Overview Unit 4: Consumer Choices Topics: The law of diminishing marginal utility and utility maximization Price effect, substitution effect and income effect Intertemporal choices and intertemporal budget constraints Learning Objectives: Evaluate the role of marginal utility concepts in consumption choices. Explain how income, prices, and preferences affect consumer choices. Analyze behavioral economics to explain inefficient consumer choices. Tasks: Read the Learning Guide and the Reading Assignment Complete the Discussion Assignment by posting in the Discussion Forum Respond to three of your fellow classmates' posts in the Discussion Forum Complete and submit the Assignment Activity Take and submit the Self-Quiz