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Chapter5:TheoryofConsumerBehaviorMcGraw-Hill/IrwinCopyright©2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter5:TheoryofConsumerTheConsumer’sOptimizationProblemIndividualconsumptiondecisionsaremadewiththegoalofmaximizingtotalsatisfactionfromconsumingvariousgoodsandservicesSubjecttotheconstraintthatspendingongoodsexactlyequalstheindividual’smoneyincomeTheConsumer’sOptimizatConsumerTheoryAssumesbuyersarecompletelyinformedabout:RangeofproductsavailablePricesofallproductsCapacityofproductstosatisfyTheirincomeRequiresthatconsumerscanrankallconsumptionbundlesbasedonthelevelofsatisfactiontheywouldreceivefromconsumingthevariousbundlesConsumerTheoryAssumesbuyersTypicalConsumptionBundlesforTwoGoods,X&Y

(Figure5.1)TypicalConsumptionBundlesfoPropertiesofConsumerPreferencesCompletenessForeverypairofconsumptionbundles,AandB,theconsumercansayoneofthefollowing:AispreferredtoBBispreferredtoATheconsumerisindifferentbetweenAandBTransitivityIfAispreferredtoB,andBispreferredtoC,thenA

mustbepreferredtoCNonsatiationMoreofagoodisalwayspreferredtolessPropertiesofConsumerPrefereUtilityBenefitsconsumersobtainfromgoods&servicestheyconsumeisutilityAutilityfunctionshowsanindividual’sperceptionoftheutilitylevelattainedfromconsumingeachconceivablebundleofgoodsUtilityBenefitsconsumersobtaIndifferenceCurvesLocusofpointsrepresentingdifferentbundlesofgoods,eachofwhichyieldsthesameleveloftotalutilityNegativelysloped&convexIndifferenceCurvesLocusofpoTypicalIndifferenceCurve(Figure5.2)TypicalIndifferenceCurveMarginalRateofSubstitutionMRSshowstherateatwhichonegoodcanbesubstitutedforanotherwhilekeepingutilityconstantNegativeoftheslopeoftheindifferencecurveDiminishesalongtheindifferencecurveasXincreases&YdecreasesRatioofthemarginalutilitiesofthegoodsMarginalRateofSubstitutionMSlopeofanIndifferenceCurve&theMRS

(Figure5.3)QuantityofgoodXQuantityofgoodY0IC(360,320)600800ABTT’360320SlopeofanIndifferenceCurveIndifferenceMap(Figure5.4)QuantityofYQuantityofXIIIIIIIVIndifferenceMap(Figure5MarginalUtilityAdditiontototalutilityattributabletotheadditionofoneunitofagoodtothecurrentrateofconsumption,holdingconstanttheamountsofallothergoodsconsumedMarginalUtilityAdditiontotoConsumer’sBudgetLineShowsallpossiblecommoditybundlesthatcanbepurchasedatgivenpriceswithafixedmoneyincomeorConsumer’sBudgetLineShowsalConsumer’sBudgetConstraint

(Figure5.5)Consumer’sBudgetConstraintTypicalBudgetLine(Figure5.6)QuantityofYQuantityofX••ABTypicalBudgetLine(FigurShiftingBudgetLines(Figure5.7)PanelB–ChangesinpriceofX200100AB250DRN120240QuantityofYQuantityofXPanelA–ChangesinmoneyincomeQuantityofYQuantityofXAB100FZ80160200125CShiftingBudgetLines(FigureUtilityMaximizationUtilitymaximizationsubjecttoalimitedmoneyincomeoccursatthecombinationofgoodsforwhichtheindifferencecurveisjusttangenttothebudgetlineUtilityMaximizationUtilitymaUtilityMaximizationConsumerallocatesincomesothatthemarginalutilityperdollarspentoneachgoodisthesameforallcommoditiespurchasedUtilityMaximizationConsumeraConstrainedUtilityMaximization(Figure5.8)A•IC••BIIRTQuantityofburgersQuantityofpizzas08020100406010203040507010903050•EIII•DIV4515ConstrainedUtilityMaximizatiIndividualConsumerDemandAnindividual’sdemandcurveforaspecificcommodityrelatesutility-maximizingquantitiespurchasedtomarketpricesMoneyincome&pricesheldconstantSlopeofdemandcurveillustrateslawofdemand—quantitydemandedvariesinverselywithpriceIndividualConsumerDemandAniDerivingaDemandCurve(Figure5.9)QuantityofYPriceofX($)QuantityofXQuantityofX10020012510000Px=$10Px=$5Px=$89065509065505810DemandforXDerivingaDemandCurve(FMarketDemand&MarginalBenefitListofprices&quantitiesconsumersarewilling&abletopurchaseateachprice,allelseconstantDerivedbyhorizontallysummingdemandcurvesforallindividualsinmarketBecausepricesalongmarketdemandmeasuretheeconomicvalueofeachunitofthegood,itcanbeinterpretedasthemarginalbenefitcurveforagoodMarketDemand&MarginalBenefDerivationofMarketDemand(Table5.1)

