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Explain the maximization assumption that economists make in explaining the behavior of consumers and firms. Explain and illustrate the concepts of marginal benefit and marginal cost and apply them to understanding the marginal decision rule.
- Chapter 6: Markets, Maximizers, and Efficiency
6.1 The Logic of Maximizing Behavior. 6.2 Maximizing in the...
- Chapter 6: Markets, Maximizers, and Efficiency
17 Ιουλ 2023 · Explain the maximization assumption that economists make in explaining the behavior of consumers and firms. Explain and illustrate the concepts of marginal benefit and marginal cost and apply them to understanding the marginal decision rule.
15 Ιαν 2016 · LEARNING OBJECTIVES. Explain the maximization assumption that economists make in explaining the behavior of consumers and firms. Explain and illustrate the concepts of marginal benefit and marginal cost and apply them to understanding the marginal decision rule.
Maximization is a style of decision-making characterized by seeking the best option through an exhaustive search through alternatives. It is contrasted with satisficing, in which individuals evaluate options until they find one that is "good enough". Definition.
1 Ιαν 2023 · Richardson et al.’s (2014) definition of maximization as a three-part construct made up of a tendency to experience regret, a desire for the best, and the experience of decision difficulty thus diverges somewhat from previous conceptualizations.
1. HISTORICAL PERSPECTIVES ON ECONOMIC BEHAVIOR. Economics is a social science—it is about people and about how we organize ourselves to meet our needs and enhance our well-being. Ultimately, all economic behavior is human behavior.
Perhaps the simplest definition of maximizing behavior (MB) is "do-ing one's best." Yet precisely what is meant by doing one's best needs to be interpreted. Neoclassical (NC) economics clearly views the con-strained optimization process as the only way to define maximizing be-havior: an objective function, whose value is to be maximized, is ...
