Module 2:

Consumer Behavior
The second module of the course introduces you to the analysis of
consumer behavior. Decisions about what and how much to consume are
among the most important factors affecting the overall evolution of the
economy. The underlying preferences of these decisions can be
investigated. You will learn how to model consumer preferences in a utility
function and apply it to predict how consumers will behave given a given
income and the option to buy products at a given price. You will also gain
knowledge on how to assess people's choices regarding whether and how
much to work.
Learning Outcomes
1) Give an explanation of the terms utility and satisfaction.
2) Distinguish between total and marginal utility.
3) Explain and compute the marginal utility concept.
4) Using the Utility Maximizing Rule, describe how consumers can maximize
their overall utility within a given income.
5) Describe how adjustments to income or prices affect a consumer's utility.
6) Describe the equilibrium at tangency, the budget line, and the
indifference curve.

Utility
In this section, we'll take a closer look at the variables affecting demand
curve and consumer behavior. How does a buyer decide how much money
to spend on all the different things, like food, housing, entertainment, and
clothes, that they want? It is assumed that the goal of the consumer,
subject to income constraints, is to optimize their degree of contentment or
pleasure.
Economists use the term "utility" to characterize a happy, joyful, or content
state. To what extent does consuming pizza or watching a movie satisfy
someone? The evaluation of utility is solely dependent on individual
preferences and is not influenced by the cost of the good.
Step 1: Gather some of your favorite candies, baked goods, or biscuits.
Step 2: Rate a bite's utility on a scale of 0 to 100, with 100 denoting the
highest degree of utility. Keep track of the amount you could have gotten
with just one more bite, or the bite's marginal utility.
Step 03: Return to step 02 once more. It's critical to maintain consistency
with each unit consumed, meaning you should never stop eating halfway
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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through and should always consume the same amount of food. When
you run out of candy or your marginal utility is zero, you can quit.
Law of Diminishing Marginal Utility
As more of an item is consumed, the satisfaction from taking another bite
of it will eventually diminish, according to the law of diminishing marginal
utility. Marginal utility is defined as the satisfaction one receives from each
additional bite. As more of the good is consumed, we get less additional
satisfaction from consuming a unit of it. Even in the case where a good
was free and you could consume as much as you pleased, there would still
be a limit to how much you could take because of the law of diminishing
marginal utility.
The marginal utilities are added to obtain the total utility. Eating two
chocolates would provide a total utility of 164 if, for example, the second
chocolate had a marginal utility of 79 and the first chocolate had an 85. The
total utility of three chocolates is 85 + 79 + 73 = 237. Even though it does so
more slowly when our marginal utility falls, our overall utility increases as
long as it is positive.

Table 2.1 and Figure 2.1- Total & Marginal Utility and TU and MU Curve

Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA
 Can a marginal utility be negative? Yes, exactly. During a holiday meal, you
may overeat and feel so sick that you regret it later, but when you organized
the dinner, you most likely believed you would benefit more from eating all of
the food. We wouldn't willingly eat something if its marginal utility was
negatively impacted. Then why, when it's clear that the last few hot dogs
they ate are making them sicker, would someone stuff themselves during a
competition to see how many they can eat? Winning the competition
increases someone's marginal utility, making it positive, even though having
the last hot dog decreases it.
The marginal utility of an item can change. Water, for example, has a
declining marginal utility as it rains more and a high positive marginal utility
during a drought. At some point, excessive rain turns into a bad utility, and
after flooding has already happened, there is no marginal gain from more rain.

