What you’ll learn to do: explain how consumer utility changes when income or prices change
Imagine you were to create a pie chart of your college budget and spending. Where does most of your money go? Is it spent on housing? Tuition? Maybe on a car payment or food? How much money goes towards savings, entertainment, or a night out with friends? In this section, you’ll see how consumer choices change when one’s budget changes or the prices of the things one buys changes.
- Introduction to Changes in Consumer Equilibrium. Authored by: Steven Greenlaw and Lumen Learning. License: CC BY: Attribution
- woman paying at cash register. Authored by: quinntheislander. Provided by: Pixabay. Located at: https://pixabay.com/en/paying-cash-transaction-payment-1438142/. License: CC0: No Rights Reserved