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Before we study duality in consumer theory, let us first know what consumer theory is, by the experts of duality in consumer theory assignment help.
A brief introduction to consumer theory
Consumer theory can be defined as the approach taken by a consumer and his/her rationality while taking consumer decisions. Study of consumer theory helps us to derive economic results. A vector of goods is chosen so that the utility of the goods can be maximized in order to spend within the budget. When discussing the model of consumer theory, two things need to be kept at mind-the prices need to be linear, and the goods need to be divisible.
Duality between costs and production functions
Experts of duality in consumer theory homework help will draw an analogy between cost and production and the duality between utility and expenditure, in order to explain you the topic in detail.
The level of output of the producer can be replaced with the utility level of the consumer and in this way, the cost minimization problem of the producer can be replaced by the minimization expenditure of the consumer in order to achieve the desired utility target.
While studying the duality in consumer theory, it is no longer assumed that only one output is produced, on the other hand, it is assumed that multiple input technologies are used to produce multiple outputs.
Application of duality in consumer theory
Experts of duality in consumer theory homework help will teach you how to solve empirical theory questions by taking the help of help of duality in consumer theory. Following are the advantages of using the duality in consumer theory while solving questions based on empirical theory:
- A large category of operational forms can be considered.
- There is a coherence between theory and analysis.
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