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ECONOMICS OF CONSUMER BEHAVIOUR Dr.C S Shylajan Today’s Discussion • Fundamental Economic Questions revisited What? • Consumer Preferences Utility, Total Utility, Marginal…

In today’s lesson we will consider: •The basic supply concept •The basic demand concept •Equilibrium market prices •How the above affects business organisations…

1. Chapter 4Demand, Supply, and Markets 2. The Law of Demand Law of Demand: the inverse ( or negative) relationship between the price of a good and the quantity consumers…

1. We need to be able to predict the consequences of alternative policies, and events that may be outside our control The mental tool we use to make such predictions is called…

1. DemandAcademic Decathlon—Lesson 6 Berryhill Economics 2. There are substitutes forEVERYTHING! The law of demand is dependent on the notionthat for anything there…