Perilaku Konsumen

Consumer
Behavior
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 8e. 1 of 45
3.1 Consumer Preferences
Market Baskets
We use the term market basket to refer to such a group of items. Specifically,
a market basket is a list with specific quantities of one or more goods. A
market basket might contain the various food items in a grocery cart. It might
also refer to the quantities of food, clothing, and housing that a consumer
buys each month. Many economists also use the word bundle to mean the
same thing as market basket.
How do consumers select market baskets? How do they decide, for example,
how much food versus clothing to buy each month? Although selections may
occasionally be arbitrary, as we will soon see, consumers usually select
market baskets that make them as well off as possible.
• Some Basic Assumptions about Preferences
• Completeness: Preferences are assumed to be complete. In other

words, consumers can compare and rank all possible baskets;
indifferent we mean that a person will be equally satisfied with
either basket.
• Transitivity: Preferences are transitive. Transitivity means that if a

consumer prefers basket A to basket B and basket B to basket C, then
the consumer also prefers A to C.
• More is better than less: Goods are assumed to be desirable—i.e., to

be good. Consequently, consumers always prefer more of any good
to less. In addition, consumers are never satisfied or satiated; more is
always better, even if just a little better
• Indifference Curves
• show a consumer’s preferences graphically with the use of
indifference curves: Curve representing all combinations of market
baskets that provide a consumer with the same level of satisfaction.
Keranjang Food Cloth

A 20 30
B 10 50
D 40 20
E 30 40
G 10 20
H 10 40
E (30,40)  A(20,30)  G (10,20)

B (10,50)  H (10,40)  G (10,20)
D(40,20)  G (10,20)
• Indifference Maps
• To describe a person’s preferences for all combinations of food and clothing,
we can graph a set of indifference curves; Graph containing a set of
indifference curves showing the market baskets among which a consumer is
indifferent.
• The Shape of Indifference Curvess
•Recall that indifference curves are all downward sloping;

when the amountof food increases along an indifference
curve, the amount of clothing decreases.
•The fact that indifference curves slope downward follows

directly from our assumption that more of a good is better
than less. If an indifference curve sloped upward, a consumer
would be indifferent between two market baskets even
though one of them had more of both food and clothing.
• The Marginal rate of Substitution

• To quantify the amount of one good that a consumer will give up to obtain
more of another, we use a measure called the marginal rate of substitution
(MRS). The MRS of food F for clothing C is the maximum amount of clothing
that a person is willing to give up to obtain one additional unit of food.
• Diminishing marginal rate of substitutions
• 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 zero or
infinite; the indifference curves are
shaped as right angles.
• Bads
So far, all of our examples have involved products that are “goods”—
i.e., cases in which more of a product is preferred to less. However,
some things are bads: Less of them is preferred to more. Air pollution is
a bad; asbestos in housing insulation is another. How do we account for
bads in the analysis of consumer preferences? The answer is simple: We
redefine the product under study so that consumer tastes are
represented as a preference for less of the bad. This reversal turns the
bad into a good. Thus, for example, instead of a preference for air
pollution, we will discuss the preference for clean air, which we can
measure as the degree of reduction in air pollution. Likewise, instead of
referring to asbestos as a bad, we will refer to the corresponding good,
the removal of asbestos.
Utility
• Numerical score representing the satisfaction that a consumer gets
from a given market basket; In other words, utility is a device used
to simplify the ranking of market baskets. If buying three copies of
this textbook makes you happier than buying one shirt, then we say
that the three books give you more utility than the shirt.
• utility functions; is a formula that assigns a level of utility to each market

basket.
Ordinal versus Cardinal utility

ordinal utility: function Utility function cardinal utility: function Utility function
that generates a ranking of market baskets describing by how much one market
in order of most to least preferred. basket is preferred to another.
Example 3.2 Can Money Buy Happiness?

