Consumer choice - revealed preferences, Microeconomics

Consumer Choice 

* Decision making & Public Policy

- Selecting from a non matching and matching grant to fund police expenditures

2412_budget line.png

1408_budget line1.png
187_budget line2.png
1060_budget line3.png

Revealed Preferences

* If we know the choices which the consumer has made, we can determine what her preferences or priorities are if we have information about sufficient number of choices which are made when prices and incomes vary.

Revealed Preferences--Two Budget Lines

821_budget line4.png
1834_budget line5.png

Revealed Preferences--Four Budget Lines

395_budget line6.png

2207_budget line7.png

Posted Date: 10/10/2012 6:22:38 AM | Location : United States







Related Discussions:- Consumer choice - revealed preferences, Assignment Help, Ask Question on Consumer choice - revealed preferences, Get Answer, Expert's Help, Consumer choice - revealed preferences Discussions

Write discussion on Consumer choice - revealed preferences
Your posts are moderated
Related Questions
What is Laffer curve The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government wo

Short run equilibrium - Perfect competition: In the short-run, the perfectly competitive firm maximizes its profit by producing output where MC=MR=P. This is shown in the diag

Explain the meaning of the statment "coffee and tea are close substitutes".

what is market economy and how it solve the central problem

In this section, we ask you to write down a simple, formal, mathematical model. A small number of points will be awarded for an intuitive discussion of the problem, but most of the


Perfectly Competitive Markets * Characteristics of Perfectly Competitive Markets  1. Price taking  2. Product homogeneity  3. Free entry and exit * Price Taking

Why might economic growth not be compatible with sustainable development? Define economic growth; enhance in national income during a time period. Explain sustainable developme

Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.

is a hotdog vendor''s stand a good example of diseconomics of sale?