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Theory of Consumer Demand and Utility
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Law of Diminishing Marginal Utility Utility Maximization Derivation of Individual Demand Curve True or False Questions Solved Problems Law of Diminishing Marginal Utility
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In previous chapters, we saw that the market demand curve for a commodity is derived by adding the individual s demand curves for the commodity. We also saw that each individual s (and thus the market) demand curve for a commodity is downwardsloping because of the substitution and income effects. However, an individual demands a particular commodity because of the satisfaction, or utility, he or she re-
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CHAPTER 11: Theory of Consumer Demand and Utility
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ceives from consuming it. The more units of a commodity the individual consumes per unit of time, the greater is the total utility he receives. Although total utility increases, the extra, or marginal, utility received from consuming each additional unit of the commodity decreases. This is referred to as the law of diminishing marginal utility. Example 11.1 For purposes of illustration, we assume in Table 11.1 that satisfaction can actually be measured in terms of units of utility called utils. The rst two columns of Table 11.1 give an individual s hypothetical total utility (TU) schedule from consuming various quantities of commodity X (say oranges) per unit of time. Table 11.1
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Note that as the individual consumes more units of X, TUx increases. Columns 1 and 3 of the table give this individual s marginal utility (MU) schedule for commodity X. Each value of column 3 is obtained by subtracting two successive values of column 2. For example, if the individual s consumption of X rises from 1 unit to 2 units, TUx rises from 10 to 18, and the MU of the second unit of X is 8.
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Utility models can be used to predict how consumers will act even if the consumers do not speci cally think in terms of units of utility.
98 PRINCIPLES OF ECONOMICS
Utility Maximization
A consumer maximizes the total utility or satisfaction obtained from spending his income and is in equilibrium when the marginal utility of the last dollar spent on each commodity is the same. This equilibrium condition for utility maximization can be restated as follows: MUx MUy = = ... = common MU of last $ spent on each commodity Px Py Example 11.2 Table 11.2 shows the marginal utility that an individual receives from consuming various units of X and Y per unit of time. Suppose that the consumer has $7 to spend on X and Y, and that Px (the price of X) = $2 and Py = $1. This consumer maximizes total utility and is in equilibrium by spending $4 of his $7 to buy 2X and the remaining $3 to purchase 3Y. At this point, MUx / Px = 8 utils / $2 = MUy / Py = 4 utils / $1 = MU of 4 utils from the last $ spent on X and Y. By purchasing 2X and 3Y, TUx = 18 (from 10 + 8), TUy = 15 (from 6 + 5 + 4), and TU from both is 33 utils. Table 11.2
Derivation of Individual Demand Curve
Starting with an equilibrium, we get one point on a consumer s demand curve. At a lower commodity price, the consumer must purchase more of the commodity to be in equilibrium, and so we can get another point on that demand curve. From these and other points of consumer equilibri-
CHAPTER 11: Theory of Consumer Demand and Utility
Note!
Utility maximization theory gives a formula to help explain the shape of the individual demand curve.
um, we can derive a downward sloping demand curve because of diminishing MU. Because MU declines, the price must fall to induce the individual consumer to buy more of the commodity. Consumer s surplus refers to the difference between what the consumer would be willing to pay to purchase a given number of units of a commodity and what he actually pays for them. It arises because the consumer pays for all units of the commodity the price he is just willing to pay for the last unit purchased, even though the MU on earlier units is greater. Consumer surplus can be measured by the area under the consumer s demand curve and above the commodity price.
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