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1、10理性消费者How consumers choose to spend their income on goods and servicesWhy consumers make choices by maximizing utility,a measure of satisfaction from consumptionWhy the principle of diminishing marginal utility applies to the consumption of most goods and servicesHow to use marginal analysis to fin
2、d the optimal consumption bundleWhat income and substitution effects areThe Principle of Diminishing Marginal UtilityThe marginal utility of a good or service is the change in total utility generated by consuming one additional unit of that good or service.The marginal utility curve shows how margin
3、al utility depends on the quantity of a good or service consumed.The principle of diminishing marginal utility says that each successive unit of a good or service consumed adds less to total utility than the previous unit.Budgets and Optimal ConsumptionA budget constraint requires that the cost of a
4、 consumers consumption bundle be no more than the consumers total income.A consumers consumption possibilities is the set of all consumption bundles that can be consumed given the consumers income and prevailing prices.A consumers budget line shows the consumption bundles available to a consumer who
5、 spends all of his or her income.102345108642ABCDEFAffordable consumption bundles that cost all of Sammys incomeSammys Budget Line,BLAffordable consumption bundlesUnaffordable consumption bundlesQuantity of clams(pounds)Quantity of potatoes(pounds)ABCDEFConsumption bundle012345Quantity of clams(poun
6、ds)1086420Quantity of potatoes(pounds)The Budget LineSammys Utility from ConsumptionOptimal Consumption ChoiceThe optimal consumption bundle is the consumption bundle that maximizes a consumers total utility given his or her budget constraint.Sammys Budget and Total UtilitySammys total utility is th
7、e sum of the utility he gets from clams and the utility he gets from potatoes.Quantity of potatoes(pounds)543210108642AABBCCDDEEBLUtility functionFF5432108070605040302010Quantity of clams(pounds)0246810(a)Sammys Budget Line(b)Sammys Utility FunctionThe optimal consumption bundleQuantity of clams(pou
8、nds)Quantity of potatoes(pounds)maximizes total utility given the budget constraintTotal utility(utils)Optimal Consumption BundleSammys total utility is maximized at bundle C,where he consumes 2 pounds of clams and 6 pounds of potatoes.This is Sammys optimal consumption bundle.Spending the Marginal
9、DollarThe marginal utility per dollar spent on a good or service is the additional utility from spending one more dollar on that good or service.Sammys Marginal Utility per DollarMarginal Utility per DollarIf Sammy has,in fact,chosen his optimal consumption bundle,his marginal utility per dollar spe
10、nt on clams and potatoes must be equal.654321BCBPMUC/PCMUP/PPC5432100246810Total utility(utils)Quantity of clams(pounds)Quantity of potatoes(pounds)At the optimal consumption bundle,the marginal utility per dollar spent on clams is equal to the marginal utility per dollar spent on potatoes.Optimal C
11、onsumption RuleThe optimal consumption rule says that when a consumer maximizes utility,the marginal utility per dollar spent must be the same for all goods and services in the consumption bundle.From Utility to the Demand CurveThe main reason for studying consumer behavior is to understand how the
12、downward slope of the market demand curve is explained by the utility-maximizing behavior of individual consumers.Marginal Utility,the Substitution Effect,and the Law of DemandThe substitution effect of a change in the price of a good is the change in the quantity consumed of that good as the consum
13、er substitutes the good that has become relatively cheaper for the good that has become relatively more expensive.The Income EffectThe income effect of a change in the price of a good is the change in the quantity consumed of that good that results from a change in the consumers purchasing power due
14、 to the change in the price of the good.Normal GoodsInferior GoodsGiffen GoodsSUMMARY1.Consumers maximize a measure of satisfaction called utility.Each consumer has a utility function that determines the level of total utility generated by his or her consumption bundle,the goods and services that ar
15、e consumed.2.A goods or services marginal utility is the additional utility generated by consuming one more unit of the good or service.We usually assume that the principle of diminishing marginal utility holds:consumption of another unit of a good or service yields less additional utility than the
16、previous unit.SUMMARY3.A budget constraint limits a consumers spending to no more than his or her income.It defines the consumers consumption possibilities,the set of all affordable consumption bundles.A consumer who spends all of his or her income will choose a consumption bundle on the budget line
17、.An individual chooses the consumption bundle that maximizes total utility,the optimal consumption bundle.4.The optimal consumption rule says that at the optimal consumption bundle the marginal utility per dollar spent on each good and service is the same.SUMMARY5.Changes in the price of a good affect the quantity consumed in two possible ways:the substitution effect and the income effect.For normal goods,the substitution and income effects reinforce each other.For inferior goods,however,they work in opposite directions.此此课件下件下载可自行可自行编辑修改,修改,仅供参考!供参考!感感谢您的支持,我您的支持,我们努力做得更好!努力做得更好!谢谢!
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