utility

VERBRUIKERS TEORIE: VRAAG, NUT, KEUSECONSUMER THEORY: DEMAND, UTILITY,

CHOICE

HOOFSTUK 10 / CHAPTER 10

(§10.1- § 10.5)

Bespreek, omskryf, bereken ... Nut Grensnut (MU) Totale nut (TU) Geweegde MU Verbruikers ewewig

Lei verbruikers Vraag kromme afVoltooi alle tabelle

Discuss, describe, calculate ... Utility Marginal Utility Total Utility Weighted MU Consumer Equilibrium

Derive consumer demand curveComplete all tables

2

UITKOMSTE / OUTCOMES

10.1 Nut Definisie Kardinale nut vs. ordinale nut

10.2 Grensnut (MU) & totale nut (TU) Bereken (SG) Wet van dalende grensnut

10.3 Verbruikersewewig Hoogste nut Inkome versperring Geweegde grensnut ... NB

10.4 Afleiding van vraagkromme (individu) 1 inkome, 2 produkte, P

10.5 Opmerkings

10.1 Utility Definition Cardinal vs. Ordinal

10.2 Marginal (MU) & Total Utility (TU) Calculate (SG) Law of diminishing MU

10.3 Consumer Equilibrium Highest Utility Income constraint Weighted MU ... NB

10.4 Demand Curve (Derived) 1 Income, 2 Products, P

10.5 Comments 3

UITLEG / LAYOUT

Hoofstuk 1 Keuses & geleentheidskostes Verbruik om behoeftes te

bevredig

Chapter 1 Choices vs. Opportunity costs Consumption to satisfy needs

4

‘REVIEW’ … VAN/OF ECON111

DOEL: Behoeftes te DOEL: Behoeftes te

bevredigbevredig

Subjektief

Kardinaal vs Ordinaal Kardinaal = meet

Ordinaal = orde

OBJECTIVE: Satisfy wantsOBJECTIVE: Satisfy wants

Subjective

Cardinal utility vs. ordinal utilityCardinal = measure

Ordinal = rank

5

NUT

6

Wet van dalende grensnutLaw of diminishing marginal utility

Q Nut / Utility

1

2

3

4

5

6

7

8

Marginale Nut (MU) of

grensnut

Die addisionele nut uit die

verbruik van een ekstra

eenheid

Totale Nut (TU)

Die som van al die vorige

grensnutte

Marginal Utility (MU)

The additional uitility gained

from consuming one extra unit

Total Utility (TU)

The sum of all previous

marginal utilities

7

MU & TU MU & TU

MUTU

Q

TUMU

Totale Nut (TU)

Som van alle grensnut

(TU = ΣMU)

Word meer met verbruik

mits MU > 0

Maksimeer by MU = 0

Neem af mits MU < 0

Totale nut neem toe teen

‘n dalende koers

Total Utility (TU)

Sum of all marginal

utilities (TU = ΣMU)

Increases with

consumption if MU > 0

Maximises at MU = 0

Decreases if MU < 0

Total utility increases at a

decreasing (slower) rate

8

TOTALE NUT TOTAL UTILITY

TABEL 10-1: MU & TU

Qty piesangs verbruik Grensnut (MU) Totale Nut (TU)

1 50 TU0+MU1=50

2 35 50+35=85

3 29 114

4 18 132

5 12 144

6 6 150

7 2 152

8 0 152

9 -4 148

9

GRENSNUT / MARGINAL UTILITY

10

Choccies per week TU

1

2

3

4

5

6

10

25

38

50

59

62

MU = Δ TU / ΔQ

15 = (25-10) ÷ (2-1)

13 = (38-25) ÷ (3-2)

12 = (50-38) ÷ (4-3)

9 = (59-50) ÷ (5-4)

3 = (62-59) ÷ (6-5)

Marginale Nut (MU)

Nut van elke eenheid verbruik MU neem af met elke

opvolgende eenheid Nut kan negatief wees (MU < 0)

… disutiliteit Wet van dalende grensnut MUx = TUx+1 – Tux

Geweegde grensnut Meet nut ten opsigte van prys MUx ÷ Px

Marginal Uitility (MU)

Utility of each unit consumed MU reduces with each

additional unit consumed Utility can be negative (MU < 0)

