Microeconomics - CONSUMER BEHAVIOR & INDIVIDUAL...

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Microeconomics - Right price of goods and resources Market Structure – industry structure Homogenous – there’s no distinction. E.g. tomatoes Differentiated – Brand, copyright, trademark - Based on how they produce; different products Dimension of Market Structure 1. No. of sellers – few, many 2. Nature of Products – homogenous, differentiated 3. condition of Entry – easy, difficult 4. Market Behavior – independence, dependence, collusion
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Unformatted text preview: CONSUMER BEHAVIOR & INDIVIDUAL DEMAND Approaches: 1. Utility Approach satisfaction that a consumer receives from whatever goods & services he consumes 2. Indifference Curve Approach Classification of Utility: 1. Cardinal Utility utility assumed to be measurable in principle 2. Ordinal Utility utility is in order of preference Macroeconomics...
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This note was uploaded on 01/14/2011 for the course ACCT 90786 taught by Professor Prof.bantua during the Spring '10 term at Xavier - Ateneo de Cagayan.

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Microeconomics - CONSUMER BEHAVIOR & INDIVIDUAL...

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