Indifference Curve & Budget Constraint Review
The optimal point
What is MU(x)/P(x)=MU(y)/P(Y)?
The process of using mental shortcuts to make a decision.
What are heuristics?
The name of your SI leader.
What is Kaylin?
The good that when price increases, demand increases
What is a Giffen Good?
When someone believes they can do much better than they actually can.
What is overconfidence?
The full name of your economics professor.
What is David Allen Conn?
The definition of Marginal Utility.
What is, "the amount of satisfaction from one additional step"?
When the question leads the consumer to answer in a certain way.
What is framing?
Your SI leader's favorite cereal.
What is Cheerios?
The two effects on the budget constraint.
What are the income and substitution effects?
When a concept is thought to be more likely to occur than it actually is.
What is perceived availability?
The concept that as the price of a good rises, the quantity demanded will decrease.
The type of economics that assumes all consumers are extremely rational.
What is Neoclassical?
When the assets are overemphasized.
What is endowment?
The definition of elasticity.
What is the measure of the level of the responsiveness of one factor thanks to a change in another factor?