Title

(5) Details of the Consumer Choice Model and Its Connection to Demand

Topic Category

Consumer Choice

Publication Date

2011

Keywords

Consumer Choice, Maximizing Utility, Maximizing Behavior, Utility and Demand

Abstract

This develops the model of consumer choice and maximizing behavior. Both the individual good decision and the multiple good decision framework are developed and explained. All of this is linked back to the responses discussed when demand functions/curves were introduced.

Run Time

13:38

Skills Delivered

Ability to explain the behavior of a maximizing consumer considering the consumption of a single good or multiple goods. Ability to indentify and explain the respective maximizing decision rules. Ability to relate the consumer behavior in these models to movements along and shifts in demand curves.

Rigor Level

2000

Prerequisites

Previous Consumer Demand and Choice Videos



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