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3 Tutorials that teach Cost and Benefit Optimization for Consumers
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Cost and Benefit Optimization for Consumers

Cost and Benefit Optimization for Consumers

Author: Justin Tapp
Description:

This lesson will explain the economic idea of cost and benefit optimization for consumers.

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Tutorial
Terms to Know
Constraints

An element that interrupts production of a firm or consumption by individuals.

Consumer Optimization

Maximization of consumer utility within the parameters of household income and price of goods or services.

Marginal Benefit

Amount of utility gained by consuming an additional single unit of product.

Marginal Cost

Additional cost incurred when producing one additional product.

Utility Maximization

Achieving the highest amount of satisfaction (utility) subject to an individual's budget constraint.