TAILIEUCHUNG - Ebook Economics (2nd edition): Part 2
(BQ) Part 2 book "Economics" hass contents: Topics for further study, the data of macroeconomics, the real economy in the long run, the real economy in the long run, the macroeconomics of open economies, short run economic fluctuations, topics in international finance and macroeconomics, final thoughts. | 7 TOPICS FOR FURTHER STUDY For more Cengage Learning textbooks, visit Copyright 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. 21 THE THEORY OF CONSUMER CHOICE hen you walk into a shop, you are confronted with thousands of goods that you might buy. Of course, because your financial resources are limited, you cannot buy everything that you want. The assumption is, therefore, that you consider the prices of the various goods being offered for sale and buy a bundle of goods that, given your resources, best suits your needs and desires. In this chapter we develop the theory that describes how consumers make decisions about what to buy. So far throughout this book we have summarized consumers’ decisions with the demand curve. As we discussed in Chapters 4 through to 7, the demand curve for a good reflects consumers’ willingness to pay for it. When the price of a good rises, consumers are willing to pay for fewer units, so the quantity demanded falls. We now look more deeply at the decisions that lie behind the demand curve. The theory of consumer choice presented in this chapter provides a more complete understanding of demand, just as the theory of the competitive firm in Chapter 14 provides a more complete understanding of supply. We will look at the traditional analysis of consumer behaviour and also introduce some ideas that have arisen as a result of more recent research in psychology, which is increasingly being looked at with interest by economists. One of the Ten Principles of Economics .
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