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3 Tutorials that teach Optimal Choice
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Optimal Choice

Optimal Choice

Author: Justin Tapp
Description:
This lesson will explain Optimal Choice
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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.