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Summary Edexcel A-Level Economics, Theme 1: How Markets Work - Rational and Irrational Decision-Making £4.49
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Summary Edexcel A-Level Economics, Theme 1: How Markets Work - Rational and Irrational Decision-Making

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A summary of: - Homo economicus and relevant assumptions - Behavioural economics

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  • June 25, 2022
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  • 2021/2022
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RATIONAL
DECISION MAKING
MICROECONOMICS

, DEFINTIONS

Utility = a measure of overall satisfaction or wellbeing (not solely
derived from wealth)  influences the price we are willing to pay for a
g/s.
Homo Economicus = utility maximiser (with available funds)  use
marginal utility to compute optimal solution.

Marginal utility = the utility received from purchasing an extra unit o
a good.

Law of Diminishing Marginal Returns  with each unit consumed, the
marginal utility gained falls.

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