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Assumption of consumer theory

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Reference no: EM133062922

Managerial Economics

Would you please help me?

  1. For you, give one (1) assumption of consumer theory and relate it to your real-life experiences as a consumer.
  2. How does the budget constraint affect consumer choices?
  3. Michelle and Janice are both consumers of burgers and fries, but Michelle has P800 and Janice has P400.
  • Draw the possible budget lines for both persons. Use the prices of burgers and fries in the discussion.
  • Explain how the difference in their budget would affect the following:
    • Their behavior in making choices. Who will have more freedom of choice and why?
    • Their level of satisfaction for the goods. Who will have more utility and why?

Reference no: EM133062922

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