Die rol van pryse in verbruikersoptrede

Abstract

In this dissertation a study is made of the part played by price in the behaviour of the consumer. The needs of the consumer mostly determine what he buys. A consumer plan can be compiled by studying the needs of the consumer and prices of products. This is also called the budget constraint. The consumer endeavors to buy the maximum with his limited income. He must therefore counterbalance the utility of each product with the prices of these products. The counterbalance of utilities of products had different economic developments. It started with the acceptance that utility could be measured in absolute terms with products that functions independantly. This theory was extended and changed to a theory of different curves that made it possible to maximise the utility of the consumer, subject to the limit of his income. Through this study it became clear that utility is a function of the price of products. The income of the consumer plays an important part in determining the consumer equilibrium. It is therefore important to determine the division of the total time of the consumer into work and leisure. It is also necessary to determine the influence of overtime work and job limitation on t he division

of income of the consumer. Up to now price changes have not been taken in account. When prices are changed, the consumer's demand for that product changes. The relationship between a change in demand that consequently follows the price change is called demand function. The change in demand for the various products can be analysed with the help of the substitution and income effect and the extent of change can be determined by calculating the price elasticity of demand. Mathematical and grafic methods of analysis are employed in this dissertation.