Theory of Consumption - iStudy - ?· Theory of Consumption. ... • ... Villasis, Meneses and Veloso…

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  • Principles of Microeconomics

    Theory of Consumption

  • How can a consumer with

    LIMITED INCOME decide

    which goods and services

    to buy?

  • Utility

    Utility is defined as the satisfaction derived from the consumption of a commodity which

    determines consumption and demand behavior.

  • Preferences Budget Constraints

  • Factors Influencing Behavior

    Culture

    Subculture

    Social Class

    Cultural

    Reference Groups

    Family

    Roles & Statuses

    Social

    Age & Life Cycle Stage

    Occupation

    Economic Circumstances

    Lifestyle

    Personality & Self-Concept

    Personal

    Motivation

    Perception

    Learning

    Beliefs & Attitudes

    Psychological Buyer

  • Maslows hierarchy

  • CONSUMER PREFERENCES

  • Market Baskets

  • Market Baskets

    Market Basket

    Units of Food

    Units of Clothing

    A 20 30

    B 10 50

    D 40 20

    E 30 40

    G 10 20

    HOW WOULD YOU RANK THESE BASKETS??? Are there any baskets you definitely prefer?

  • Food (units)

    10

    20

    30

    40

    10 20 30 40

    Clothing

    (units)

    50

    G

    A

    E

    B

    D

    Market Basket

    Units of F

    Units of C

    A 20 30

    B 10 50

    D 40 20

    E 30 40

    G 10 20

  • Food (units)

    10

    20

    30

    40

    10 20 30 40

    Clothing

    (units)

    50

    G

    A

    E

    B

    D D has more

    food but less

    clothing than

    A.

    E has more

    food & more

    clothing than

    A.

    B has less food but more

    clothing than A.

    G has less

    food & less

    clothing

    than A.

  • Completeness

    Transitivity

    More is better than less

  • Prefer to

    to Or

    Or, theyre indifferent between &

    Completeness

    http://images.google.com.au/imgres?imgurl=http://www.thedailygreen.com/cm/thedailygreen/images/oranges-vitamin-c-lg.jpg&imgrefurl=http://www.thedailygreen.com/environmental-news/latest/lead-poisoning-prevention-diet-47041702&usg=__d6wkxDyYgptuYC1fcHgxeVqwnls=&h=360&w=460&sz=30&hl=en&start=5&tbnid=IzBwnSiUgKD6mM:&tbnh=100&tbnw=128&prev=/images?q=orange&gbv=2&hl=enhttp://images.google.com.au/imgres?imgurl=http://www.maine.gov/dhhs/boh/images/red apple.jpg&imgrefurl=http://www.maine.gov/dhhs/boh/food_safety_in_maine.html&usg=__J_JGksAfN_nkk0AHX_MkxvXBGMc=&h=362&w=340&sz=18&hl=en&start=1&tbnid=6Ip1UTmD1A9xVM:&tbnh=121&tbnw=114&prev=/images?q=red+apple&gbv=2&hl=enhttp://images.google.com.au/imgres?imgurl=http://www.maine.gov/dhhs/boh/images/red apple.jpg&imgrefurl=http://www.maine.gov/dhhs/boh/food_safety_in_maine.html&usg=__J_JGksAfN_nkk0AHX_MkxvXBGMc=&h=362&w=340&sz=18&hl=en&start=1&tbnid=6Ip1UTmD1A9xVM:&tbnh=121&tbnw=114&prev=/images?q=red+apple&gbv=2&hl=enhttp://images.google.com.au/imgres?imgurl=http://www.thedailygreen.com/cm/thedailygreen/images/oranges-vitamin-c-lg.jpg&imgrefurl=http://www.thedailygreen.com/environmental-news/latest/lead-poisoning-prevention-diet-47041702&usg=__d6wkxDyYgptuYC1fcHgxeVqwnls=&h=360&w=460&sz=30&hl=en&start=5&tbnid=IzBwnSiUgKD6mM:&tbnh=100&tbnw=128&prev=/images?q=orange&gbv=2&hl=enhttp://images.google.com.au/imgres?imgurl=http://www.thedailygreen.com/cm/thedailygreen/images/oranges-vitamin-c-lg.jpg&imgrefurl=http://www.thedailygreen.com/environmental-news/latest/lead-poisoning-prevention-diet-47041702&usg=__d6wkxDyYgptuYC1fcHgxeVqwnls=&h=360&w=460&sz=30&hl=en&start=5&tbnid=IzBwnSiUgKD6mM:&tbnh=100&tbnw=128&prev=/images?q=orange&gbv=2&hl=enhttp://images.google.com.au/imgres?imgurl=http://www.maine.gov/dhhs/boh/images/red apple.jpg&imgrefurl=http://www.maine.gov/dhhs/boh/food_safety_in_maine.html&usg=__J_JGksAfN_nkk0AHX_MkxvXBGMc=&h=362&w=340&sz=18&hl=en&start=1&tbnid=6Ip1UTmD1A9xVM:&tbnh=121&tbnw=114&prev=/images?q=red+apple&gbv=2&hl=en

