The Theory of Demand

Peter Dorman

Chapter 11 in Microeconomics, 2014, pp 217-247 from Springer

Abstract: Abstract In Chap. 4 we saw that, according to the traditional economic worldview, the sole purpose of economic life is to produce goods for purchase by consumers. Producing the right goods in the right amounts, with the characteristics consumers desire, is what an efficient economy should be doing as much of the time as possible. Clearly, in order to translate this broad objective into specific policies we require a theory of the consumers themselves: what governs the choices they make and how their individual decisions in the marketplace affect their ultimate well-being.

Keywords: Marginal Utility; Utility Theory; Consumer Surplus; Demand Curve; Consumer Choice (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/978-3-642-37434-0_11

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