Explain the consumer’s buying behavior in general based on a
rigorous model. Your answer should include following concepts:
budget constraint, preference ordering and its axioms, utility
functions, marginal utility, marginal rate of substitution, utility
maximizing choice, price-consumption curve, demand curve,
incomeconsumption curve, Engel curve, substitution effect, income
effect, normal goods, inferior goods, Giffen goods, upward sloping
demand curve
In other words, you are required to recollect and summarize all
scattered concepts you have learned, and make them into one line...