Slide 1Course: Microeconomics Text: Varian’s Intermediate Microeconomics 1 Slide 2 Last chapter we talk about what is affordable or feasible to consumers. This…
Slide 1 Chapter Three Preferences Slide 2 Rationality in Economics u Behavioral Postulate: A decisionmaker always chooses its most preferred alternative from its set of available…
Chapter Three Preferences Consumer behavior is best understood in three distinct steps: 1. Consumer Preferences: The first step is to find a practical way to describe the…