How to visually map the value of economic trade-offs
In short: This video explains the mechanics of indifference curves and the marginal rate of substitution, demonstrating how economists use graphs to represent how we value different combinations of two goods.
The presentation covers foundational concepts found in a traditional college-level introductory microeconomics course. It focuses on the use of indifference curves to illustrate the relationship between two goods and how the marginal rate of substitution quantifies the preference for one over the other.
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Sources
- Summary by Intellect · source: Indifference curves and marginal rate of substitution | Microeconomics | Khan Academy
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