Economists use the term utility to represent a measure of the satisfaction or happiness that individuals get from the consumption
of goods and services. Because a higher income allows one to consume more goods and services, we say that utility increases with
income. But does greater income and consumption really translate into greater happiness? Research comparing various measures
of happiness suggests that the answer is a qualified yes.
In one study, an ordinal scale for happiness was derived from the answer to the following question. “how satisfied are you at
present with your life, all things considered?”. Income was found to be a very strong predictor of happiness. On average, as
income increased by one percent, the satisfaction score increased one half a point. Knowing that there is a positive relationship
between utility or satisfaction and income, it is reasonable to assign utility values to the baskets of goods and services that
consumers buy. Whether that relationship is cardinal or ordinal remains an ongoing debate.
Can one compare levels of happiness across as well as within countries? once again, the evidence says yes. In a separate survey of
individuals in 67 countries, a team of researchers asked: “All things considered, how satisfied are you with your life as a whole
these days?” Responses were given on a ten-point scale, with representing the most dissatisfied and 10 the most satisfied.6
Income was measured by each country’s per-capita gross domestic product in U.S. dollars. Figure 3.9 shows that as we move from
poor countries with incomes below $5000 per capita to those with incomes closer to $10,000 per capita, satisfaction increases
substantially. once we move past the $10,000 level, the index scale of satisfaction increases at a lower rate.
Comparisons across countries are difficult because there are likely to be many other factors that explain satisfaction besides
income (e.g., health, climate, political environment, human rights, etc.). Interestingly, a recent survey of 136,000 individuals over
132 countries shows that the United States, which had the highest GDP per capita, was ranked 16th overall in happiness. The
number 1 rated country was Denmark. Moreover, it is possible that the relationship between income and satisfaction goes two
ways: Although higher incomes generate more satisfaction, greater satisfaction offers greater motivation for individuals to work
hard and generate higher incomes. Interestingly, even when studies account for other factors, the positive relationship between
income and satisfaction remains.
3.2 Budget Constraints
The budget line indicates all combinations of F and C for which the
total amount of money spent is equal to income. Because we are
considering only two goods (and ignoring the possibility of saving),
our hypothetical consumer will spend her entire income on food and
clothing. As a result, the combinations of food and clothing that she
can buy will all lie on this line:
Market Food Clothing (C) Total

Basket (F) Spending
A 0 40 $80
B 20 30 $80
D 40 20 $80
E 60 10 $80
G 80 0 $80
• The effects of Changes in Income and Prices
Income Changes
• The effects of Changes in Income and Prices
Price Changes
3.3 Consumer Choice
•Maximize the satisfaction they can achieve, given the

limited budget available to them
Most Located in
preferred the budget
combination line
Max
market
basket
3.3 Consumer Choice
3.3 Consumer Choice
• Important Result: utility is maximized when the

marginal rate of substitution (MRS) is equal to the ratio
of the prices.
pF C
MRS 
pC
Marginal Benefit = Marginal Cost

C C
Slope   MRS
F
F
Optimal Choice
3.3 Consumer Choice
3.3 Consumer Choice
3.3 Consumer Choice
• Corner Solutions
3.3 Consumer Choice
3.3 Consumer Choice
• s
3.3 Consumer Choice
• s
3.3 Consumer Choice
Example 3.5 A College trust fund
When given a college trust fund that

must be spent on education, the
student moves from A to B, a corner
solution. If, however, the trust fund
could be spent on other
consumption as well as education,
the student would be better off at C.
3.4 Revealed Preference
•In Section 3.1, we saw how an individual’s preferences could be

represented by a series of indifference curves. Then in Section 3.3,
we saw how preferences, given budget constraints, determine
choices. Can this process be reversed? If we know the choices that a
consumer has made, can we determine his or her preferences?
•We can if we have information about a sufficient number of choices

that have been made when prices and income levels varied. The
basic idea is simple. If a consumer chooses one market basket over
another, and if the chosen market basket is more expensive than the
alternative, then the consumer must prefer the chosen market
basket.
3.4 revealed Preference
3.5 Marginal utility and Consumer Choice
• Diminishing marginal utility: As more

and more of a good is consumed,
consuming additional amounts will
yield smaller and smaller additions to
utility.
• Equal marginal principle: Principle that

utility is maximized when the consumer
has equalized the marginal utility per
dollar of expenditure across all goods.
3.5 Marginal Utility and Consumer Choice
Example 3.7 Marginal Utility and Happiness

Does research on consumer satisfaction tell us about the relationship between
happiness and the concepts of utility and marginal utility?
Interestingly, that research is consistent with a pattern of diminishing
marginal utility of income, both in the U.S. and across countries. The data
suggest that as incomes increase from one country to the next, satisfaction,
happiness, or utility (we are using the three words interchangeably) all
increase as per capita income increases. The incremental increase in
satisfaction, however, declines as income increases. If one is willing to accept
that the satisfaction index resulting from the survey is a cardinal index, then
the results are consistent with a diminishing marginal utility of income.
The results for the U.S. are qualitatively very similar to those for the 67
countries that make up the data for Figure 3.9. Figure 3.21 calculates the mean
level of life satisfaction for nine separate income groups in the population; the
lowest has a mean income of $6,250, the next a mean income of $16,250, and
so on until the highest group, whose mean income is $87,500. The solid curve
is the one that best fits the data. once again, we can see that reported
happiness increases with income, but at a diminishing rate.
3.5 Marginal Utility and Consumer Choice
Example 3.7 Marginal Utility and Happiness

