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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
To build a consistent model of consumer choice, we need to begin with the axioms of the theory of consumer choice
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
t the foundation of consumer behavior theory is the assumption that the consumer knows his or her own tastes and preferences and tends to take rational actions that result in a more preferred consumption “bundle” over a less preferred bundle. <span>To build a consistent model of consumer choice, we need to begin with a few assumptions about preferences. 3.1. Axioms of the Theory of Consumer Choice First, let us be clear about the consumption opportunities over which the consumer is assumed to have prefe


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