Chapter 5 Consumer choice and demand decisions

Chapter 5 Consumer choice and demand decisions PowerPoint PPT Presentation


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Four key elements in consumer choice. Consumer's incomePrices of goodsConsumer preferencesThe assumption that consumers maximise utility. 1. The budget line. Income and prices together determine the combinations of the goods that the consumer can afford.The budget line separates the affordabl

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Chapter 5 Consumer choice and demand decisions

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