Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 19, Problem 3IP
To determine

The relationship between study habits and principle of rational choice.

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Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?
Explain what the utility maximizing choice means. Discuss how you could use marginal utility to make consumer choices
Suppose you go to a restaurant and buy an expensive meal.  Halfway through, despite feeling quite full, you decide to clean your plate.  After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?
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