Wednesday September 12

Review Concepts:  POP QUIZ...shhh

• Understanding Opportunity Cost
• Production Possibility Curves

• Please see me if you need to make up quiz

New Concepts:

• Utility
• Total Utility
• Marginal Utility
• Law of diminishing Marginal Utility
• All decisions are made at the margin

Resources:

• Video - Law of diminishing marginal utility
• Video - Example of Law of diminishing marginal utility

Homework:

• None