Chapter 10 The Rational Consumer

Chapter 10 The Rational Consumer

Author: Matthew Lonn

Students will examine the concept of diminishing marginal utility and how consumers will choose a consumption bundle that maximizes their marginal utility per dollar.

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Introduction to Psychology

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Questions you should be able to answer after the lesson.

1. What is the concept of Diminishing Marginal Utility?

2. Describe what marginal utility and marginal utility per dollar calculate.

3. Understand what a consumption bundle is and how to calculate it.

Chapter 10 Notes

Marginal Utility per Dollar