Name 10 connections of real life experience correlated to intermediate microeconomics topics. Topics include supply and...

Name 10 connections of real life experience correlated to intermediate microeconomics topics. Topics include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, imperfect competition, and game theory. Microeconomics is the study of rational choice behavior on the part of individual consumers and firms.

Expert Solution

1. Buying and selling of sugar-perfect competition

2. Indian Railways- Monopoly power

3. Buying and selling of various cosmetics- imperfect competition

4. a person eating pizza- utility maximization

5. A husband and wife planning to choose between a game of sports or opera- Game theory

6. Three friends trying to split a pizza amongst themselves- Game theory

7. A small firm trying to make profits in the market- profit maximization

8. Prisoner's dilemma- Game theory

9. a student trying to allocate time between two subjects- utility maximization

10. A consumer trying to choose between two goods with similar utility- utility maximization

Rahul Sunny answered 2 years ago

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