  • 14

    Chocolate milk Tea Lemonade

    Transitivity

    http://images.google.com.au/imgres?imgurl=http://www.recipetips.com/images/glossary/l/lemonade.jpg&imgrefurl=http://www.recipetips.com/kitchen-tips/t--1091/how-to-make-homemade-lemonade.asp&usg=__Wo8e2I7e0ldd9pc193pmdGAA9Vg=&h=259&w=252&sz=6&hl=en&start=6&tbnid=Tp4HILhEXdStLM:&tbnh=112&tbnw=109&prev=/images?q=lemonade&gbv=2&hl=enhttp://images.google.com.au/imgres?imgurl=http://blogs.warwick.ac.uk/images/lucyyoung/2008/06/05/tea.jpg&imgrefurl=http://blogs.warwick.ac.uk/lucyyoung/entry/tea_really_does&usg=__GvLUqMxp58526AUTZQP6BcQ2Ja8=&h=375&w=500&sz=18&hl=en&start=15&tbnid=UU7T0pkrapBwJM:&tbnh=98&tbnw=130&prev=/images?q=tea&gbv=2&hl=enhttp://images.google.com.au/imgres?imgurl=http://www.recipetips.com/images/glossary/c/chocolate_milk.jpg&imgrefurl=http://www.recipetips.com/usda/food-nutrition/t--14182/chocolate-syrup-prepared-with-whole-milk.asp&usg=__hvBi0JIH4eUUVE6FGbgBqxA2Nfw=&h=271&w=252&sz=6&hl=en&start=2&tbnid=d3QjzR9sAQ5L2M:&tbnh=113&tbnw=105&prev=/images?q=chocolate+milk&gbv=2&hl=en

  • More is better than less

    GREED

  • The indifference curve U1 that

    passes through market basket

    A shows all baskets that give

    the consumer the same level of

    satisfaction as does market

    basket A; these include

    baskets B and D.

    An Indifference Curve

    Indifference Curves

    Our consumer prefers basket

    E, which lies above U1, to A,

    but prefers A to H or G, which

    lie below U1.

  • Income and Substitution Effects

  • The Marginal Rate of Substitution

  • Food (units)

    10

    20

    30

    40

    10 20 30 40

    Clothing

    (units)

    50

    U1

    X

    W

  • Suppose Jo is willing to give up 3 units of C to get 1 additional unit of F.

    Jos MRS of F for C is the maximum amount of C shes willing to give up to obtain 1 additional unit of F.

    MRS (F for C) = C/F = (3)/1 = 3

    Give up 3 units of C

    To get 1 unit of F

    Marginal Rate of Substitution MRS F = Food, C = Clothing

    MRS (F for C) = -C/F

  • Suppose BOB is willing to give up 2 units of C to get 1 additional unit of F.

    Give up 2 units of C

    To get 1 unit of F

    Meaning/Use of MRS MRS describes the intensity of prefs

    Notice Bob will give up fewer C to get 1 extra F. This implies C is more valuable and F is less valuable to him, as compared to Jo MRS (F for C) = C/F = (2)/1 = 2

  • Budget Constraints

  • The Budget Line

  • Consumer Choices

  • RUDOLPH D. VELASCO, MM

    R214b, QMS Office, Main Building, MQC Main Monday to Tuesday 5:00- 8:00 pm 09083016693 rudolph_tornado@yahoo.com.ph http://istudyguide.weebly.com

  • Photo Sources

    http://abhinavpmp.com/wp-content/uploads/market-competition-advantages.jpg

    http://i.kinja-img.com/gawker-media/image/upload/s--h-I4LZJb--/18ixlosijjif7jpg.jpg

    http://2.bp.blogspot.com/-f2_XvRfDCMw/UyIPk_gArYI/AAAAAAAAAFo/rEGd2Lu2 hqY/s1600/choice_screen_01.png

    http://timvandevall.com/wp-content/uploads/2013/11/Maslows-Hierarchy-of-Needs.jpg

    http://www.economicsuk.com/blog/rpibasket2.jpg

    https://www.binkd.com/wp-content/uploads/2014/02/Checklist.jpg

    http://www.slideteam.net/media/catalog/product/cache/1/image/9df78eab33525d08d6e5fb8d27136e95/3/d/3d_man_standing_on_dollar_with_dart_and_red_arrows_stock_photo_Slide01.jpg

    http://www.foreclosuredefenseresourcecenter.com/wp-content/uploads/2011/08/Substitution-of-Trustee-California-Civil-Code-Section-2934.jpg

    http://jacksonvillepropertymanagementpros.com/wp-content/uploads/2011/06/7-cut-utility-bills_-e_1370.jpg

    http://thumbs.dreamstime.com/x/budget-constraint-9920510.jpg

    http://blogs-images.forbes.com/sungardas/files/2014/09/IT-Budget-Line-Item_forbes.jpg

    http://b.fastcompany.net/multisite_files/fastcompany/imagecache/1280/poster/2013/09/3016957-poster-p-1-google-will-power-the-online-learning-revolution-with-moocorg.jpg

    http://cinemaboyz.com/wp-content/uploads/2013/11/steamsale.jpg

    Graphs and Quick Activity Source: Introductory Microeconomics by Pagoso, Dinio, Villasis, Meneses and Veloso

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