Consumer choice - revealed preferences, Microeconomics

Assignment Help:

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


Related Discussions:- Consumer choice - revealed preferences

Game Theory, Three People choose whether to contribute a fixed amount towar...

Three People choose whether to contribute a fixed amount toward the provision of a public good. This good is provided if and only if at least two of them contribute. If it is not p

Student, How to calculate: fixed cost is $1,000,000 tvc $4,400,000, avc is ...

How to calculate: fixed cost is $1,000,000 tvc $4,400,000, avc is $22, atc $27, worker productivity is 4. How do I calculate the profit or loss?

Growth of regional financial institutions, GROWTH OF REGIONAL FINANCIAL INS...

GROWTH OF REGIONAL FINANCIAL INSTITUTIONS: We find many levels of groupings of nations in the international arena. Groups of countries that share borders often have semi-perma

Example on indifference curves and budget lines, Since 1990, real income ha...

Since 1990, real income has increased rapidly , yet the average number of children per family has decline ." Three possible explanations for this process are given below.

Explain how a perfact market responds to changes in consumer, explain how a...

explain how a perfact market responds to changes in consumer demand?

Effectiveness of productive effort, Productivity:Generally, productivity me...

Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur

Agriculture development, Visit to a village panchayat for agriculture base...

Visit to a village panchayat for agriculture based project

Labor Economics, What is Nancy’s lifetime income as a function of her level...

What is Nancy’s lifetime income as a function of her level of schooling, S? 2. What is Nancy’s lifetime income if she gets no schooling? What is it if she goes to school for all 60

Draw the demand curve - axes, 1. The total demand (marginal benefit) curve ...

1. The total demand (marginal benefit) curve for visiting the Great Barrier Reef is as follows: Price = 5000+100*Fish Biomass (tons per square mile) -10*Number of Trips.   a. Do

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd