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The Theory of Consumer Choice

The Theory of Consumer Choice

21. The Theory of Consumer Choice. Budget Constraint: What the Consumer can Afford. Budget constraint Limit on the consumption bundles that a consumer can afford Trade-off between goods Slope of the budget constraint Rate at which the consumer can trade one good for the other

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508 views • 41 slides
Chapter 4 Demand

Chapter 4 Demand

Chapter 4 Demand. I have enough money to last me the rest of my life, unless I buy something. Jackie Mason. Chapter 4 Outline. Challenge: Paying Employees to Relocate 4.1 Deriving Demand Curves 4.2 Effects of an Increase in Income 4.3 Effects of a Price Increase

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572 views • 33 slides
Chapter 3

Chapter 3

Chapter 3. Utilities Indifference curves. Budget line. Good 2. 150. 100. 50. Good 1. 0. 50. 100. 150. Points on the budget line indicate all the bundles of goods that the consumer can afford. Indifference Curve.

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The Theory of Consumer Choice

The Theory of Consumer Choice

The Theory of Consumer Choice. Recall the principle that people face tradeoffs Theory of consumer choice examines how consumers facing these tradeoffs make decisions and how they respond to changes in their environment (i.e., the decisions that are behind the demand curve)

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966 views • 12 slides
Special Indifference curves

Special Indifference curves

Special Indifference curves. Perfect substitutes. Y. u3. u2. u1. X. Perfect substitutes. Perfect substitutes for a person means the indifference curves will lose their convexity. In other words they will become straight lines.

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584 views • 9 slides

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