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9.5: Outcome- How Utility Changes

  • Page ID
    249343
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    What you’ll learn to do: explain how consumer’s utility changes when income or prices change

    Imagine you were to create a pie chart of your college budget and spending. Where does most of your money go? Is it spent on housing? Tuition? Maybe on a car payment or food? How much money goes towards savings, entertainment, or a night out with friends? In this outcome, you’ll see how economists interpret these consumer choices and learn how to analyze utility considering a person’s budget constraints.

    LEARNING ACTIVITIES

    The learning activities for this section include:

    • Reading: The Foundations of Demand Curve
    • Reading: Income Changes and Consumption Choices
    • Self Check: Consumption Choices

    Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.

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