Micro: Unit 2.2 -- Utility Maximization
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Explain the process by which consumers choose the utility maximizing combination of
goods
when faced with an income constraint
Practice calculating the marginal utility per dollar (MU/P) for every unit of a good and then
evaluate how to spend a limited income to maximize utility
Demonstrate how a consumer will determine the number of units to purchase
until all disposable income is spent and utility has been maximized (MU/Px = MU/Py)
Discuss how consumer decision-making and purchases will change if product prices and
income level change
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