Impacts of the Theory of Consumer Choice Dissertation Example

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Category: Economics
Subcategory: Human resources
Level: College
Pages: 3
Words: 825
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Impacts of the Theory of Consumer Choice Name: Institutional affiliation Impacts of the Theory of Consumer Choice Everyone, at some point, will engage in economic decision-making. Consumers’ economic decision-making may be determined by some factors which include price, availability of the commodity and the level of income. Constraints such as budget affect economic decisions because the consumer has to work with the available resources. Consumers aim at maximizing value through maximizing benefits and minimizing costs (Mankiw, 2012). A consumer’s choice will encompass the economic decision he will make. The theory of consumer choice will help to explain how consumers make decisions based on the trade-offs they face and how they respond to any changes arising. The demand curves result from the relationship that exists between the price and consumers’ demand. The theory of consumer choice helps to explain why the demand curve slopes downwards. The demand law explains that as ...

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