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Consumer theory - Consumer theory relates preferences, indifference curves and budget constraints to consumer demand curves.
Shephard's lemma - Shephard's lemma is a major result in microeconomics having applications in consumer choice and the theory of the firm. The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good (i) with price p_i is unique.
Roy's identity - Roy's identity (named for French economist Rene Roy) is a major result in microeconomics having applications in consumer choice and the theory of the firm. The lemma states that if indifference curves of the indirect utility function are convex in prices, then the cost minimizing point of a given good (i), with price p_i, is unique.
Vilfredo Pareto - ... several important contributions to economics, sociology and moral philosophy, especially in the study of income distribution and in the analysis of individuals' choices. He introduced the concept of Pareto efficiency and helped develop the field of microeconomics with ideas such as indifference curves.
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Consumer Goods - ... used to predict the effect of a good bought can either increase, decrease or stay the same indifference curve. The consumer can still buy the same indifference curve. The consumer can choose any point on or below the budget constraint so the best that they ...
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