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(BQ) Part 2 book "Microeconomics" has contents: The rational consumer, perfect competition and the supply curve; monopolistic competition and product differentiation; public goods and common resources; the economics of the welfare state; factor markets and the distribution of income,.and other contents. | Find more at http://www.downloadslide.com The Rational Consumer CHAPTER 10 THE ABSOLUTE LAST BITE s What You Will Learn in This Chapter consumers • How their incomechoose to and spend on goods services choices • Why consumers makemeasure by maximizing utility, a of satisfaction from consumption • Why the principle ofutility diminishing marginal applies to the consumption of most goods and services to • How theuse marginal analysis to find optimal consumption bundle craftvision/Getty Images • What income and substitution effects are When is more of a good thing too much? R ESTAURANTS OCCASIONALLY offer “all-you-can-eat” specials to entice customers: all-you-can- eat salad bars, all-you-can-eat breakfast buffets, and all-you-can-eat fried-clam dinners. But how can a restaurant owner who offers such a special be sure he won’t be eaten out of business? If he charges $12.99 for an all-you-can-eat clam dinner, what prevents his average customer from wolfing down $30 worth of clams? The answer is that even though every once in a while you see someone really take advantage of the offer—heaping a plate high with 30 or 40 fried clams—it’s a rare occurrence. And even those of us who like fried clams shudder a bit at the sight. Five or even 10 fried clams can be a treat, but 30 clams is ridiculous. Anyone who pays for an all-you an at -c - e meal wants to make the most of it, but a sensible person knows when one more bite would be one bite too many. Notice that last sentence. We said that customers in a restaurant want to “make the most” of their meal; that sounds as if they are trying to maximize something. And we also said that they will stop when consuming one more bite would be a mistake; they are making a marginal decision. But it is a marginal decision that also involves a person’s tastes. While economists can’t say much about where tastes come from, they can say a lot about how a rational individual uses .
