By the end of this chapter, you should understand:

1. how to derive a budget line
2. diminishing marginal utility
3. diminishing marginal rate of substitution
4. how to represent tastes as indifference curves
5. how indifference curves and budget lines explain consumer choice
6. how consumer income affects quantity demanded
7. income and substitution effects
8. how a price change affects quantity demanded
9. the market demand curve