1. In This Lecture…  Concepts of Utility: Cardinal and Ordinal  Law of Diminishing Marginal Utility  Indifference Curve (IC) Analysis : Concept, Properties, MRS…

Slide 1Copyright © 2012 Pearson Addison-Wesley. All rights reserved. Chapter 20 Consumer Choice Slide 2 Copyright © 2012 Pearson Addison-Wesley. All rights reserved. 20-2…

1.Chapter 20 Consumer Choice2. Introduction For years, a number of U.S. households have allocated a significant portion of their budgets to unhealthful items and a small…

Slide 1An Introduction to... Evolutionary Game Theory By Jin Xiao, Jeff Thomas, Jeff Westwell Slide 2 How would game theory view this? Slide 3 What will we discuss? Brief…

Slide 1 Introduction to Game Theory Yale Braunstein Spring 2007 Slide 2 General approach  Brief History of Game Theory  Payoff Matrix  Types of Games  Basic Strategies…

Slide 1 20-1 Chapter 20 – Consumer Choice There have been shifts in air travel away from facilities located in larger metro areas. San Francisco International Airport saw…

Utility theory Utility is defined as want satisfying power of the commodity. Marginal Utility- Increase in the total utility as a result of consumption of additional unit…