For those students concerned about future income prospects, a recent survey
shows that for this relatively high income group, making additional money does
not improve a person’s ability to enjoy leisure time and good health—all of
which factor into one’s overall well-being. These results offer strong support for
the modern theory of economic decision making that underlies this text, but they
are still being carefully scrutinized. For example, they do not account for the fact
that satisfaction tends to vary with age, with younger people often expressing
less satisfaction than older folks. or we can look at this a different way. Students
have something positive to look forward to as they get older and wiser.
A second issue arises when we compare the results of happiness studies over
time. Per-capita incomes in the U.S., U.K., Belgium, and Japan have all risen
substantially over the past 20 years. Average happiness, however, has remained
relatively unchanged. (Denmark, Germany, and Italy did show some increased
satisfaction.) one plausible interpretation is that happiness is a relative, not
absolute, measure of well-being. As a country’s income increases over time, its
citizens increase their expectations; in other words, they aspire to having higher
incomes. To the extent that satisfaction is tied to whether those aspirations are
met, satisfaction may not increase as income grows over time.
rationing
4.1 INDIVIDUAL DEMAND
Price Changes
Figure 4.1
Effect of Price Changes
A reduction in the price of food,

with income and the price of
clothing fixed, causes this
consumer to choose a different
market basket.
In (a), the baskets that
maximize utility for various
prices of food (point A, $2; B,
$1; D, $0.50) trace out the
price-consumption curve.
Part (b) gives the demand
curve, which relates the price of
food to the quantity demanded.
(Points E, G, and H correspond
to points A, B, and D,
respectively).
Income Changes
Figure 4.2
Effect of Income Changes
An increase in income, with the

prices of all goods fixed, causes
consumers to alter their choice of
market baskets.
In part (a), the baskets that
maximize consumer satisfaction
for various incomes (point A, $10;
B, $20; D, $30) trace out the
income-consumption curve.
The shift to the right of the
demand curve in response to the
increases in income is shown in
part (b). (Points E, G, and H
correspond to points A, B, and D,
respectively.)
Normal versus Inferior Goods
Figure 4.3
An Inferior Good
An increase in a person’s
income can lead to less
consumption of one of the
two goods being
purchased.
Here, hamburger, though
a normal good between A
and B, becomes an
inferior good when the
income-consumption
curve bends backward
between B and C.
Engel Curves
Engel curve Curve relating the
quantity of a good consumed to
income.
Figure 4.4
Engel Curves
Engel curves relate the
quantity of a good
consumed to income.
In (a), food is a normal good
and the Engel curve is
upward sloping.
In (b), however, hamburger
is a normal good for income
less than $20 per month
and an inferior good for
income greater than $20 per
month.
Substitutes and Complements
Recall that:
Two goods are substitutes if an increase in the price of one

leads to an increase in the quantity demanded of the other.
Two goods are complements if an increase in the price of one

good leads to a decrease in the quantity demanded of the
other.
Two goods are independent if a change in the price of one

good has no effect on the quantity demanded of the other.
4.2 INCOME AND SUBSTITUTION EFFECTS
A fall in the price of a good has two effects:
1. Consumers will tend to buy more of the good that has

become cheaper and less of those goods that are now
relatively more expensive.
2. Because one of the goods is now cheaper, consumers

enjoy an increase in real purchasing power.
Figure 4.6
Income and Substitution Effects:
Normal Good
A decrease in the price of food

has both an income effect and a
substitution effect.
The consumer is initially at A, on
budget line RS.
When the price of food falls,
consumption increases by F1F2 as
the consumer moves to B.
The substitution effect F1E
(associated with a move from A to
D) changes the relative prices of
food and clothing but keeps real
income (satisfaction) constant.
The income effect EF2
(associated with a move from D to
B) keeps relative prices constant
but increases purchasing power.
Food is a normal good because
the income effect EF2 is positive.
Substitution Effect
● substitution effect Change in consumption of

