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Consumer Choice: Indifference Curve
We discussed consumer choice/preference in our previous article where we talked about how consumer preference can be represented graphically using indifference curves. This article will provide all the details related to an Indifference curve that explains the...
Consumer Choice: Consumer Behavior Theory and Preferences
Consumer choice is one of the fundamental topics in Microeconomics. Consider a product that you are about to launch in the market. It is an edible product that you know consumers would consumer but how much should you charge? and how much can you provide at the price...
Consumer Choice: Budget Line Changes
As we know, income and prices can change and as incomes and prices change, there are changes in budget lines. So, we can show the effects of these changes on budget lines and consumer choices The Effects of Changes in Income An increase in income causes the budget...