endobj H�b```"F�u�������H �Z�X��M1993Sb�Q/�`�H���'�d�H��1��fA�{��g�O�4L�4d�H|s�C@���q��-{p8�vR�0�x00��e00[00����f3� �F�$�u�4'+�E�xXU /Subtype/Link/A<> << /S /GoTo /D (Outline0.1.1.4) >> 0000005953 00000 n /Type /Annot Consumer theory is the study of how people decide to spend their money based on their individual preferences and budget constraints. consumer theory. %PDF-1.2 %����

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/D [62 0 R /XYZ 351.926 0 null] /Subtype /Link >> endobj (Some Useful Formulas) Then the Hicksian demand correspondence h : > H��Wێ�8}�ࣴh;�|��}�d:���&A��`1��DǚH� Q�d?#_���HYvwO�M�R,O�:�i�j�OU��ǻ�|�Q���:Y���Z-��u�����՛~��'-T�߽�ǧD}���EBS����ǻߣ:����s�l�Id�C%����KR���,�}6*[d�햶!�8X�&Y{��ݧ_���Q}���6�̳���û7���B��9f��mi}h���ɨ�)LWųt}���)��2j�Y��o�(u���4�2�uS�+w2]*Z���t�:L,���̕ڟ�>�d�NN�����eS��t��auҴso�۲�,��t����^���mrӋ_8�:�j������K��Ȩ�8�6�]��e#aНQvp}Y:=�����q9��;���|a;�(���k[�yχ6��,��,r�ƪ�G�,K endobj /Subtype /Link ION Chapter 1 provided an overview of the area of research for this study, by identifying, among others, the objectives of the study together with the importance attributed to the study. /Rect [262.283 9.631 269.257 19.095] >> endobj /Subtype /Link

/Type /Annot Reflexivity: For any two bundles of goods A and B which are identical the consumer will consider A to be at least as good as B (A is weakly preferred to B). 36 0 obj 12 0 obj endobj The second unit of the course introduces you to the analysis of consumer behavior. 81 0 obj << (Cost Minimization) /Type /Annot ;�{� �;*��ב��#��H!8�/�\�Wv��Z�;��蕘��M��������� (Utility Maximization and Cost Minimization) '�۪%����t��_J+�;�:�%=BȊ�(s�e�@���`�@��ɝ�l��:��c��`� �E���-u�Z$&P��p&&�,D�F�]�9�bb��[21� ���)X�Qx��4j�\ (Note on Differentiability) >> endobj 0000001058 00000 n

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72 0 obj << 119 0 obj << /MediaBox [0 0 362.835 272.126] 0000000769 00000 n Utility refers not to usefulness but to the flow of pleasure or happiness that a person enjoys—some measure of the satisfaction a … /A << /S /GoTo /D (Navigation1) >> /Subtype /Link

Formally, we say that consumers maximize their utility subject to budget constraint. /Type /Annot 25 0 obj /Subtype /Link /Subtype /Link

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Finally, this theory has retained most of the weaknesses of … 53 0 obj << /Linearized 1 /O 55 /H [ 769 310 ] /L 32499 /E 6182 /N 9 /T 31321 >> endobj xref 53 13 0000000016 00000 n Consumer behaviour refers to “the mental and emotional processes and the observable behaviour of consumers during searching, purchasing and post consumption of a product or service .” Authors How consumers make decisions to spend their available resources such as money, time and effort on consumption and use related items is the subject of consumer behaviour study . The following analysis therefore is divided basically into two parts. /Border[0 0 0]/H/N/C[.5 .5 .5] /A << /S /GoTo /D (Navigation1) >>

71 0 obj << /Rect [230.631 9.631 238.601 19.095] Furthermore, it is questionable whether the consumer is able to order his preferences as precisely and rationally as the theory implies. 0000001380 00000 n /Annots [ 64 0 R 65 0 R 66 0 R 67 0 R 68 0 R 69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R ] 0000002209 00000 n

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