Consumer Choice and Utility Maximization About total utility, marginal utility, and the law of diminishing marginal utility. How rational consumers compare marginal utility-to-price ratios for products in purchasing combinations of products that maximize their utility. How a demand curve can be derived by observing the outcomes of price changes in the utility-maximization model. How the utility-maximization model helps highlight the income and substitution effects of a price change. About budget lines, indifference curves, utility maximization, income and substitution effects, and demand derivation in the indifference curve model of consumer behaviour. (Appendix)
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