Author:
Evaluation:
Published: 25.06.2014.
Language: English
Level: College/University
Literature: n/a
References: Not used
  • Essays 'What Determines Preferences of the Customer?', 1.
  • Essays 'What Determines Preferences of the Customer?', 2.
Extract

So it means that after our choice there is also two options which we should know very well:
• perfect substitutes - two goods for which the marginal rate of substitution of one for the other is a constant.
• perfect complements - two goods for which the MRS is infinite; the indifference curves are shaped as right angles.
Customers are different, but there is usually simple math how to calculate their needs quantity + price = tactic, and this tactic is that golden key which companies should find, so every consumer could feel well.

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