Question Principles of economic: economic and the economy by Tim Taylor (3rd ed)
1. If people do not have a complete mental picture of their total utility for every level of consumption, how can they find their utility-maximizing consumption choice?
2. As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of their goods? explain
3. As a general rule, is it safe to assume that a higher wage will encourage significantly more hours worked for all individuals? explain.
4. As a general rule, is it safe to assume that a lower interest rate will encourage significantly lower financial savings for all individuals? Explain