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Unit 3 Consumer Behavior Analysis

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Unit 3 Consumer Behavior Analysis
Microeconomics ECON212 -1504B-01
Instructor: Joseph Parisi
Unit 3- Behavioral Economics
Amanda Kranning
December 1, 2015

In order to understand consumer behavior one must understand the term. Consumer behavior is the study of consumers and the processes they use to choose, use (consume), and dispose of products and services. (MarketingTeacher, n.d.) This allows economists to predict consumer-buying patterns. Each consumer relies on different products and services based on their own income as well as their needs. Economists follow past trends and buying habits in order to assume future purchases. Now looking at utility, this defines the measurement in which you are willing to pay for an item for enjoyment or satisfaction received. The more you consume of a good, the less utility you receive from the last unit consumed. As an …show more content…
The decision to buy a product such as the indoor grill is determined by each individual consumer need and wants. One may decide that they think George Foreman is a horrible boxer and decide not to purchase, but another may look at the sole fact that he is a celebrity so it must be great. In the end, rational thinking is up to the buyer.
References
Baker, Ph.D, S. L. (2003). Economics Interactive Tutorials List. Retrieved from http://hspm.sph.sc.edu/Courses/Econ/Tutorials.html
Econweb. (n.d.). Principles of Microeconomics. Retrieved from http://econweb.tamu.edu/ccancho/Files/Chapter%209.pdf
MarketingTeacher. (n.d.). What is Consumer Behavior? | Marketing Teacher. Retrieved from http://www.marketingteacher.com/what-is-consumer-behavior/
Slavin, S. L. (2005). Cost. In Microeconomics (7th ed., pp. 155-158). Boston, NY: McGraw-Hill/Irwin.
Stonebraker, R. (2013, July 29). The Joy of Economics. Retrieved from
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