Category: 08) Theory of Consumer

The difference between the maximum price that consumers are willing to pay for a good and the market price that Read more…

The consumer’s choice of how much to consume of various goods depends on the prices of those goods. If prices Read more…

When consumers make choices about the quantity of goods and services to consume, it is presumed that their objective is Read more…

Individuals consume goods and services because they derive pleasure or satisfaction from doing so. Economists use the term¬†utility¬†to describe the Read more…

The consumer equilibrium condition determines the quantity of each good the individual consumer will demand. As the example above illustrates, Read more…

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08) Theory of Consumer