Lecture Economics (6/e): Chapter 19 - Stephen L. Slavin-Kinh Te - Quan Ly

Chapter 19 - Theory of consumer behavior. The main contents of this chapter include all of the following: Marginal utility, the law of diminishing returns, total utility, maximizing utility, the water-diamond paradox, consumer surplus. Chapter19TheoryofConsumerBehaviorCopyright2002 by The McGrawHill Companies, Inc.All rights reserved.191ChapterObjectives•Marginalutility•Thelawofdiminishingreturns•Totalutility•Maximizingutility•Thewaterdiamondparadox•ConsumersurplusCopyright2002 by The McGraw

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Chapter

19

Theory

of

Consumer

Behavior

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

19­1

Chapter

Objectives

•

Marginal

utility

•

The

law

of

diminishing

returns

•

Total

utility

•

Maximizing

utility

•

The

water­diamond

paradox

•

Consumer

surplus

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

19­2

Utility

•

What

is

utility?

–

Utility

is

NOT

usefulness!

–

Utility

means

only

that

you

think

enough

of

something

to

buy

it

–

Utility

is

measured

by

how

much

you

are

willing

to

pay

for

something

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

19­3