econ - semi

It describes how and why consumer prefer one good to another.

implies satisfaction derived from consumption.

it represents all combinations of market basket that consumer is indifferent to.

a collection of one or more commodities

In Managerial Economics, it is the explanation of how the consumers allocate income to the purchase of different good and services so as to maximize utility.

means an imaginary unit for measuring satisfaction

is a set of indifference curves. It depicts the complete picture of a consumer’s preferences.

is a measure of satisfaction an individual gets from the consumption of the commodities.

refers to the satisfaction gained from an extra unit consumed.

it illustrates the ability to substitute one good for another that is an important scope in consumer behavior.