Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 19, Problem 9QE
To determine

The relationship between the law of demand and the principle of rational choice.

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Do you think the model of consumer equilibrium describes how people really make the decisions on what to order to in a restaurant to maximize their utility? Is there a better model to measure consumer choice?
A rational consumer would want as much as many goods as possible to maximize utility derived from consuming them. Explain.
With the aid of a diagram, describe a corner solution and explain the axioms of consumer choice.
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