Figure 2.2 Total Utility of Water

Maximizing Utility
To find their utility values, people can order their preferences from least to
most preferred. The resulting utility or ranking values are subjective or
arbitrary. Moreover, they are ordinal rather than cardinal. Ordinal indicates
that the utility values only define a ranking of preferences, not a cardinal
measurement itself.
Imagine you are in a class of ten students, and the teacher has arranged
them according to height. He then assigned a height-based number to each
student, giving a 1 to the shortest and a 10 to the tallest.
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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 Because utility is ordinal rather than cardinal, we are unable to compare it
interpersonally. Do the rich and the poor have different values for the same
dollar? Some contend that they would value a dollar more if they thought the
impoverished person had more unmet needs. The reply is that everything
depends on individual preferences. A rich person with a "love of money" and a
simpler lifestyle may value an extra dollar more than someone in poverty (1
Timothy 6:10). This is simply not how we can compare interpersonal utility.
So, how does the consumer decide what to purchase? Unfortunately,
everything has a price, and customers have a finite amount of disposable
income. Because of this, consumers try to direct their limited funds toward the
products that will most satisfy them. The foundation of utility maximization is
selecting goods that maximize utility per peso while staying affordable and
within budget. Grocery stores frequently sell their products with a price per
peso tag. This allows customers to compare the cost per pound for different
brands or sizes. To maximize utility, the same concept is used; however, we
divide the marginal utility by the price to find the marginal utility per peso.
Assume that we only consume milk shakes and pizza, with each slice
costing P2 and each shake costing P1, leaving us with only P11 in spending
money. To enable a common comparison, we must divide the marginal utility
by the price because each good has a different price. Next, we contrast the
marginal utility per peso of shakes and pizzas. We would buy the first shake
because its marginal utility per peso is 50 for the shake and only 45 for the
pizza. After that, we buy the first slice of pizza by comparing its marginal utility
per dollar (45) to the second shake's marginal utility per peso (40). We would
buy both if we had the money to do so and the marginal utility per peso for
the two goods was the same, as demonstrated by the second pizza slice and
the second shake.
Income = P 11 MU pizza = MU shakes
P pizza P shakes
Price of Pizza: P 2.00 Price of Shakes: P 1.00
Quantity MU of Pizza MUpizza/Ppiz MU of Shakes MU shakes/P
za shakes
1 90 45 50 50
2 80 40 40 40
3 70 35 30 30
4 60 30 20 20
5 50 25 15 15
6 40 20 10 10
Budgetary allotments are still given to the goods that offer the highest
marginal utility per unit of currency. In this case, we would buy three
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA
milkshakes and four slices of pizza with our entire P 11 budget. After this
purchase, the total marginal utilities would be 50 + 90 + 80 + 40 + 70 + 60 + 30
= 420. Our budget does not permit us to purchase milkshakes and pizzas in a
different combination, so the marginal utility per peso spent on the two items
is the same as it was when we made our previous purchase.
Practice
You have the chance to practice now. Mark Louie wants to go to the movies or
bowling to make the most of his P20. Complete the table and determine the
number of bowling alley games and movies that will be most beneficial.
Practice
Income= P20
Price of movies: P8.00 Price of Bowling: P4.00
Quantity MU of movies MU/Pmovies MU of MU/Pbowling
Bowling
1 100 60
2 80 40
3 60 30
First, we divide the marginal utility of each item by its cost. What he can
purchase with her P20 income is restricted. Since bowling has a higher
marginal utility per peso (15) than the first movie (12.5), he would go bowling
first and spend P4. She would compare the first movie (12.5) with the second
round of bowling (10), spending an additional P8 for a total of P12. It's a little
trickier to decide. There are eight pesos left over for Mark Louie to spend, and
the marginal utility of every good is the same per peso. If he decides to go to
the movie, he will spend all eight pesos; however, if he decides to go bowling,
he will only need four and have four left over. It is believed that he wants to
spend all of his money and that not having the money is advantageous to him.
Since he cannot afford to buy another movie, he would rather buy a third
game of bowling, which has a marginal utility per peso of only 7.5.
Consequently, he would spend a total of (60 + 100 + 80) = 240 on two movies
and a game of bowling in order to maximize his utility. Remember that the
marginal utility per peso spent on the final items must be the same for all
goods for our decision rule to be applicable. Although we can't have it exactly
now, we do our best to get close to that. Considering our income, no other
combination could offer us greater utility.
How Businesses React
When companies see that people's marginal utility is declining, how do
they react? Recall that the consumer surplus is the area above the price but
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA
below the demand curve. Examine a few examples of how businesses react
when considering the law of diminishing marginal utility.
One example is the unit price that depends on the size of the package.
An ice cream shop offers three different serving sizes: six-, ten-, and
twelve-ounce cups. The smallest size, "Like It," costs P4.29, or 71.5 cents, per
ounce. With "Love It," an additional four ounces for just thirty-two cents, the
average cost per ounce is forty-six cents, while the marginal cost per ounce is
eight cents. With just 15.5 cents extra per ounce and an average cost per
ounce of just 41 cents, upgrading to the "Gotta Have It" size adds two extra
ounces. Although the large size is undoubtedly less expensive per ounce, not
everyone desires to consume such a large portion. The store profits from
customers who are more willing to pay for a smaller portion when they only
want a tiny serving. Whether it's cereal, ice cream, eggs, milk, or popcorn, it's
standard procedure to charge more per unit for a smaller package size.
Section 02: Indifference Curves and Budget Constraints
Indifference Curves
A more thorough analysis of demand is made possible by difference curves
and budgetary constraints. To model, we will look at the two goods. An
indifference curve shows the different combinations of the two commodities
that yield the same level of utility, regardless of the prices of the individual
goods. The law of diminishing marginal utility causes the indifference curve
between the two goods to be convex to the origin. All possible combinations
of the two goods (pizza and shakes) that are represented by the points A, B,
and C on the indifference curve result in a level of utility that is equal to 100.
Combination D illustrates how having more of the goods leads to a higher
utility level, whereas combination E illustrates a lower utility level.
The family of indifference curves is displayed on an indifference curve map.
The degree of utility at various combinations of the two goods could be
reflected by an infinite number of indifference curves. The various points along
an indifference curve represent the same degree of utility, much as a line on a
topographical map indicates the various points that are at the same elevation.

Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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Figure 2.3 Indifference Curve Map

Marginal Rate of Substitution

The marginal rate of substitution, denoted by the slope of the curve, is the
rate at which a consumer would be willing to move from one good to another
while maintaining the same level of utility. Thus, the marginal rate of
substitution reflects the ratio of marginal utilities between the two goods.
For example, at point A, the customer would be willing to trade one shake
for an additional slice of pizza. At point B, the customer already has a lot of
pizza but not many shakes, so he would have to gain three pizzas in order to
willingly give up half of a shake. The marginal utility of the shake he would
have to give up would therefore be relatively large, while the marginal utility
of an extra pizza would be relatively lower.
Since any combination of the two goods will only ever produce one degree of
utility at any given time, indifference curves never intersect.

Figure 2.4 Indifference Curve

Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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Budget Constraint
The budget constraint displays the combinations of the two goods that are
reasonable in light of the consumer's income and the prices of the two goods.
The income is divided by the price of the good to determine the intercept
points of the budget constraint. For example, if a customer had P8 to spend,
they could buy eight shakes for P8/P1, or four pizzas for P8/P2, since shakes
cost P1 and pizzas P2. When it comes to the two items, any combination that is
not within the budgetary constraints is not affordable, while those that are
nearer the source are. A parallel shift in income will cause the budget
constraint to move to the right, while a parallel shift to the left will result from
a decrease in income.

Figure 2.5 Budget Constraint Curve

When the prices of the goods change, so does the slope of the budget
constraint. If the customer makes $8 and the cost of the pizza is P2 and the
shakes is P1, the budget constraint would be BC1. If the price of pizza drops to
P1, the budget constraint on the x-axis would move to BC2. However, if shake
prices increased to P2, the budget constraint would shift to BC3.
The budget constraint's slope is represented by the negative price ratio
(-Px/Py). For example, if the prices of pizza and shakes were P1 and P2,
respectively, on the x and y axes, then the budget constraint's slope would be
-2.
Utility Maximization
Because their objective is to maximize utility under budgetary constraints,
customers search for a combination of goods that will allow them to reach the
highest indifference curve. This occurs in combination A, where the
indifference curve is tangent to the budget constraint. It should be
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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emphasized that while combinations A, B, and C are equally expensive,
combination A has a higher indifference curve. Combination D yields the same
utility as combinations C and B but requires less income, so the consumer can
increase utility by using more of it. Financial limitations prevent combination E
from being realized, even though it is superior to combination A.

