Midterm 1 Practice
- University of Washington - Seattle Campus
- Economics 300
- Midterm 1 Practice
Last Modified: 2011-07-15
Related Textbooks:Microeconomics: Theory & Applications with Calculus & MyEconLab Student Access Code Package (2nd Edition)
- Consumers have fixed tastes in preferences that determine how much utility they derive from consuming different bundles.
- Choices are constrained by prices, income, and other factors.
- Consumers choose bundles to maximize their own utility ST constraints.
- Bundles on IC's further from the origin are preferred to bundles closer to the origin.
- IC's cannot cross.
- IC's cannot slope upward or be "thick" (can only be one bundle thick).
- IC's are convex at the origin.
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