This topic (Consumer Demand Theory) represents the start of microeconomics.
Remember the assumption that ---- "consumers act to maximize utility subject to their budget constraints". Consumer choices about what to consume are really just cost/benefit decisions!
utility (benefit)
budget constraint (cost)
In your text, the author talks about trying to verbalize how much a restaurant meal was enjoyed (see page 83). He points out that it doesn't make sense to say the meal "deserves a rating of 86 on the Consumer Satisfaction Index".
But you *can* describe and measure how much you appreciate and value something by stating how much money you'd be willing to trade for it ......
How much money would you be willing to part with for:
1. a new Subaru?
2. a flight to New York?
3. lunch at the Teatro?
4. a great pair of new boots?
This is utility --- a subjective measure of how much happiness something represents to you stated in money terms!
