TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12th edition): Chapter 3 - Browning, Zupan

Chapter 3 - The theory of consumer choice. In this chapter students will be able to: Develop an approach for analyzing consumer preferences, explain how a consumer’s income and the prices that must be paid for various goods limit consumption choices, determine how changes in income affect consumption choices. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 3: The Theory of Consumer Choice Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Develop an approach for analyzing consumer preferences. Explain how a consumer’s income and the prices that must be paid for various goods limit consumption choices. Describe how the market basket chosen by a consumer reflects both the consumer’s preferences and the budget constraints imposed on the consumer by income and the prices that must be paid for various goods. Determine how changes in income affect consumption choices. (continued) Learning Objectives (continued) Explain how altruism can be explained by the theory of consumer choice. Relate the utility approach to the indifference curve method of analyzing consumer choice. Explain the mathematics behind consumer choice. CONSUMER PREFERENCES Develop an approach for analyzing consumer .

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Consumer choice
• Theory of consumer choice
• Scope of microeconomic theory
• Normative analyses
• Consumer choice theory
• Excise subsidies
• Game theory
• Economics of information
• Demand curves
• Supply curves
• Consumption choices
• Substitution effects
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power