Slide 1Consumer Demand Theory II Session 3, EA 4 th July, 2007 Prof. Samar K. Datta Slide 2 Overview of items intended to be covered in this session Consumer Choice –Interpretation…

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Chapter Objectives Total utility and marginal utility Law of diminishing marginal utility Marginal utility-to-price ratios Deriving the demand curve Income and substitution…

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Chapter Objectives Total utility and marginal utility Law of diminishing marginal utility Marginal utility-to-price ratios Deriving the demand curve Income and substitution…

Chapter 5 Chapter 4. The Theory of DemandPRIVATE Part A, © 2002, Kwan Choi Optimal consumption bundle A consumer’s problem is to choose chose x1 and x2 to maximize U(x1,x2)…

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Chapter Objectives Total utility and marginal utility Law of diminishing marginal utility Marginal utility-to-price ratios Deriving the demand curve Income and substitution…