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In the following videos we try look at five most basic questions of introductory consumer theory. We try to answer, when is the consumer rational? What are the different axioms which consumer preferences should satisfy for preferences to be rational?

Then, we look at what is utility? Can utility be represented by a number or it is only rank-based (ordinal)? We find that utility is ordinal.After defining consumer rationality and utility, we try to define what are indifference curves?  When is the consumer indifferent between consuming two goods? Can we plot all the points where consumer will be indifferent between consuming two goods? Once, we have understood what is an indifference curve, we then try to observe how consumer can trade one good for the other, and still remain on same indifference curve.

Lastly, in the last two videos, we try to look at two main properties of indifference curves, namely, indifference curves cant intersect. why, and, indifference curves are convex to origin.

When is a consumer rational?

 

Is utility ordinal?

 

What are indifference curves? What do you mean by MRS?

 

Can two indifference curves intersect?

 

Are averages preferred to extremes? Explain using the concept of indifference curves.