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Allan, Desiree Joy Pablo Theory of Consumer Behavior: This Particular Functional Form Is Referred To As "Cobb-Douglas"
Allan, Desiree Joy Pablo Theory of Consumer Behavior: This Particular Functional Form Is Referred To As "Cobb-Douglas"
The Consumer’s Preferences and the Concept Where T is the number of movies
of Utility “consumed” at the theater, and D is the
number of DVDs consumed at home.
Economists assume consumers are rational Utility might be represented by
and able to “optimize” consumption
decisions given scarce resources
U =U(T,D)