Indifference curves and budget lines

Sandia D.

Queen Mary University of London - MSc Economics

GCSE Maths and GCSE & A Level Economics Tutor, BSc Economics

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Contents

1 Indifference curves
2 Budget lines
3 Budget lines and indifference curves
4 Indifference curve analysis: income and substitution effects for normal goods
5 Indifference curve analysis: income and substitution effects for inferior goods

Indifference curves

This video will teach you to diagram indifference curves and explain what they demonstrate.

Budget lines

This video will teach you how to diagram a budget line and explain what it demonstrates.

Budget lines and indifference curves

This video discuss how a rational consumer maximises utility facing a budget constraint and how budget lines and indifference curves can be used to demonstrate utility maximisation.

Indifference curve analysis: income and substitution effects for normal goods

This video explains how to analyse the income and substitution effects of a change in the price of a normal good.

Indifference curve analysis: income and substitution effects for inferior goods

This video explains how to analyse the income and substitution effects of a change in the price of an inferior good.