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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Transcribed Image Text:2) Imagine you want to buy a brand-new mobile phone. a. Search online and provide a (random) list of ten mobile phone models. b. What are the attributes of a mobile phone that are most important to you? Describe your utility function u(a, b, c,p) where a, b, c are different attributes of the phone and p is the price. c. Reduce the number of your options from ten to three alternatives using the elimination by aspects heuristic. Describe your process. What are the three mobile phone models left in your choice set? d. For the remaining choice set with three mobile phone models, show whether your preferences are 1. complete 2. transitive e. Describe (in a few sentences) how your actual choice process would look like if you really had to buy a new phone. Would you rely mainly on rational utility maximization or simple heuristics?

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