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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3 #study-session-4
At 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.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
At 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. 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


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