ECON301 Lecture Notes - Lecture 1: Budget Constraint, Siriusxmu, Xu

• School: University of Waterloo
• Department: Economics
• Course: ECON301
• Professor: Corey Van De Waal

Document Summary

Expectations for diagrams, graphs and charts in this course. We will rely quite heavily on the theoretical intuition provided by diagrams in this course. It is important to take the production of these diagrams very seriously and to put sufficient care into drawing and labeling them since they can provide an excellent basis to guide our economic intuition. You should always attempt to produce good diagrams and graphs that are large, properly (and completely) labeled, with curves that curve and straight lines that are straight. You should also take brief yet detailed notes concerning the key features of the diagram since at test time this will refresh your memory about the point that the graph is intended to illustrate when you study. The intended result of a good diagram is that it be self-contained and self-explanatory (without long paragraphs of explanatory text). The consumer goal is to maximize their total utility subject to their budget constraint.