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RATIONAL ABSTENTION: The decision not to do something because the cost of doing it is more than the expected benefit. While this is a common part of everyday life, it's particularly important for voting. During a given election, a number of potential voters are likely to chose NOT to vote because they expect to get little or no benefit from doing so.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 9 of 21

Topic: How Much Of Each? <=PAGE BACK | PAGE NEXT=>

  • No Constraints

  • To maximize total utility from both activities, I need to spend 6 or 7 hours at the beach and 5 or 6 hours at the amusement park.

  • A Time Constraint

  • Suppose for some reason I cannot spend more than 7 hours engaged in this two activities.

  • Clearly I can't spend the 11 hours (6 hours at the beach and 5 hours at the amusement park) that would maximize utility with no constraints.

  • The best of the choices is 4 hours at the amusement park and 3 hours at the beach.


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AGGREGATE DEMAND SHIFTS

Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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