Figure 2.6 Equilibrium at Tangency

Utility is maximized, as we have previously mentioned, when every good has
the same marginal utility for every dollar spent. At the point where the
indifference curve is tangent to the budget constraint, the slope of the budget
constraint (-Price x / Price y) equals the slope of the indifference curve, which
is the ratio of marginal utilities (-MUx/Muy). This equation can be rewritten
to show that the marginal utility for each dollar spent will be the same for both
goods.

Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA
 MODULE 2:
Consumer Behavior
Activity No. 1 Consumer Behavior
Name: ____________________________ Section:_____________________
Directions: Each of the questions or incomplete statements below is followed
by five suggested answers or completions. Select the one that is best in each
case and write the correct letter of your answer in the space provided for.
___1. Utility is the
A) benefit or satisfaction that a person gets from the consumption of a good
or service
B) measure of how useful a resource is in the production process
C) measure of productivity associated with a good or service
D) economic term for consumption possibilities
E) All of the above
___2. If Ann gets 100 units of utility from reading a book and 500 units of utility
from playing with her cat, we know that Ann
A) does not enjoy reading books
B) does not enjoy playing with her cat
C) prefers reading a book to playing with her cat
D) prefers playing with her cat to reading a book
E) None of the above
___3. As more of a good is consumed, total utility
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A) increases
B) decreases
C) remains the same
D) becomes negative and then turns positive
E) All of the above
___4. Marginal utility is equal to which of the following
A) total income divided by the price of the product
B) the change in total utility from consuming one more unit of a good
C) the satisfaction obtained from consuming any number of units of a good
D) none of the above is correct
E) All of the above are correct
___5. The first four dinner rolls Joan consumes have total utility of 15, 27, 37,
and 45 respectively. What is the marginal utility of the 4th dinner roll?
A) 124 units of utility
B) 45 units of utility
C) 11.25 units of utility
D) 8 units of utility
E) None of the above is correct
___6. The goal of a consumer is to
A) acquire the largest possible quantity of goods
B) acquire the largest possible variety of goods
C) maximize utility
D) save money
E) All of the above
___7. The utility maximizing rule says that consumers must
A)only allocate the entire available budget
B)only make the marginal utility per dollar spent the same for all goods
C)both allocate the entire budget and make the marginal utility per dollar
spent the same for all goods
D)either allocate the available budget or make the marginal utility per dollar
spent the same
E)None of the above
___8. In a given time period, a person consumes more and more of a good and
enjoys each additional unit less and is willing to pay less for it, because of:
A)diminishing returns
B)diminishing marginal product
C)diminishing marginal utility
D)increasing costs
E)None of the above
___9. If your MU/P for gas is > than your MU/P for food, what should you do in
order to maximize utility?
A) spend less on gas
B) spend more on food
C) both
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA
D) Neither
E) All of the above
Answer the next question(s) based on the table below showing the marginal
utility schedules for product X and product Y for a hypothetical consumer. The
price of product X is $4 and the price of product Y is $2. The income of the
consumer is $20.

