Rationality of Choices Made by Individual Consumer

Karolina Sobczak-Marcinkowska () and Krzysztof Malaga ()
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Karolina Sobczak-Marcinkowska: Poznań University of Economics and Business
Krzysztof Malaga: Poznań University of Economics and Business

Chapter Chapter 2 in Workbook for Microeconomics, 2023, pp 3-57 from Springer

Abstract: Abstract This Chapter presents 15 exercises that help in understanding the problem of describing rational behaviour of an individual consumer. In particular they concern: relation of consumer preferences, a utility function as a numerical characteristic of the relation of consumer preferences, the Marshallian demand function understood as an optimal solution to utility maximization problem, the Hicksian demand function as an optimal solution to consumer spending minimization problem, relations between the Marshallian and Hicksian demand functions, as well as substitution and income effects of changes in prices of goods, presented in a form of the Slutsky equation.

Date: 2023
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DOI: 10.1007/978-3-031-41947-8_2

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