Consumer Purchase Decisions #1

Consumer Purchase Decisions #1 - Consumer Purchase...

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1 Microeconomics Principles February 22, 2008 Consumer Purchase Decisions Reminder: Exam is Wednesday Feb. 27th Administrative Review Session: z Tuesday Feb. 26 th 5pm z Location: TBA z Bring study guide, questions FOR MONDAY: z You will have time for questions also, so please bring study guide and homework questions Today’s Outline Chap 7: Consumer Behavior z In Class Utility Experiment Utility Maximization Rule Start Chap 7 Appendix Consumer Behavior What do we expect from consumers? z Same Goal z Are they rational? 0 10 20 30 10 8 6 4 2 0 -2 1234567 Total Utility (Utils) Marginal Utility (Utils) (1) Tacos Consumed Per Meal (2) Total Utility, Utils (3) Marginal Utility, Utils 0 1 2 3 4 5 6 7 0 10 18 24 28 30 30 28 ] ] ] ] ] ] ] 10 8 6 4 2 0 -2 TU MU Total Utility Marginal Utility Units Consumed Per Meal Units Consumed Per Meal Consumer Behavior An Experiment List Activities (about 10 different activities) z List from WebCT
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2 Record on table…. Value for time spent z 0 = Worst Thing EVER z 100 Best Thing EVER Cost of activities z
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This note was uploaded on 04/18/2008 for the course PHY 121 taught by Professor Smith during the Spring '08 term at University of Maine Orono .

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Consumer Purchase Decisions #1 - Consumer Purchase...

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