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Lecture 4: Preferences and Utility

Lecture 4: Preferences and Utility

This video was recorded at 14.01SC Principles of Microeconomics, Fall 2011. Behind every supply and demand curve is an army of producers and consumers making their own decisions. For consumers, their decisions are driven, quite simply, by what they want! All consumers make decisions to maximize their utility. In this lecture, we will learn about utility, how to define it and how we represent it mathematically.... Show More


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