What is Consumer Choice
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption, by maximizing utility subject to a consumer budget constraint.Factors influencing consumers' evaluation of the utility of goods include: income level, cultural factors, product information and physio-psychological factors.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Consumer choice
Chapter 2: Utility
Chapter 3: Indifference curve
Chapter 4: Budget constraint
Chapter 5: Substitute good
Chapter 6: Marginal rate of substitution
Chapter 7: Income-consumption curve
Chapter 8: Substitution effect
Chapter 9: Law of demand
Chapter 10: Utility maximization problem
Chapter 11: Marshallian demand function
Chapter 12: Revealed preference
Chapter 13: Hicksian demand function
Chapter 14: Corner solution
Chapter 15: Relative price
Chapter 16: Local nonsatiation
Chapter 17: Quasilinear utility
Chapter 18: Homothetic preferences
Chapter 19: Preference (economics)
Chapter 20: Robinson Crusoe economy
Chapter 21: Linear utility
(II) Answering the public top questions about consumer choice.
(III) Real world examples for the usage of consumer choice in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Consumer Choice.
