Overview
The theory of consumer choice is interested in the manner through which make decisions on the amount of money that they can commit on their preferences considering their budget constraints (Levin & Milgrom, 2004). All consumers have a budget past which they cannot spend. This budget is influenced by the wealth and income of the individual consumers. The budgets erect constraints on the ability of consumers to acquire their preferences. The consumer choice theory informs the choices a consumer will make considering the price of a certain good or service and his income.
The exploration of the consumer choice theory ...