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Intro to consumer preferences and indifference curves
📝 My Notes
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Intro to consumer preferences and indifference curves
4:39
About this lesson
- Graph of a person's preference
- Combination of goods where consumer is indifferent
- A family of indifference curves
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Video 1 of 12
Intro to consumer preferences and indifference curves
5 min
• Selected
Understanding the marginal rate of substitution (MRS)
10 min
Degree of substitutability and indifference curve shapes
5 min
Finding the MRS from an indifference curve using a tangent line
2 min
Calculating MRS at a specific point on the indifference curve
2 min
Verifying the law of diminishing marginal rate of substitution
3 min
Finding MRS from the slope of a tangent line on an indifference curve
1 min
Finding MRS when the indifference curve is a straight line
1 min
Checking if diminishing MRS applies to perfect substitutes
2 min
Drawing indifference curves for perfect complements (left and right shoes)
8 min
Drawing indifference curves for perfect substitutes
5 min
Drawing indifference curves for ordinary goods like chocolate and vanilla
2 min