... the models used to understand and describe individual human behavior are based on the concept of utility maximization represented as max U = f(x, y) where x and y are measurable quantities of goods or services and individual preferences for goods and services represent the utility U or satisfaction gained from consumption of these items(ws1). Economists also assume that people's desires are virtually unlimited, however they are restricted in satisfying those desires by their recourses, forcing them ultimately to make choices. The theory of consumer choice posits that an individual makes choices based on their particular tastes or preferences. In trying to understand consumer behaviour economists use simplified models of choice between two commodities, which later could be applied to choices involving any number of commodities and used to provide a general framework for understanding many aspects of consumer allocation decisions from personal matters like how they allocate income to purchase ...

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