1. DEMAND 2. LAW OF DEMAND:As the price of a productincreases, quantity demandedfalls; likewise, as the price of aproduct decreases, quantitydemanded increases.P= QD P= QD…

* Demand SECTION 1: Nature of Demand SECTION 2: Changes in Demand SECTION 3: Elasticity of Demand CHAPTER 3 * Objectives: How does demand differ from the quantity demanded?…

Consumer Choice Utility maximization Do you shop incessantly? Did you ever have buyerâs remorse? What makes you happy with a purchase? Do you consider yourself rational…

The Economics of Consumers Study Questions 1. What are the kinds of goods consumers spend their income on? 2. What is diminishing marginal utility? 3. How do consumers maximize…

Slide 1 Microeconomics Sultan Qaboos University Lecture 5 Consumer Choice Prices are important in determining consumer behavior. New products have to be priced correctly.…

Chapter 18 Consumer Choice, Behavior, and Utility Maximization Income and Substitution Effect We have covered this. Price of good goes down… our real income purchases more…