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Theory of the Consumer
The individual consumer or household is assumed to possess a utility function which specifies the satisfaction which is gained from the consumption of alternative bundles of goods. The consumer’s income or income-earning power determines which bundles are available to the consumer. The consumer then selects a bundle that gives the highest possible level of utility. With few exceptions, the consumer is treated as a price taker - that is, the consumer is free to choose whatever quantities income allows but has no influence over prevailing market prices. In order to maximize utility the consumer purchases goods so that the subjective rate of substitution for each pair of goods as indicated by the consumer’s utility function equals the objective rate of substitution given by the ration of their market prices. This basic utility - maximization analysis has been modified and expanded in many different ways.
Theory of the Producer
The individual producer or firm is assumed to possess a production function, which specifies the quantity of output produced as a function of the quantities of the inputs used in production. The producer’s revenue equals the quantity of output produced and sold times its price, and the cost to the producer equals the sum of the quantities of inputs purchased and used times their prices. Profit is the difference between revenue and cost. The producer is assumed to maximize profits subject to the technology given by the production function. Profit maximization requires that the producer use each factor to a point at which its marginal contribution to revenue equals its marginal contribution to cost.
Under pure competition, the producer is a price taker who may sell at the going market price whatever has been produced. Under monopoly (one seller) the producer recognizes that prices the price paid for an input increases as purchases are increased.