Microeconomics – 3. Demand and Consumer Behavior
Consumer choice boils down to what three things? What is the difference between a cardinal and ordinal measure of utility? What is the difference between total versus marginal utility? Explain…
Microeconomics – 2. Supply, Demand and Equilibrium
Why does quantity demanded tend to fall as price rises? Suppose the average income of consumers rises. What happens to the demand curve? Suppose you are analyzing the market for…