Written Assignment Unit 4(0).docx - Classification Internal...

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In these brief short-answer problems, provide examples from your own life which apply to these economic questions: (1) Name a time you were indifferent between two goods. What were they? What made you indifferent between them? (2) Name a time there was a change (higher or lower) in your budget for two goods. What were they? How did the change affect your consumption choices? (3) Name a time you believe you applied the utility maximization rule. What were the goods or services you chose to maximize your utility? How did this relate to your budget constraint?

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