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Economics lessons in Montreal for McGill University.

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                              Indifference Curves

Our Economics Tutor in Montreal will work with you for all economics courses at McGill University.

  • Perfect Substitutes – goods with a constant rate of substitution
  • Perfect Complements – goods consumed together in certain fixed proportions
  • ‘Bads’ – a good that you dislike
  • Neutral goods – a good that you don’t care about
  • Satiation – an overall best bundle: too much AND too little is worse
  • Utility Functions describe preferences, assigning higher numbers to more-preferred bundles.  All combinations of two goods that give an individual the same level of utility lie on the same indifference curve.
  • Utility is measured in ordinal and not cardinal utility. We care about which bundle is preferred and not by how much
  • The more of a good you have, the more willing you are to sacrifice it to gain an additional unit of another good

Monotonic Transormations

Applying monotonic transformations to a utility function creates a new function but with the same preferences

– Transforms a set of numbers into another set; preserving the order
– We can’t work back from optimal demands for exact utility function

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Microeconomics Tutor McGill Lecture I

Intermediate Micro Consumer Behaviour Lecture

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