Principles of Microeconomics Lecture 4 – Consumer Choice
The consumers most preferred bundle is the bundle located on the highest indifference curve given a
consumers specific budget constraint
The most preferred affordable bundle is called the consumers ordinary demand
The slope of budget constraint is the ratio of prices of the goods involved in the bundle
The consumers most preferred bundle is the bundle located on the highest indifference curve given a
consumers specific budget constraint
The most preferred affordable bundle is called the consumers ordinary demand
The slope of budget constraint is the ratio of prices of the goods involved in the bundle
