代写 ECF3120 CONSUMER ECONOMICS assignment

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    • 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