Discussion question - Fundamentals of Consumer Choice Theory 9-21-2019.docx - MPNA 635-50 Fall 2019 Instructor Dr Reynold Galope MPNA635_DF#2 Discussion

Discussion question - Fundamentals of Consumer Choice Theory 9-21-2019.docx

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MPNA 635-50 Fall 2019 Instructor: Dr. Reynold Galope MPNA635_DF#2 Discussion Forum No. 2: Fundamentals of Consumer Choice Theory Complete this assignment after understanding our Module 2 readings. Be ready with your notes. The instructor may upload a short learning aid PowerPoint on Monday (September 23 rd ), but it does not replace your individual notes. Reading the material in advance is critical. 1. The Rational Consumer Choice Model. In your own words, how do economists answer these two consumer choice questions: Why do you consume a good or service, e.g., a book, a flu shot? How much of that good or servicewill you consume? Use an actual good or service to help you in your discussion. [ Hint : You can discuss several economic concepts like utility, price, consumer surplus here.] (20 points) Basic Application of Economic Theory . Secondly, I want you to identify an actual product, service, or program that your organization provides to your target consumers, clients, or program beneficiaries.
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