Illustrate the term Economic Rationale
Illustrate the term Economic Rationale?
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Economic resources are not completely adaptable to alternative uses. To get increasing amounts of pizza, resources that are not particularly well suited for that purpose must be used. Workers that are accustomed to producing robots on an assembly line may not do well as kitchen help.
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
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