Theory of consumers choice and behavior1

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The document discusses theories of consumer choice and behavior. It aims to derive the market demand curve based on how consumers make decisions. It outlines several assumptions about consumer preferences: completeness, which means consumers can rank choices; monotonicity, which means more is better; reflexivity and transitivity, which ensure consistent choices; continuity; and convexity, which means mixtures are preferred to extremes. Indifference curves that follow from these assumptions are downward sloping, smooth, and bowed out. Higher indifference curves represent more preferred bundles of goods.

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