a good associated with a change in its price, with
the level of utility held constant.
Income Effect
● income effect Change in consumption of a
good resulting from an increase in purchasing
power, with relative prices held constant.
The total effect of a change in price is given theoretically by the

sum of the substitution effect and the income effect:
Total Effect (F1F2) = Substitution Effect (F1E) + Income Effect (EF2)
Income Effect
Figure 4.7
Income and Substitution Effects:
Inferior Good
The consumer is initially at A on
budget line RS.
With a decrease in the price of food,
the consumer moves to B.
The resulting change in food
purchased can be broken down into a
substitution effect, F1E (associated
with a move from A to D), and an
income effect, EF2 (associated with a
move from D to B).
In this case, food is an inferior good
because the income effect is negative.
However, because the substitution
effect exceeds the income effect, the
decrease in the price of food leads to
an increase in the quantity of food
demanded.
A Special Case: The Giffen Good

● Giffen good Good whose demand curve slopes upward
because the (negative) income effect is larger than the
substitution effect.
Figure 4.8
Upward-Sloping Demand Curve: The
Giffen Good
When food is an inferior good, and

when the income effect is large
enough to dominate the
substitution effect, the demand
curve will be upward-sloping.
The consumer is initially at point
A, but, after the price of food falls,
moves to B and consumes less
food.
Because the income effect EF2 is
larger than the substitution effect
F1E, the decrease in the price of
food leads to a lower quantity of
food demanded.
Figure 4.9
Effect of a Gasoline Tax with a Rebate
A gasoline tax is imposed when

the consumer is initially buying
1200 gallons of gasoline at point
C.
After the tax takes effect, the
budget line shifts from AB to AD
and the consumer maximizes his
preferences by choosing E, with a
gasoline consumption of 900
gallons.
However, when the proceeds of
the tax are rebated to the
consumer, his consumption
increases somewhat, to 913.5
gallons at H.
Despite the rebate program, the
consumer’s gasoline consumption
has fallen, as has his level of
satisfaction.
4.3 MARKET DEMAND
market demand curve Curve relating the

quantity of a good that all consumers in a
market will buy to its price.
From Individual to Market Demand
TABLE 4.2 Determining the Market Demand Curve

(1) (2) (3) (4) (5)
Price Individual A Individual B Individual C Market
($) (Units) (Units) (Units) (Units)
1 6 10 16 32
2 4 8 13 25
3 2 6 10 18
4 0 4 7 11
5 0 2 4 6
4.3 MARKET DEMAND
Figure 4.10
Summing to Obtain a Market Demand
Curve
The market demand curve is

obtained by summing our three
consumers’ demand curves DA,
DB, and DC.
At each price, the quantity of
coffee demanded by the market is
the sum of the quantities
demanded by each consumer.
At a price of $4, for example, the
quantity demanded by the market
(11 units) is the sum of the
quantity demanded by A (no
units), B (4 units), and C (7 units).
4.3 MARKET DEMAND

Two points should be noted:
1. The market demand curve will shift to the right as more
consumers enter the market.
2. Factors that influence the demands of many consumers will also
affect market demand.
The aggregation of individual demands into market becomes
important in practice when market demands are built up from the
demands of different demographic groups or from consumers located
in different areas.
For example, we might obtain information about the demand for
home computers by adding independently obtained information about
the demands of the following groups:
• Households with children
• Households without children
• Single individuals
4.3 MARKET DEMAND
Elasticity of Demand
Denoting the quantity of a good by Q and its price by P, the price

elasticity of demand is
•(4.1)
Inelastic Demand
When demand is inelastic, the quantity demanded is relatively

unresponsive to changes in price. As a result, total expenditure on the
product increases when the price increases.
Elastic Demand
When demand is elastic, total expenditure on the product decreases
as the price goes up.
4.3 MARKET DEMAND
Isoelastic Demand
isoelastic demand curve Demand curve with a constant price elasticity.
Figure 4.11
Unit-Elastic Demand Curve
When the price elasticity of
demand is −1.0 at every
price, the total expenditure is
constant along the demand
curve D.
4.3 MARKET DEMAND
Isoelastic Demand
TABLE 4.3 Price Elasticity and Consumer Expenditures

Demand If Price Increases, If Price Decreases,
Expenditures Expenditures
Inelastic Increase Decrease
Unit elastic Are unchanged Are unchanged
Elastic Decrease Increase
4.3 MARKET DEMAND
Domestic demand for wheat is given by the equation

