The theory choice and of consumer demand
The theory choice and of consumer demand
This chapter discusses the theory of consumer choice and demand. It focuses on the behavior of an individual, called the consumer, who is faced with the problem of choosing from among a set of objects. The chapter considers how choice behavior might be induced from preferences, before presenting the standard model of consumer behavior. It then explains the theory of Marshallian (consumer) demand, which has played a central role in the development of microeconomic theory. It is traditionally viewed as among the most important subjects to study in microeconomics, and the results obtained are useful in many applied contexts. The chapter looks at Marshallian demand without derivatives and with derivatives.
Keywords: consumer choice, consumer demand, choice behavior, preferences, consumer behavior, Marshallian demand, microeconomic theory, microeconomics
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