PPT covering the topics of Utility and indifference curves.
Each page is question based to determine prior knowledge - good for flipped learning.
7.1 Utility
7.1.1 definition and calculation of total utility and marginal utility
7.1.2 diminishing marginal utility
7.1.3 equi-marginal principle
7.1.4 derivation of an individual demand curve
7.1.5 limitations of marginal utility theory and its assumptions of rational behaviour
7.2 Indifference curves and budget lines
7.2.1 meaning of an indifference curve and a budget line
7.2.2 causes of a shift in the budget line
7.2.3 income, substitution and price effects for normal, inferior and Giffen goods
7.2.4 limitations of the model of indifference curve
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A-Level Econs - UNIT 7 & UNIT 8
7 The price system and the microeconomy (A Level) 8 Government microeconomic intervention (A Level)
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A-Level Econs (Unit 7) - The price system and the microeconomy
7.1 Utility 7.2 Indifference curves and budget lines 7.3 Efficiency and market failure 7.4 Private costs and benefits, externalities and social costs and benefits 7.5 Types of cost, revenue and profit, short-run and long-run production 7.6 Different market structures 7.7 Growth and survival of firms
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