3.1 Total Utility and Marginal Utility
| Unit 3: Theory of Consumer Choice |
| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
| 2.5 hours - 3.5 hours max. |
| 5 - 10% of exam |
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Unit 3: Theory of Consumer Choice (5%–10%)
• Topic 3.1 Total Utility and Marginal Utility
• Topic 3.2 Utility Maximization: Equalizing Marginal Utility Per Dollar
• Topic 3.3 Individual and Market Demand Curves
• Topic 3.4 Income and Substitution Effects
• Topic 3.1 Total Utility and Marginal Utility
• Topic 3.2 Utility Maximization: Equalizing Marginal Utility Per Dollar
• Topic 3.3 Individual and Market Demand Curves
• Topic 3.4 Income and Substitution Effects
| eVideos -- Short Videos: |
| eWorkbook Activities Interactive: |
| eTextbook Reading: |
| TEST YOURSELF 1.6: |
| eVideos -- Short Videos: |
| eWorkbook Activities Interactive: |
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3.2 Utility Maximization: Equalizing Marginal Utility Per Dollar
| eWorkbook Activities Interactive: |
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3.3 Individual and Market Demand Curves
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3.4 Income and Substitution Effects
| eTextbook Reading: |
NOTE: You might have at least ONE question on the CLEP® exam relating to
why the demand curve is downward sloping from left to right. The three
reasons are listed below.
why the demand curve is downward sloping from left to right. The three
reasons are listed below.
NOTE: You will have at least ONE question on the CLEP® exam relating to
the two individual demand curves and the market demand curve, which is
the horizontal accumulation of individual quantitites at different prices.
the two individual demand curves and the market demand curve, which is
the horizontal accumulation of individual quantitites at different prices.
| CLEP® Principles of Microeconomics Course Preparation |
NOTE: This website is not a College Board® sponsored website. Everything on this
website can be used by teachers or students to get a better understanding of their
college-level Principles of Microeconomics course.
website can be used by teachers or students to get a better understanding of their
college-level Principles of Microeconomics course.
| (3 min. or less, along with 3 multiple choice questions) |
| (3 min. or less, along with 3 multiple choice questions) |