How do you determine how a consumer divides their resources between two goods? According to the theory of consumer choice, how do you evaluate how you decide whether to save or spend money or even if you might have to work more to pay for items based on a budget constraint?

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28 Sep 2019

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I am sure the theory of consumer choice has been something that you have experienced before in the life. How do you determine how a consumer divides their resources between two goods? When we look at the theory of consumer choice you have to evaluate how you decide whether to save or spend money or even if you might have to work more in order to pay for items based on a budget constraint.

I am sure the theory of consumer choice has been something that you have experienced before in life. How do you determine how a consumer divides their resources between two goods? When we look at the theory of consumer choice you have to evaluate how you decide whether to save or spend money or even if you might have to work more in order to pay for items based on a budget constraint?

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Suppose you were given a choice to select from a menu of items in your employee benefits package. The menu might include medical coverage ($1500 deductable), life insurace equal to a year's salary, vacation time based on length of employment with the company and retirement pay equal to 8 percent of income. Comment on how such a flexible benefits package would affect your preference between higher wages and more benefits. Use the theory of consumer behavior in your answer.

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How do you determine how a consumer divides their resources between two goods? According to the theory of consumer choice, how do you evaluate how you decide whether to save or spend money or even if you might have to work more to pay for items based on a budget constraint?

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