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This 1 page Class Notes was uploaded by Natalie Notetaker on Thursday October 15, 2015. The Class Notes belongs to ECON 1010 at Tulane University taught by Toni Weiss in Summer 2015. Since its upload, it has received 25 views. For similar materials see Intro to Microeconomics in Economcs at Tulane University.
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Date Created: 10/15/15
PhorizontaI Pvertical What happens to the budget line when the price of french fries goes up The point on the xaxis will shift to the left line will get steeper PFF l Ps I What happens to the budget line when the price of soda goes up The point on the yaxis will shift down line will become atter PFF Ps n I What is the goal of consumption What is the combination of soda and french fries that is on my budget line that will maximize my total utility buy more French fries Rational spending rule MUFF PFF MUs P5s MUFF PFIZIIZIMUSI P5 P5 l l Buy less soda and more french fries Indifference Curves graphical representation of combinations of two goods between which a person is completely indifferent downward sloping and curved represents a difference amount of total utility curve farther away from the origin more satisfaction curve closer to the origin less satisfaction