PPT-The Rational Consumer Chapter 10

THIRD EDITION ECONOMICS and MICROECONOMICS Paul Krugman Robin Wells How consumers choose to spend their income on goods and services Why consumers make choices by maximizing utility a measure of satisfaction from . Chapter 3. Chapter Outline. The Opportunity Set or Budget Constraint. Budget Shifts Due to Price or Income Changes. Consumer . Preferences. The Best Feasible Bundle. Appendix: . The . Utility Function Approach to the Consumer . Agents. An . agent. is anything that can be viewed as . perceiving. its . environment. through . sensors. and . acting. upon that environment through . actuators. Example: Vacuum-Agent. Percepts. Three Challenges for Antitrust. Avishalom Tor. Recent Challenges to Antitrust . University of Haifa Faculty of Law. May . 8-9, . 2014. Boundedly Rational Consumers. Three Challenges. 1. The . prediction. Reasons are the key points you’ll use to defend your ideas.. Convince the audience with evidence. Appeal to Reason.. . A. established truths—(has own paragraph in chapter). . B. opinions of authorities. Find Strategies for Simon. Imagine that you are Simon. You are really tough and like to fight.. Mugger is a puny little guy. But you don’t want to mess with him if he’s armed. The Mugger Problem. “…while the law [of competition] may be sometimes hard for the individual, it is best for the race, because it ensures . the survival . of the fittest . in . every department.” . Andrew . Carnegie. Readings. Readings. Baye. 6. th. edition or 7. th. edition, Chapter 4. BA 445 Lesson A.5 Rationality. Overview. Overview. Overview. BA 445 Lesson A.5 Rationality. Explicit . Assumptions . identify a type of customer or employee that can be manipulated using . Agents. An . agent. is anything that can be viewed as . perceiving. its . environment. through . sensors. and . acting. upon that environment through . actuators. Example: Vacuum-Agent. Percepts. Learning Objectives~ Ch. 16. Discuss how products, special possessions, and consumption activities gain symbolic meaning and how this meaning is conveyed from one consumer to another.. Identify how marketers can influence or make use of the symbolic meaning that consumption may have for consumers.. Quadratic Function. A . quadratic function . is defined by a quadratic or second-degree polynomial.. Standard Form. , . where . a. . ≠ 0. .. Vertex Form. , where a. . ≠ 0..  . Vertex and Axis of Symmetry. © . 2013 . Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.. Section 4.1. Polynomial Functions. Determine roots of polynomial equations. Apply the Fundamental Theorem of Algebra. Polynomial in one variable. A polynomial in one variable x, is an expression of the form a. Cultural Values. Core Values..(p103). How Do Values Link to Consumer..(p105). Chapter . 7. The Yin and Yang of Marketing and Culture. Cultural Movement..(p108). High and Low Culture..(p112). Cultural Formulae..(p113). I am grateful to Nathan Blalock for helpful comments on an earlier draft, and to Patrik Bauer and Marihah Idroos for research assistance. During my tenure at the FTC, I found that the Commission we