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Identify and describe a theory of consumer behavior. THIS IS FOR MICROECONOMICS

  1. Identify and describe a theory of consumer behavior. THIS IS FOR MICROECONOMICS
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Consider one microeconomic theory is the utility theory and it can be mentioned that according to utility theory, consumer always gets to make choices using the marginal analysis where he actually compares the benefit he is getting from consuming one additional unit of good against the cost incurred in order to produce that good on the whole and that is the reason why utility theory is actually used in decision making by the consumers. in this case the consumers keep on consuming goods and till the utility or the marginal utility is greater than that of the price incurred to purchase that good.

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