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Chapter 4 analyzes how consumers maximize utility subject to a budget constraint. This is based on a consumer’s preferences over their options. Can you think of an example of why underlying consumer preferences might change?

Chapter 4 analyzes how consumers maximize utility subject to a budget constraint. This is based on a consumer’s preferences over their options. Can you think of an example of why underlying consumer preferences might change?

Chapter 4 analyzes how consumers maximize utility subject to a budget constraint. This is based on a consumer’s preferences over their options. Can you think of an example of why underlying consumer preferences might change?