代写 ECF3120 CONSUMER ECONOMICS assignment

代写 ECF3120 CONSUMER ECONOMICS assignment

Semester 1, 2016 Fridays, 10-12nn, Bldg B Rm 2.14 Dr. Rebecca Valenzuela Department of Economics, Monash University ECF3120 CONSUMER ECONOMICS Week LECTURE Topic + /References ++ 1 Introduction: The Consumer Rocks! Ref: Soderlind* Ch 1-2 2 Consumer Preferences & Constraints Ref: P&R Ch3 Sec 3.1 & 3.2 3 Consumer Choice Ref: P&R Ch3 Sec 3.3-3.5 5 Individual & Market Demand Ref: P&R Ch4 Sec 4.1-4.5 Appendix 6 Risks and Uncertainty Ref: P&R Ch5 (exc. Sec 5.4) 7 Analysis of Competitive Markets Ref: P&R Ch 9 8 Research Proposal Presentations 9 Markets with Asymmetric Information Ref: P&R Ch17 Sec 17.1-17.4 10 Comp Markets, Genl Eq & Efficiency Ref: P&R Ch 9 & Ch16 Sec. 16.1-16.2 11 Equity, Efficiency & Why Markets Fail Ref:P&R Ch16 Sec. 16.3,16.6 & 16.7 12 Review Consumer Economics Consumer economics is a branch of economics principally concerned with the microeconomics analysis behaviour of consumers - families/households or individuals. Chapter 1 & 2, Soderlind “Consumer Economics: A Practical Overview” The Sovereign Consumer • Adam Smith (1723-1790) • Father of economics & author, Wealth of Nations (1776) Consumers should be given widespread freedom and authority in economic affairs. Chapter 1 & 2, Soderlind “Consumer Economics: A Practical Overview” The Sovereign Consumer • Consumers today are not 100% sovereign but close • Consumers lead national development  mixed economy  “rebuttable presumption” Chapter 1 & 2, Soderlind “Consumer Economics: A Practical Overview” Consumer Economics • Should consumers be trusted to guide national economies? • If not, should these economies be regulated? • How much regulation is best? And by who? Chapter 1 & 2, Soderlind “Consumer Economics: A Practical Overview” How Consumer Guide Modern Economies • By their purchases • By their votes • By their feet Why Study Consumer Economics? • to study and understand the behaviour of individuals in the economy, as they are faced with alternatives economic options: what to buy, what to do, where to go, how to do things, how to go places, etc. etc. • to use economic tools of analysis to understand consumer choice and identify what factors affect these decisions. • leads us to understand how the economy operates, how different sectors in the economy affect each other, it can influence production decisions of firms in the economy and is also a major influence on how the government makes up or adopts particular policies. The Rational Consumer A rational consumer has a well-defined objective, knows the consequences of alternative actions, and chooses actions that are consistent with the objective. The Pilgrim Consumer “developing” “learning” “doubt” “embattled self-image” “delusion” “need to change” “confusion” “crisis” “information overload” “groping” “searching for meaning” Fig 1. The Life Cycle Pattern of Income and Spending 20 30 40 50 60 70 Age Spending Income $ Change in Mean Incomes & Expenditure over time, Australia Income Expenditure The Role-Playing Consumer • Consuming for “Roles” • Institutions & Roles influence consumption • Consumption as a signaling device • Thorstein Veblen, The Theory of the Leisure Class (1953): “conspicuous consumption” The Role-Playing Consumer • Thorstein Veblen, The Theory of the Leisure Class (1953): “conspicuous consumption – greatest source of waste in societies ...” The Economics of Consumption • Individual choice & the economic environment • Scarcity & Trade-Offs • Opportunity costs

代写 ECF3120 CONSUMER ECONOMICS assignment • Risks v Opportunities The Economics of Consumption • Law of Demand • Law of Supply • Market Equilibrium • Efficiency v Equity • Pareto Optimality Economics of Consumption Key Influences • Economic Systems • Population Changes • Technology Population Pyramid, Australia, 1980 & 2013 Source: abs.gov.au Trends ...  Δs 1980 to 2013 • Australians are living longer • Less children in population • Fewer couples getting married • More women in labour force • Longer hours at work • Gen X & Y most highly qualified • Move from rural to urban areas for young • Very culturally diverse Next Week … •Modelling preferences •Indifference curves •Willingness to substitute

代写 ECF3120 CONSUMER ECONOMICS assignment