Household Behavior and Consumer Choice

Sep 25, 2012

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Household Behavior and Consumer Choice

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1. Household Behaviorand Consumer Choice

Consumer Choice

16. Consumer Choice. Previously. Some amount of income inequality is to be expected in a market economy. Wage discrimination accounts for a small amount (3–5%) of wage differences. Women still earn less than men, although the gap has narrowed.

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CONSUMER CHOICE

CONSUMER CHOICE. In this topic you will learn how to identify, research and evaluate options when making decisions related to solving those problems and issues that confront consumers. Life is full of choices. Commerce and choice: CREATING POSTERS. Decisions affecting the quality of your lives

944 views • 74 slides

Consumer Choice

Consumer Choice. From utility to demand. Scarcity and constraints. Economics is about making choices. Everything has an opportunity cost (scarcity): You can’t always get what you want. For consumers, money (income, wealth) is scarce. Making buying decisions.

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Household Consumer

Household Consumer. What is a Consumer. A consumer is anyone who buys goods or services for their own use. What is a good Consumer. Try to buy goods that are good value and good quality. Check the prices in a number of shops before deciding where to buy. Keep their receipt on a safe place.

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Consumer Choice

Consumer Choice. Stage 5 Commerce. Consumer Choice – Consumer Protection. Students learn to : use the internet to research scams and rip-offs identify the methods used in scams and rip-offs and analyse the ethics involved

536 views • 19 slides

Household Behavior and Consumer Choice

Household Behavior and Consumer Choice. We have studied the basics of markets: how demand and supply determine prices and how changes in demand and supply will change prices Now we will study in depth the theory of consumers

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Consumer Choice

Consumer Choice. You are constantly making economic decisions At the highest level of generality, we are all very much alike Come up against the same constraints A given income or wealth A given time to enjoy it all The theory of individual decision making is called “consumer theory”.

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Consumer Choice

Consumer Choice. How do you choose?. Consumer Choice. Consumer choice theory is based on the notion that consumers do the best they can, given the limitations dictated by their incomes and consumer prices. Consumer Constraints: The Budget Line.

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Consumer choice

Consumer choice. Utility film. level of happiness or satisfaction associated with alternative choices a term referring to the satisfaction received by a consumer from consuming a good or service utility maximization

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Consumer Choice

Consumer Choice. Preferences, Budgets, and Optimization. The Consumer’s Problem. Preferences A consumer prefers one good (or bundle of goods) to another. Income or Budget Income (Budget) limits a consumer’s buying Consumers are Rational

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Consumer Choice

Chapter 5. Consumer Choice. Utility and Human Nature. Utility is a measure of the satisfaction received from possessing or consuming goods and services. Utility and Human Nature. Economists assume that: Tastes and preferences are fixed and given, and play a large role in decision making.

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Consumer Choice

Consumer Choice. Number of Movies per Month. With $150 per month, Max can afford 15 movies and no concerts,. 15. 12 movies and 1 concert or any other combination on the budget line. 12. Points below the line are also affordable. C. 9. D. 6. But not points above the line. E. 3.

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CONSUMER CHOICE:

CONSUMER CHOICE:. “ Utility Maximization Subject to a Budget Constraint” or “Budget Line Meets Indifference Curves” Rational consumer approach: highest utility money can buy! Max X,Y U(X,Y) subject to: p X *X + p Y *Y < Solution:

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Consumer Choice

Consumer Choice. Consumer Choice. You are constantly making economic decisions At the highest level of generality, we are all very much alike Come up against the same constraints Too little income or wealth Too little time to enjoy it all

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Household Behavior and Consumer Choice Asst. Prof. Dr. Serdar AYAN

Household Behavior and Consumer Choice Asst. Prof. Dr. Serdar AYAN. Household Choice in Output Markets. Every household must make three basic decisions: How much of each product, or output, to demand. How much labor to supply. How much to spend today and how much to save for the future.

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Consumer Choice

Consumer Choice. 1. Limited Incomes. requires choices be made. 2. Rational. same cost - greater benefit. same benefit - least cost. 3. Substitutes Available. 4. Limited Information. 5. Diminishing Marginal Utility. Consumer Demand. Why the Demand Curve slopes down. One Reason:.

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Household Behavior and Consumer Choice

Household Behavior and Consumer Choice. Appendix: Indifference Curves. Prepared by: Fernando Quijano and Yvonn Quijano. Understanding the Microeconomy and the Role of Government. Firm and Household Decisions.

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Consumer Behavior and Production Behavior

Consumer Behavior and Production Behavior. Chapter - 4. Consumer Behavior Theory. Describes how consumers buy different goods and services also explains how a consumer allocates its income in relation to the purchase of different commodities and how price affects his or her decision. 2.

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Consumer Choice

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Consumer Behavior and Consumer Research

Week 1 - (Chapter 1a). Consumer Behavior and Consumer Research. A) What Is Consumer Behavior?. Def: Activities people undertake when obtaining, consuming, and disposing of products and services. Or. Def: a field of study that focuses on consumer activities. CONSUMER INFLUENCES

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