… disutility Law of diminishing utility MUx = TUx+1 – Tux

Weighted marginal utility Utility with respect to price MUx ÷ Px

11

WAT HET ONS GESIEN… WHAT DID WE SEE…

TABEL 10-2: NATANIEL SE VOORKEURSKAAL

Qty

Goedere / Goods (Inkome/ Income = R12)

Wors @ R1/e Wine @ R3/e Bread @ R2/e

MUw TUw

MUwMUw TUw

MUwMUB TUB

MUB

Pw Pw PB

1

2

3

4

5

6

7

8

913


Qty



MUw TUw

MUwMUw TUw

MUwMUB TUB

MUB

Pw Pw PB

1 54 90 33

2 48 171 60 126

3 144 72 27

4

5

6

7

8

914


Qty



MUw TUw

MUwMUw TUw

MUwMUB TUB

MUB

Pw Pw PB

1 54 54 54 90 90 30 66 66 33

2 48 102 48 81 171 28 60 126 30

3 42 144 42 72 243 24 54 180 27

4

5

6

7

8

915


Qty



MUB TUB

MUBMUV TUV

MUVMUR TUR

MUR

PB PV PR

1 54 54 54 90 90 30 66 66 33

2 48 102 48 81 171 28 60 126 30

3 42 144 42 72 243 24 54 180 27

4 36 180 36 63 306 21 48 228 24

5 30 210 30 54 360 18 42 270 21

6 24 234 24 45 405 15 36 306 18

7 18 252 18 36 441 12 30 336 15

8 12 264 12 27 468 9 24 360 12

9 6 270 6 18 486 6 18 378 916

R

R

v

V

B

B

P

MU

P

MU

P

MU

- Must spend total income

- Specific to price and income level

- Weighted MU must be equal for all products

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VERBRUIKERS EWEWIG CONSUMER EQUILIBRIUM

Moet totale inkome spandeer

Is spesifiek tot prys & inkome vlak

Geweegde MU vir elke produk moet gelyk wees

-Income R10-2 Products

- Beer- Hamburger

- What is the best that Ben can do with his R10????

19

TBL 10-4 & 10-5 BEN SE VOORKEUR

Qty

Inkome / Income = R10

Beer @ R2/e Hamburger @ R3/e

MUB TUB

MUB MUH TUH

MUH

R2 R3

1 30 30 39 39

2 20 50 30 69

3 14 24

4 10 18

5 6 15

20 B

B

A

A

P

MU

P

MU

TBL 10-4 & 10-5 BEN SE VOORKEUR

Qty


Beer @ R2/e Hamburger @ R3/e

MUB TUB

MUB MUH TUH

MUH

R2 R3

1 30 30 15 39 39 13

2 20 50 10 30 69 10

3 14 64 7 24 93 8

4 10 74 5 18 111 6

5 6 80 3 15 126 5

21 B

B

A

A

P

MU

P

MU

FIG.10-1: BEN SE VRAAG / BEN’S DEMAND

22

TABEL 10-4 & 10-5 BEN SE VOORKEUR

Qty


BEER @ R3/e HAMBURGER @ R1/e

MUB TUB

MUB MUH TUH

MUH

R3 R1

1 39 39 13 30 30 30

2 30 69 10 20 50 20

3 24 93 8 14 64 14

4 18 111 6 10 74 10

5 15 126 5 6 80 6

23B

B

A

A

P

MU

P

MU

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BEN SE BEGROTINGSLYN BUDGET LINE

Chocs

@ R

1

Yogi @ R3

Afsnit by inkome/prysPoint on Axis ... Y/P

QC

QY

4

2

Chocs

@ R

2

Yogi @ R3

Afsnit by inkome/prysPoint on Axis ... Y/P

QC

QY

2

2

Bereken Grensnut Totale nut Geweegde grensnut

Vind bekostigbare kombinasies van produkte

Wys waar verbruikers ewewig voorkom

Teken ‘n begrotingslyn Teken ‘n vraagkromme deur dit af te lei van die voorkeur tabel

Calculate Marginal utility Total utility Weighted marginal utility

Find affordable combinations of products

Indicate where (combo) consumer equilibrium occurs

Draw a budget lineDraw a demand curve derived from a preference schedule

25

RECAP

Hoofstuk 11

SUPER SUPER NB!!! JY MOET HIER WEES!

WOENSDAG 10 AUG

26

utility

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