It follows chapter 4 of the Goolsbee, Levitt, and Syverson text.

Dr. Azevedo
Department of Economics
University of Central Missouri

[syrineali]

I've used numerous resources and watched multiple youtube videos from various Professors to help me understand the material. In just a couple of hours, I have learned so much more than all the resources combined. Not only did you make everything clear, but I'm starting to enjoy economics because of your videos. You're amazing at what you do and hope all students studying economics find your platform. Love from Canada <3

[linhha]

I'm literally idolizing you because of all the work and efforts you have put into making these videos! They helped me, a first-year student, so much that I didn't have a terrifying start to economics lol.
Hope you will keep up these good deeds and I wish you a healthy, happy life Prof.!
Love and admiration from Vietnam <3

[TomasBlynas-ydqf]

Found these videos helpful, thank you very much!

[kennethchukwuemekaogbaga]

Thank you so much Prof. for this clear and comprehensive treatment of consumer behavior. However, i have two observations.
1. In most economics textbooks, I usually read the condition for utility maximization using the cardinal approach and then using the indifference curve analysis (ordinal approach). But in this video, no serious mention was of the cardinal analysis.
Secondly, i was expecting that you would show us how to transform, say a hypothetical indifference schedule into a utility function capable of being maximised using mathematical approach. For instance, how a n indifference schedule can be transformed to a function such as U = f(X^2Y^4) or U = 2XY, etc. This is because i think that by using either mathematical or graphical approaches, one should be able to reach thesame conclusion.
Once again thank you for your indept teaching. You don't know how much we, your fans appreciate your efforts here.

[suheirmaseng]

Thank you so much Sir, I finding the lecture like you for long time.
😊

[pinglu]

Hi Dr. Azevedo, only by watching your videos makes me want to change my major....🤣

[brightstarxiphos]

Hello, Professor. I enjoyed watching your videos, and have helped me attain an A+ in my Econ class. I was wondering whether you would consider making videos for intermediate macroeconomics? Thank you again for your videos, as they have made Economics a lot easier to understand!

[sarisas]

Omg thank you 😊😊 easy to understand more than my lecture from my 3hour class😅

[eylulbaysal]

Why we say 30 instead of 40 at graph in 21.03 ? Because I think new price of tickets is 5 dollars and equation is 5QTickets+20QPizzas=200 and when QPizza is 0, Qtickets is 40.

[AbiotGetaa]

I decided not to attend on my boring lecture class and only watch your video. But they evaluate me on my attendance, not by my knowledge. This is what Ethiopian evaluation system is. Attendance worths 20 out of 100. What should I do Dr.azevedo?

[KeithLain]

Thanks for the class am really enjoying my point of u derstanding but am asking cañ i get a part 3 of this video

[WijthaGayan]

Some people will pay a higher price for
brand-name goods. For example, some people
buy Rolls Royces and Rolex watches to
impress others. Does knowingly paying higher
prices for certain items just to be a “snob”
violate the law of demand?