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Thomas Edison State ECO 112 Week 10 Assignment

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Question;1.Describe each of the four properties of;indifference curves.;2. Explain what;is meant by "asymmetric information." Identify and explain the two;basic types of problems that arise when there is asymmetric information.;3. Much has been;made of the fact that people don't consistently act with scientific;rationality. What is meant byrationality? Consider the three "systematic;mistakes" discussed in your text. What are the costs of making those;systematic mistakes"? Is it possible to act;irrationally," or is rationality defined by the individual's;approach to decision making?;4. Describe and;explain the budget constraint. How does a consumer maximize utility under a;given budget constraint? How do consumers know if they are not maximizing;utility?;5. Explain the;Condorcet Paradox, the failure of majority rule to produce transitive;preferences for society. Explain Arrow?s impossibility theorem. What does this;say about society?s choices?

 

Paper#56741 | Written in 18-Jul-2015

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