___10. Refer to the above table. If the consumer buys both product X and
product Y, how much will the consumer buy of each to maximize utility?
A) 4X and 2Y
B) 3X and 4Y
C) 4X and 3Y
D) 5X and 3Y
E) None of the above
___11. Which best expresses the law of diminishing marginal utility?
A) The more of a product is consumed, the smaller is the total utility from the
product
B) The less of a product is consumed,the greater is the marginal utility of the
product
C) The more of a product is consumed, the greater is the total utility from the
product
D) The less of a product consumed, the smaller is marginal utility of the
product
E) None of the above
___12. Chris spent his entire income on two goods. At his current consumption,
the marginal utility of Y is 12 and the marginal utility of Z is 4. If the price of Y
is $2.00 and the price of Z is $1, then to what should he do to maximize utility?
A) consume more Y and Z
B) consume more Z and less Y
C) consumer more Y and less Z
D) maintain his consumption
E) None of the above
___13. Which of the following is true if consuming one unit of a good yields 100
utils and consuming the second unit of the good increases satisfaction by 20
utils?
A) the MU of the 1st unit is 20
B) the MU of the 2nd unit is 80
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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C) the MU of the 2nd unit is 120
D) the total utility of consuming 2 units is 120
E) None of the above
___14. A consumer makes purchases of anexisting product X such that the
marginal utility is 10 and the price is $5. The consumer also tries a new product
Y and at the current level of consumption it has a marginal utility of 8 and a
price of $1. The utility-maximizing rule suggests that this consumer should:
A) Increase consumption of product X and decrease consumption of product Y.
B) Increase consumption of product X and increase consumption of product Y.
C) Increase consumption of product Y and decrease consumption of product X.
D) Decrease consumption of product Y and decrease consumption of product
X.
E) All of the above
___15. Refer to the above table. Suppose that the consumer's income increased
from $20 to $30. What would be the utility-maximizing combination of
products X and Y?
A) 3X and 3Y
B) 4X and 4Y
C) 5X and 4Y
D) 5X and 5Y
E) None of the above

Activity No. 2 Consumer Behavior

Name: ____________________________ Section:__________________________
Critical Thinking Questions
1) Think back to a purchase that you made recently. How would you describe
your thinking before you made that purchase?

2) Would you expect marginal utility to rise or fall with additional consumption
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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of a good? Why?

3) If people do not have a complete mental picture of total utility for every
level of consumption, how can they find their utility-maximizing consumption
choice?

Activity No. 3 Consumer Behavior (Indifference Curve, Budget Line &

Equilibrium at Tangency)
Name: ____________________________ Section: ________________________
Directions: Each of the questions or incomplete statements below is followed
by five suggested answers or completions. Select the one that is best in each
case and write the correct letter of your answer in the space provided for.
___1) Which of the following statements is not true with regard to the standard
properties of indifference curves?
A. Indifference curves are downward sloping
B. Indifference curves do not cross each other
C. Higher indifference curves are preferred to lower ones
D. Indifference curves are bowed outward
E. All of the above
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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___2) Which of the following statements is not true with regard to the standard
properties of indifference curves?
A. Indifference curves are downward sloping
B. Indifference curves do not cross each other
C. Higher indifference curves are preferred to lower ones
D. Indifference curves are bowed outward
E. All of the above
___3) Indifference curves measure the consumer's willingness to trade one
good for another good while maintaining a constant level of satisfaction
A. True B. False C. Either A or B D. Neither A or B E. Incomplete
information
___4) The limit on the consumption bundles that a consumer can afford is
known as
A. An indifference curve
B. The marginal rate of substitution
C. The budget constraint
D. The consumption limit
E. All of the above
___5) Suppose a consumer must choose between the consumption of
sandwiches and pizza. If we measure the quantity of pizza on the horizontal
axis and the quantity of sandwiches on the vertical axis, and if the price of
pizza is $10 and the price of a sandwich is $5, then the slope of the budget
constraint is
A. 5 B. 10 C. 2 D. 1/2 E. None of the above
___6) If income and prices were both to double, the budget line would
A. Shift outward in a parallel fashion
B. Shift inward in a parallel fashion
C. Stay the same
D. Rotate inward
E. Rotate outward
___7) A budget constraint is a set of commodity bundles that provide the
consumer with the same level of satisfaction
B. True B. False C. Either A or B D. Neither A or B E. Incomplete
information
___8) Which of the following is true about the consumer's optimum
consumption bundle? A. At the optimum, The indifference curve is tangent to
the budget constraint
B.The slope of the indifference curve equals the slope of the budget constraint
C. The relative prices of the two goods equals the marginal rate of substitution
D. All of the above are true
E. None of the above are true
___9) A consumer is in equilibrium at the point of tangency of his indifference
curve and the price line because ___________.
A. He does not want to go beyond it
B. He cannot go beyond it
C. He cannot go below it
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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D. He is confused
E. All of the above
___10) Which of the following is correct?
A. Budget lines are linear and upward sloping; indifference curves are
downward sloping and concave to the
origin.
B. Budget lines are linear and downward sloping; indifference curves are
downward sloping and concave to
the origin.
C. Budget lines are linear and downward sloping; indifference curves are
downward sloping and convex to
the origin.
D. Budget lines are downward sloping and convex to the origin; indifference
curves are linear and downward
sloping.

