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Q1. WHAT IS CONSUMER CHOICE? Q2. WHAT IS DIMINISHING MARGINAL UTILITY? Q3. WHAT IS OPTIMAL PURCHASING...

Q1. WHAT IS CONSUMER CHOICE?

Q2. WHAT IS DIMINISHING MARGINAL UTILITY?

Q3. WHAT IS OPTIMAL PURCHASING CHOICE?

Q4. WHAT ARE SOME INSIGHTS INTO CONSUMER BEHAVIOUR?

Q5. WHAT IS CONSUMER SURPLUS?

Q6. WHAT IS PRICE DISCRIMINATION?

Q7. WHAT CONDITIONS ARE REQUIRED FOR PRICE DISCRIMINATION?

Q8. WHAT IS O.P.E.C.? HOW DO THEY CONTROL GLOBAL OIL PRICES?

Q9. WHAT IS CANADA'S BIGGEST EXPORT?

Q10. HOW DO CANADIAN CONSUMERS BUY PRODUCTS AND SERVICES COMPARED TO YOUR HOME COUNTRY?

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Answer #1

Answer 1 - Consumer choice is a hypothesis as to why people excatly buy things. Consumer choice means that Consumer will buy things which will give him maximum satisfaction spending without his budget. It is based in 3 assumptions -

  • No matter how much you shop and spend at the end you will never be completely satisfied
  • Decision are based completely on calculated budget which can make you happiest.
  • Even though more consumption gives you more happiness , but amount of pleasure decrease with each unit you continue to consume
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