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Unformatted text preview: Then again, Mister, how much is this?. I would tell them, and they would put it back down. Mister, how much is this? This question and answer session would go on for several minutes until junior figured out what he/she wanted for their dollar. What were those youngins doing? Well, they had a budget constraint, the four quarters in their little hands. They were trying to figure out the combination of candy that they could buy with their dollar that would give them the biggest belly ache they could get. Seriously, they were selecting the combination of economic goods they could buy, subject to their budget constraint, that would give them the most utility. Do we do anything radically different now that we have all grown up? I dont think so. Our budget constraints are larger and our toys and candy are more expensive; but the process we go through is basically the same....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.
- Fall '10