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Optimal Choice

Optimal Choice

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Author: Catherine Barry
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Tutorial

Notes on "Optimal Choice"

Terms to Know

Budget Constraint

The graphical depiction of consumer income relative to the

price of goods available. Where the budget constraint touches the highest

indifference curve available, the consumer is defined to be optimizing

consumption.

Utility Maximization

Achieving the highest amount of satisfaction given a 

consumer’s budget constraint.

Optimal Choice

Goods and services purchased by a consumer that provides 

the highest level of utility possible.