___11) Refer to the diagram above where xy is the relevant budget line and I1,
I2, and I3 are indifference curves. The equilibrium position for the consumer is
at:
A. any point on xy.
B. point M.
C. point K.
D. point J
E. None of the above
___12) Refer to the diagram above where xy is the relevant budget line and I1,
I2, and I3 are indifference curves. Point M:
A. is the consumer's equilibrium position.
B. is unobtainable.
C. is inferior to point N.
D. entails the highest attainable level of total utility
E. None of the above
___13) Assume a diagram in which a budget line is imposed on an indifference
map. a consumer will maximize her utility:
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
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A. At any point where the budget line and an indifference curve intersect.
B. At either point where the budget line intersects the horizontal and vertical
axes.
C. Where the budget line is tangent to an indifference curve.
D. Where the ratio of the two product prices equals the reciprocal of the
consumer's income.
E. All of the above
___14) To maximize utility a consumer should allocate money income so that
the:
A. Elasticity of demand on all products purchased is the same.
B. Marginal utility obtained from the last dollar spent on each product is the
same.
C. Total utility derived from each product consumed is the same.
D. Marginal utility of the last unit of each product consumed is the same.
E. All of the above
___15) Refer to the above data. If the consumer has a money income of $52
and the prices of j and k are $8 and $4 respectively, the consumer will
maximize her utility by purchasing:
A. 2 units of j and 7 units of k.
B. 5 units of j and 5 units of k.
C. 4 units of j and 5 units of k
D. 6 units of j and 3 units of k
E. None of the above

Activity No. 4 Consumer Behavior (Indifference Curve, Budget Line &

Equilibrium at Tangency)
Name: ____________________________ Section:_________________________
Critical Thinking Questions
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA
1) What point is preferred along an indifference curve?

2) How can you tell which indifference curves represent higher or lower levels
of utility?

3) Why does the consumer get the maximum satisfaction when the
indifference curve is tangent to the budget line?

4) How does a consumer achieve equilibrium given an indifference curve and

budget line?

Activity No. 5 Consumer Behavior (Utility Maximizing Rule)

Name: ____________________________ Section:_________________________
Utility Maximizing Rule. You have an income of P56. The price of sandwich is P8
Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA
and the price of juice is P 4.
The utility received from consuming sandwich and juice is given below.
PROBLEM: How many sandwiches and juices should be bought to maximize
utility? What is the total utility?
Number Total Margina MU/Pric Numbe Total Margin MU/Pric
of Utility l Utility e of r of utility al e of
sandwich of of sandwic juices of Utility juice
es sandwic sandwic h juice of juice
h h
0 0 0 0
1 64 1 40
2 120 2 76
3 168 3 108
4 208 4 136
5 240 5 160
6 264 6 180
7 280 7 196

Basic Microeconomics for BSBA Marketing Management & Human Resource Management and BS
Entrepreneurship by Exequiel Mendoza Perez, MBA