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What are the similarities and differences between consumer behavior and production theory?

      

What are the similarities and differences between consumer behavior and production theory?

  

Answers


Wilfred
1. Objectives:- the consumer aims at maximizing utility while producer aims at maximizing output.

2. Constraint:- the consumer is constrained by the income level and prices of commodities while the producer is constrained by technology level and the cost of inputs.

3. Tools of analysis:- the analysis of consumer behavior employs indifference curves, while that of the production theory employs isoquant.
Wilfykil answered the question on March 6, 2019 at 13:21


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