Consumer Preferences and Microeconomics
Consumer preferences plays a huge role in Economics as it is important to understand the relationship between preferences and consumer demand curves. A supplier's duty is to figure out what consumers prefer so that their products stand higher than that of their competitors' A consumer is rightly crowned as the King of Microeconomics as he sets the tone for the seller from choosing the product to fixing the price. Preferences vary from each other. Consumer preferences don't depend on the income and the price. For example, Rahul (consumer) can have a preference for Rolex watch over Timex even though he cannot afford it. Consumer preferences allow a consumer to rank different bundles of goods according to levels of utility, or the total satisfaction of consuming a good or service. Commodities have alternative uses which is one of the major concerns in microeconomics as a result of which a consumer is supposed to choose his product with utmost perfection. Adding to this concer...