Similarities And Differences In Consumer Behavior Theory And Production Theory.
This eight-page graduate paper discusses the theories of consumer behavior and production and seeks to point out the similarities and differences between the two. The two theories are similar because both are directly connected with economic functions of demand and supply but the difference lies in the primary objectives of studying these theories. While consumer behavior is studied so that we can understand the changes in demand curve, which occur with changes in prices of commodities, production theory on the other hand deals with the concept of diminishing costs. 8 pgs, bibliography lists 2 sources.