QDD = 1430 – 55P
where QDD is the number of bushels (in millions) demanded
domestically, and P is the price in dollars per bushel. Export demand
is given by
QDE = 1470 − 70P
where QDE is the number of bushels (in millions) demanded from
abroad.
To obtain the world demand for wheat, we set the left side of each
demand equation equal to the quantity of wheat. We then add the right
side of the equations, obtaining
QDD + QDE = (1430 − 55P) + (1470 − 70P) = 2900 − 125P
4.3 MARKET DEMAND
Figure 4.12
The Aggregate Demand for
Wheat
The total world demand

for wheat is the
horizontal sum of the
domestic demand AB
and the export demand
CD.
Even though each
individual demand curve
is linear, the market
demand curve is kinked,
reflecting the fact that
there is no export
demand when the price
of wheat is greater than
about $21 per bushel.
4.4 CONSUMER SURPLUS
consumer surplus Difference between what a consumer is willing to pay

for a good and the amount actually paid.
Consumer Surplus and Demand
Figure 14.3
Consumer Surplus
Consumer surplus is the

total benefit from the
consumption of a product,
less the total cost of
purchasing it.
Here, the consumer surplus

associated with six concert
tickets (purchased at $14
per ticket) is given by the
yellow-shaded area.
4.4 CONSUMER SURPLUS
Figure 14.4
Consumer Surplus Generalized
•For the market as a whole, consumer

surplus is measured by the area
under the demand curve and above
the line representing the purchase
price of the good.
•Here, the consumer surplus is given

by the yellow-shaded triangle and is
equal to
1/2 × ($20 − $14) × 6500 = $19,500.

•When added over many individuals, it measures the aggregate benefit that
consumers obtain from buying goods in a market.
•When we combine consumer surplus with the aggregate profits that producers
obtain, we can evaluate both the costs and benefits of alternative market
structures and public policies.

Perilaku Konsumen

Uploaded by

Copyright:

Available Formats

Perilaku Konsumen

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Perilaku Konsumen

Uploaded by

Copyright:

Available Formats

Consumer

• Some Basic Assumptions about Preferences

• Completeness: Preferences are assumed to be complete. In other

• Transitivity: Preferences are transitive. Transitivity means that if a

• More is better than less: Goods are assumed to be desirable—i.e., to

Keranjang Food Cloth

E (30,40)  A(20,30)  G (10,20)

• The Shape of Indifference Curvess

•Recall that indifference curves are all downward sloping;

•The fact that indifference curves slope downward follows

• The Marginal rate of Substitution

• Diminishing marginal rate of substitutions

• perfect substitutes Two goods for

• perfect complements Two goods

• utility functions; is a formula that assigns a level of utility to each market

Ordinal versus Cardinal utility

Example 3.2 Can Money Buy Happiness?

Market Food Clothing (C) Total

•Maximize the satisfaction they can achieve, given the

• Important Result: utility is maximized when the

Marginal Benefit = Marginal Cost

Example 3.5 A College trust fund

When given a college trust fund that

•In Section 3.1, we saw how an individual’s preferences could be

•We can if we have information about a sufficient number of choices

• Diminishing marginal utility: As more

• Equal marginal principle: Principle that

Example 3.7 Marginal Utility and Happiness

Example 3.7 Marginal Utility and Happiness

A reduction in the price of food,

An increase in income, with the

Normal versus Inferior Goods

Substitutes and Complements

Two goods are substitutes if an increase in the price of one

Two goods are complements if an increase in the price of one

Two goods are independent if a change in the price of one

A fall in the price of a good has two effects:

1. Consumers will tend to buy more of the good that has

2. Because one of the goods is now cheaper, consumers

A decrease in the price of food

● substitution effect Change in consumption of

The total effect of a change in price is given theoretically by the

Total Effect (F1F2) = Substitution Effect (F1E) + Income Effect (EF2)

A Special Case: The Giffen Good

When food is an inferior good, and

A gasoline tax is imposed when

market demand curve Curve relating the

From Individual to Market Demand

TABLE 4.2 Determining the Market Demand Curve

From Individual to Market Demand

The market demand curve is

From Individual to Market Demand

Denoting the quantity of a good by Q and its price by P, the price

When demand is inelastic, the quantity demanded is relatively

TABLE 4.3 Price Elasticity and Consumer Expenditures

Domestic demand for wheat is given by the equation

The total world demand

consumer surplus Difference between what a consumer is willing to pay

Consumer Surplus and Demand