AP Unit II. Consumer Choice, Marginal Analysis, and the Law of Demand


EQ: Why do price and quantity desired have an inverse relationship for a demander?
Readings:  Modules 5, 46, 51

  • Total utility and marginal utility
  • Income and substitution effects
  • Utility maximization: equalizing marginal utility per dollar
  • Individual and market demand curves

Review Videos
Diminishing Marginal Utility
Utility Maximizing Rule
Demand
Change in D v. Change in QD
Price Elasticity of Demand

Notes:
Consumer Choice and PEd