Consumer theory

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  • (BQ) Part 1 book "Advanced microeconomic theory" has contents: Consumer theory, topics in consumer theory, theory of the firm, partial equilibrium, general equilibrium, social choice and welfare.

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  • (BQ) Part 1 book "Microeconomics" has contents: Introduction, supply and demand, applying the supply and demand model, consumer choice, applying consumer theory, firms and production, costs, competitive firms and markets, applying the competitive model.

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  • (BQ) Part 1 book "Microeconomics" has contents: Introduction, supply and demand, applying the supply and demand model, consumer choice, applying consumer theory, firms and production, costs, competitive firms and markets, applying the competitive model.

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  • (BQ) Part 1 book "Microeconomics - Global edition" has contents: Introduction, supply and demand, applying the supply and demand model, consumer choice, applying consumer theory, firms and production, costs, competitive firms and markets, applying the competitive model, general equilibrium and economic welfare, monopoly

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  • (BQ) Part 1 book "Microeconomics with calculus" has contents: Introduction, supply and demand, consumer theory, demand, consumer welfare and policy analysis, firms and production, costs, competitive firms and markets, applications of the competitive model, general equilibrium and economic welfare.

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  • From one of the most influential economists of the modern era, Keynes and his "General Theory" shaped economic thought and government policies for decades to come. Out of this magnum opus arose the Keynesian school of economics. Keynes argues that the level of employment in a modern economy was determined by three factors: the marginal propensity to consume (income that people chose to spend on goods and services), the marginal efficiency of capital (the rate used to see whether investments are worthy) and the rate of interest.

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  • In this study of architecture's role in present-day consumer society, architect Antti Ahlava argues that the attempt to study the ever-more individualistic needs of consumers in architecture is a vain act. With an approach based on the theories of French sociologist Jean Baudrillard, Ahlava argues the calls for satisfaction, indivisualisation, personalisation and creativity are actually the very core of a "magical" manipulation and "mythical" control within the socio-economic system of the culture industry.

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  • A basic assumption about consumers in microeconomics is that they have preferences over different baskets of goods. Explain the concepts “preference”, “preference order”, and “basketof goods”. Exercise 1.1.2 a)If there are only two goods, it is possible to illustrate a consumer’s preferences over them with an indifference map. Draw an indifference map with three indifference curves. b)There are a few standard assumptions about what an indifference map can and cannot look like. Which are these assumptions, and what reasoning lies behind them?...

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  • Income expansion path -IEP- traces all the best (utility-maximizing) choices a consumer makes as income changes. The IEP slopes up if a good is a normal good The IEP is downward sloping if a good is inferior An Engel curve plots all the best choices a consumer makes against INCOME. It is an income-quantity relationship If an Engel curve is upward sloping, a good is normal; downward sloping indicates an inferior good.

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  • The topics discussed in chapter 1 are consumer behaviour and marketing strategy. This chapter highlights the different parent theories used in consumer behaviour. These are 3 fundamental questions we need to consider: Why study consumer behaviour? Why study consumer behaviour? How does it affect marketing strategy?

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  • In this lecture we will discuss some of the reasons that consumers behave the way they do, the theories of motivation and their application in marketing. We’ll also discuss theories of personality and how they can be applied. And finally, we’ll talk about how you can use insights about emotions in marketing. Firms now look to these aspects to differentiate their products, as the market is crowded with ‘look-alike’ products and these aspects can sometimes provide the marketing edge required.

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  • After completing this chapter, students will be able to: See how a budget constraint represents the choices a consumer can afford, learn how indifference curves can be used to represent a consumer’s preferences, analyze how a consumer’s optimal choices are determined,...

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  • Models begin with many simplifications (e.g., assumptions), but then we evaluate the model by comparing the implications of the model with what we observe in the real world. After studying this chapter you will be able to understand: Why show this? Because some who read about consumer theory may be concerned about the unrealistic nature of the models and thus may get too involved in how unrealistic the model is. The focus should be on understanding consumer choice theory and then examining what happens if more realism is introduced.

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  • Chapter 5 - Theory of consumer behavior. In this chapter, you learned to: Explain the concept of utility and the basic assumptions underlying consumer preferences; explain the equilibrium condition for an individual consumer to be maximizing utility subject to a budget constraint; use indifference curves to derive a demand curve for an individual consumer;...

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  • The basic purpose of this chapter is to acknowledge the role that determinants other than culture play in influencing consumer behavior. The chapter thus examines the psychological and social dimensions, and these include motivation, learning, personality, psychographics, perception, attitude, social class, group, family, opinion leadership, and the diffusion process of innovations.

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  • Chapter 3 - Consumer preferences and the concept of utility. This chapter presents the following content: Motivation, consumer preferences and the concept of utility, the utility function, indifference curves, the marginal rate of substitution, some special functional forms.

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  • Lecture Microeconomics (5th edition): Chapter 4 - Consumer choice. This chapter presents the following content: The budget constraint, consumer choice, duality, some applications, revealed preference.

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  • Lecture Microeconomics (5th edition): Chapter 5 - The theory of demand. This chapter presents the following content: Individual demand curves, income and substitution effects & the slope of demand, constructing market demand.

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  • Chapter 14 - Game theory and strategic behavior. This chapter presents the following content: Motivation: Honda and Toyota, nash equilibrium, the prisoner's dilemma, dominant strategy equilibrium, limitations of the nash equilibrium, sequential moves games.

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  • Lecture Microeconomics (5th edition): Chapter 16 - General equilibrium theory. This chapter presents the following content: General equilibrium – Analysis I, efficiency and perfect competition, general equilibrium – Analysis II.

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