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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-2-consumer-theory-from-preferences-to-demand-function #section-3-utility-theory-modeling-preferences-and-tastes #study-session-4-microeconomics-analysis
We define a consumption bundle or consumption basket as a specific combination of the goods and services that the consumer would like to consume.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
o 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 preferences. <span>We define a consumption bundle or consumption basket as a specific combination of the goods and services that the consumer would like to consume. We could almost literally conceive of a basket containing a given amount of, say, shoes, pizza, medical care, theater tickets, piano lessons, and all the other things that a consumer mi


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