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ECON: MICRO4 (New, Engaging Titles...

4th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781285423548

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ECON: MICRO4 (New, Engaging Titles...

4th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781285423548
Chapter 3, Problem 1.4PA
Textbook Problem
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(Objectives of the Economic Decision Makers) In economic analysis, what are the assumed objectives of households, firms, and the government?

To determine

The assumed objectives of the households, firms, and the government in economic analysis.

Explanation of Solution

In an economic analysis, agents work to maximize their respective interests which define their assumed objectives. They are listed below:

  1. Households: Maximizing the utility is primary objective of the households with the least amount of expenditure. The households will maximize their overall level of satisfaction to ensure full worth of the goods and services consumed...

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