Theory of Consumer Behaviour
Introduction
For this question, we will study the change in quantity demanded for a particular good as a result of changed conditions. In particular, the effect of changes in the price of the good will be investigated. We will be interested in comparing the new utility-maximising choices that are made with those that prevailed before conditions changed.
Consumer Choice and Demand Decisions.
Demand by a single consumer
In order to build on the theory of consumer choice, first we need to specify what the main objective of such a theory is: we want to explain how a consumer chooses how much to consume of different goods given her resources (income) and the market conditions ( the prices of the different goods).
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