In the consumer-choice model,the economist examines how the consumer's purchases change when there is a change in prices or income.Which stage of economic analysis is this procedure a part of?

Question

Quizplus · Accepted Answer

This procedure is a part of the optimization stage, where the economist analyzes how consumers optimize their choices based on changes in prices or income.

In the Consumer-Choice Model,the Economist Examines How the Consumer's Purchases