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Question: What is consumer behavior and how is it determined?

Asked by Wallache (33 points) on Jun 17, 2009  under Business 1 answers

What is consumer behavior and how is it determined?


Answers
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Sansone (36 points)

on Jun 18, 2009

Consumer behavior refers to patterns which indicate how people in a given economy get influenced by the changes in the demand and supply of different products.
There are three theories to determine consumer behavior. The Marshallian utility approach (cardinal approach), Hicksian indifference curve analysis (ordinal approach) and Samuelson revealed preference theory (modern approach).

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