Economics Tutor Montreal – Top Economics Tutors from McGill University

Economics lessons in Montreal for McGill University.

Montreal Economics Tutor McGill university utoronto canada

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

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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