What Is the Question of the Chapter? Suppose we observe a collection of a consumer's choices, can we discover his/her preference? Is this possible at all?fso, under what conditions is this possible? (This is the reverse question of finding the optimal choice)
Where Are We in the Course? We are studying the 1st of the three blocks of microeconomics: Consumer behavior, production theory, and market equilibrium Within the 1st block, we are working on the 2nd of the three components: choice set, preference, and consumer demand