QuantitydemandedPriceConsumer1Consumer2Consumer3Marketdemand$62154331213581007101350680143253161219DerivationofMarketDemand(DerivationofMarketDemandFigure(5.10)DerivationofMarketDemandFSubstitution&IncomeEffectsWhenpricechanges,totalchangeinquantitydemandediscomposedoftwopartsSubstitutioneffectIncomeeffectSubstitution&IncomeEffectsWSubstitution&IncomeEffectsSubstitutioneffectChangeinconsumptionofagoodafterachangeinitsprice,whentheconsumerisforcedbyachangeinmoneyincometoconsumeatsomepointontheoriginalindifferencecurveIncomeeffectChangeinconsumptionofagoodresultingstrictlyfromachangeinpurchasingpowerSubstitution&IncomeEffectsSIncome&SubstitutionEffects:ADecreaseinPx

(Figure5.12)Totaleffectofpricedecrease=Substitutioneffect+Incomeeffect9=5+4Totaleffectofpricedecrease=Substitutioneffect+Incomeeffect3=5+(-2)Income&SubstitutionEffects:Substitution&IncomeEffectsConsiderthesubstitutioneffectalone:AmountofgoodconsumedmustvaryinverselywithpriceIncomeeffectreinforcesthesubstitutioneffectforanormalgood&offsetsitforaninferiorgoodSubstitution&IncomeEffectsCSummaryofSubstitution&IncomeEffects(Table5.2)SubstitutionEffectIncomeEffectPriceofXdecreases:NormalGoodInferiorGoodPriceofXincreases:NormalGoodInferiorGoodXrisesXrisesXrisesXrisesXfallsXfallsXfallsXfallsSummaryofSubstitution&IncChapter5:TheoryofConsumerBehaviorMcGraw-Hill/IrwinCopyright©2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter5:TheoryofConsumerTheConsumer’sOptimizationProblemIndividualconsumptiondecisionsaremadewiththegoalofmaximizingtotalsatisfactionfromconsumingvariousgoodsandservicesSubjecttotheconstraintthatspendingongoodsexactlyequalstheindividual’smoneyincomeTheConsumer’sOptimizatConsumerTheoryAssumesbuyersarecompletelyinformedabout:RangeofproductsavailablePricesofallproductsCapacityofproductstosatisfyTheirincomeRequiresthatconsumerscanrankallconsumptionbundlesbasedonthelevelofsatisfactiontheywouldreceivefromconsumingthevariousbundlesConsumerTheoryAssumesbuyersTypicalConsumptionBundlesforTwoGoods,X&Y

