From lecture on Consumer Preferences

What is the difference conceptually between making a choice based on a single objective versus making a choice based on multiple (i.e., two or more) objectives?

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Reid WolffLv2

5 Jun 2018

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Related questions

Which of the following is an assumption of the decision-making process followed by consumers to maximize utility?

Multiple Choice

Marginal utility always increases as more units of a good are consumed.
The consumer oftentimes is not sure about her preferences.
The consumer’s income increases as prices of goods increase.
The consumer considers the prices of the products.

burgundyhornet133

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?