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Consumer Choice: Optimum Consumption Decision
So after studying all of the previous topics which had given preferences and budget constraints, how do consumers choose what to buy? Consumers choose a combination of goods that will maximize their satisfaction, given the budget available to them. The maximizing...
Consumer Choice: Marginal Rate of Substitution
The shapes of indifference curves describe how a consumer is willing to substitute one good for another In the Graph above: A to B, gives 6 clothing to get 1 food D to E, gives 2 clothing to get 1 food The more clothing and less food a person has, so the more clothing...
Consumer Choice: Indifference Maps and characteristics
This article includes the objectives of explaining Indifference curve characteristics. In our last article, we defined and graphically explained the concept of the indifference curve. Downward or upward indifference curve? The Indifference curves slope downward to...