## Consumer theory |

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### Contents

Preface to Revised Edition | 13 |

The Rational Consumer | 21 |

The Consumers Preferences | 31 |

Copyright | |

11 other sections not shown

### Common terms and phrases

alternative amount analysis argument assets assume assumption Axiom beginning of period bonds brand budget constraint budget line bundles cent certainty line characteristics choice commodity competitive equilibrium composite commodity constant consumer's preference consumption set corner solutions decrease defined demand curve demand theory diminishing marginal utility earnings econ Economic elasticity of substitution equal example expected utility expected utility hypothesis expenditure Figure given hold hypothesis implies income effect increase independent utilities indifference class indifference curve individual marginal rate market demand functions negative origin Pareto criterion Pareto optimum portfolio positive preference ordering prospects purchases quantities rate of interest rate of substitution ratio reader result section 7.1 short selling slope Slutzky equation state-preference straight line strictly convex substitution effect sumer Technical Appendix uncertainty utility function utility of money utility of wealth utility-of-wealth vector welfare economics xt and x2 xu x2