(Figure5.1)TypicalConsumptionBundlesfoPropertiesofConsumerPreferencesCompletenessForeverypairofconsumptionbundles,AandB,theconsumercansayoneofthefollowing:AispreferredtoBBispreferredtoATheconsumerisindifferentbetweenAandBTransitivityIfAispreferredtoB,andBispreferredtoC,thenA

mustbepreferredtoCNonsatiationMoreofagoodisalwayspreferredtolessPropertiesofConsumerPrefereUtilityBenefitsconsumersobtainfromgoods&servicestheyconsumeisutilityAutilityfunctionshowsanindividual’sperceptionoftheutilitylevelattainedfromconsumingeachconceivablebundleofgoodsUtilityBenefitsconsumersobtaIndifferenceCurvesLocusofpointsrepresentingdifferentbundlesofgoods,eachofwhichyieldsthesameleveloftotalutilityNegativelysloped&convexIndifferenceCurvesLocusofpoTypicalIndifferenceCurve(Figure5.2)TypicalIndifferenceCurveMarginalRateofSubstitutionMRSshowstherateatwhichonegoodcanbesubstitutedforanotherwhilekeepingutilityconstantNegativeoftheslopeoftheindifferencecurveDiminishesalongtheindifferencecurveasXincreases&YdecreasesRatioofthemarginalutilitiesofthegoodsMarginalRateofSubstitutionMSlopeofanIndifferenceCurve&theMRS

(Figure5.3)QuantityofgoodXQuantityofgoodY0IC(360,320)600800ABTT’360320SlopeofanIndifferenceCurveIndifferenceMap(Figure5.4)QuantityofYQuantityofXIIIIIIIVIndifferenceMap(Figure5MarginalUtilityAdditiontototalutilityattributabletotheadditionofoneunitofagoodtothecurrentrateofconsumption,holdingconstanttheamountsofallothergoodsconsumedMarginalUtilityAdditiontotoConsumer’sBudgetLineShowsallpossiblecommoditybundlesthatcanbepurchasedatgivenpriceswithafixedmoneyincomeorConsumer’sBudgetLineShowsalConsumer’sBudgetConstraint

(Figure5.5)Consumer’sBudgetConstraintTypicalBudgetLine(Figure5.6)QuantityofYQuantityofX••ABTypicalBudgetLine(FigurShiftingBudgetLines(Figure5.7)PanelB–ChangesinpriceofX200100AB250DRN120240QuantityofYQuantityofXPanelA–ChangesinmoneyincomeQuantityofYQuantityofXAB100FZ80160200125CShiftingBudgetLines(FigureUtilityMaximizationUtilitymaximizationsubjecttoalimitedmoneyincomeoccursatthecombinationofgoodsforwhichtheindifferencecurveisjusttangenttothebudgetlineUtilityMaximizationUtilitymaUtilityMaximizationConsumerallocatesincomesothatthemarginalutilityperdollarspentoneachgoodisthesameforallcommoditiespurchasedUtilityMaximizationConsumeraConstrainedUtilityMaximization(Figure5.8)A•IC••BIIRTQuantityofburgersQuantityofpizzas08020100406010203040507010903050•EIII•DIV4515ConstrainedUtilityMaximizatiIndividualConsumerDemandAnindividual’sdemandcurveforaspecificcommodityrelatesutility-maximizingquantitiespurchasedtomarketpricesMoneyincome&pricesheldconstantSlopeofdemandcurveillustrateslawofdemand—quantitydemandedvariesinverselywithpriceIndividualConsumerDemandAniDerivingaDemandCurve(Figure5.9)QuantityofYPriceofX($)QuantityofXQuantityofX10020012510000Px=$10Px=$5Px=$89065509065505810DemandforXDerivingaDemandCurve(FMarketDemand&MarginalBenefitListofprices&quantitiesconsumersarewilling&abletopurchaseateachprice,allelseconstantDerivedbyhorizontallysummingdemandcurvesforallindividualsinmarketBecausepricesalongmarketdemandmeasuretheeconomicvalueofeachunitofthegood,itcanbeinterpretedasthemarginalbenefitcurveforagoodMarketDemand&MarginalBenefDerivationofMarketDemand(Table5.1)

QuantitydemandedPriceConsumer1Consumer2Consumer3Marketdemand$62154331213581007101350680143253161219DerivationofMarketDemand(DerivationofMarketDemandFigure(5.10)DerivationofMarketDemandFSubstitution&IncomeEffectsWhenpricechanges,totalchangeinquantitydemandediscomposed

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