ECON-1010-D1/D2-Introduction to Microeconomics
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In consumer equilibrium, a consumer equates the per dollar on each good.
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is the additional satisfaction received from consuming one more unit of a good.
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The change in total utility that results from a one-unit increase in the quantity of a good consumed is .
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For a normal good, the effect reinforces the substitution effect.
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The key assumption about marginal utility is the tendency for marginal utility to as the consumption of a good increases.
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Beverly is currently in consumer equilibrium. An increase in her income her total utility.
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A typical curve shows all combinations of goods that give a consumer the same level of utility.
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To determine consumer equilibrium we need to know only prices, , and marginal utility.
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Other things remaining the same, marginal utility theory implies that a rise in the price of a good the consumer surplus.
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The key assumption about marginal utility is the tendency for marginal utility to decrease as the consumption of a good .
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