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The Changes in the Behavior of the Consumers - Case Study Example

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This case study "The Changes in the Behavior of the Consumers" discusses the concept of indifference curves. The Strong Axiom as well as the Weak Axiom of Revealed Preference are discussed in the assignment with the help of an example. Some suggested areas for further research are also discussed…
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The Changes in the Behavior of the Consumers
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Download file to see previous pages The primary textbooks on economics try to distinguish between macroeconomics that of microeconomics. It deals with the behavior of the basic elements within the economy. The agents involved in microeconomics include households and firms. It mainly tries to analyze the behavior of the firms and households with the market. Microeconomics can be defined as the study of economics that analyses the actions of the individual players and the structure of the markets where they operate. Microeconomics takes care of the private, domestic as well as the public players. The study relating to the interaction of these players in the market is called microeconomics. The various structures of the market that is examined in microeconomics include perfect competition, monopoly, and monopolistic competition. Production is defined under microeconomics as inputs into outputs. Production can thus be defined as the flow of output over a period of time. The most directly observable attributes under microeconomics are price and quantity. The coordination or the relationship of price with quantity demanded is explained using the law of demand. The law of demand is applied in microeconomics to determine the price and output in a market structure of perfect competition where no sellers or the buyers have the capability to determine or control the market price. The microeconomic analysis is applied by the business firms as they involve themselves in quantitative research and statistical methods with the aim to make strategic decisions. One of the objectives of microeconomics is to analyze the mechanisms of the market. It sets up the relative prices amongst the services and the goods and also allocates the limited resources among the many available alternatives uses. Some of the significant fields of study under this branch of economics include asymmetric information, general equilibrium, game theory and choices under uncertainty. The two branches of economics appear to be distinct but in reality, they are not. They are interdependent and complement each other. ...Download file to see next pagesRead More
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